CBZ Long Put Strategy
CBZ (CBIZ, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.
CBIZ, Inc. provides financial, insurance, and advisory services in the United States and Canada. The company operates through three segments: Financial Services, Benefits and Insurance Services, and National Practices. The Financial Services segment offers accounting and tax, financial advisory, valuation, risk and advisory, and government healthcare consulting services. The Benefits and Insurance Services provides employee benefits consulting, payroll/human capital management, property and casualty insurance, and retirement and investment services. The National Practices segment offers information technology managed networking and hardware, and health care consulting services. It primarily serves small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises.
CBZ (CBIZ, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $1.53B, a trailing P/E of 11.39, a beta of 0.97 versus the broader market, a 52-week range of 24.29-77.91, average daily share volume of 1.3M, a public-listing history dating back to 1995, approximately 10K full-time employees. These structural characteristics shape how CBZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.97 places CBZ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.39 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a long put on CBZ?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current CBZ snapshot
As of May 15, 2026, spot at $28.73, ATM IV 58.70%, IV rank 9.10%, expected move 16.83%. The long put on CBZ below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this long put structure on CBZ specifically: CBZ IV at 58.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a CBZ long put, with a market-implied 1-standard-deviation move of approximately 16.83% (roughly $4.83 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBZ should anchor to the underlying notional of $28.73 per share and to the trader's directional view on CBZ stock.
CBZ long put setup
The CBZ long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CBZ near $28.73, the first option leg uses a $28.73 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBZ chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CBZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $28.73 | N/A |
CBZ long put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CBZ long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CBZ. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use long put on CBZ
Long puts on CBZ hedge an existing long CBZ stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CBZ exposure being hedged.
CBZ thesis for this long put
The market-implied 1-standard-deviation range for CBZ extends from approximately $23.90 on the downside to $33.56 on the upside. A CBZ long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CBZ position with one put per 100 shares held. Current CBZ IV rank near 9.10% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CBZ at 58.70%. As a Industrials name, CBZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBZ-specific events.
CBZ long put positions are structurally bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CBZ positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBZ alongside the broader basket even when CBZ-specific fundamentals are unchanged. Long-premium structures like a long put on CBZ are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CBZ chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CBZ?
- A long put on CBZ is the long put strategy applied to CBZ (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With CBZ stock trading near $28.73, the strikes shown on this page are snapped to the nearest listed CBZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CBZ long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CBZ long put priced from the end-of-day chain at a 30-day expiry (ATM IV 58.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CBZ long put?
- The breakeven for the CBZ long put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CBZ market-implied 1-standard-deviation expected move is approximately 16.83%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on CBZ?
- Long puts on CBZ hedge an existing long CBZ stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CBZ exposure being hedged.
- How does current CBZ implied volatility affect this long put?
- CBZ ATM IV is at 58.70% with IV rank near 9.10%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.