JBSS Bear Put Spread Strategy
JBSS (John B. Sanfilippo & Son, Inc.), in the Consumer Defensive sector, (Packaged Foods industry), listed on NASDAQ.
John B. Sanfilippo & Son, Inc., through its subsidiary, JBSS Ventures, LLC, processes and distributes tree nuts and peanuts in the United States. The company offers raw and processed nuts, including almonds, pecans, peanuts, black walnuts, English walnuts, cashews, macadamia nuts, pistachios, pine nuts, Brazil nuts, and filberts in various styles and seasonings. It also offers peanut butter in various sizes and varieties; snack and trail mixes, salad toppings, snacks, snack bites, dried fruit, and chocolate and yogurt coated products; baking ingredients; bulk food products; sunflower kernels, pepitas, almond and cashew butter, candy and confections, corn snacks, chickpea snacks, sesame sticks, and other sesame snack products; and various toppings for ice cream and yogurt. In addition, the company operates a retail store. The company provides its products under the Fisher, Orchard Valley Harvest, Squirrel Brand, and Southern Style Nuts brands, as well as under various private brands.
JBSS (John B. Sanfilippo & Son, Inc.) trades in the Consumer Defensive sector, specifically Packaged Foods, with a market capitalization of approximately $884.7M, a trailing P/E of 13.22, a beta of 0.37 versus the broader market, a 52-week range of 59.07-85.15, average daily share volume of 85K, a public-listing history dating back to 1991, approximately 2K full-time employees. These structural characteristics shape how JBSS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.37 indicates JBSS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. JBSS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bear put spread on JBSS?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current JBSS snapshot
As of May 15, 2026, spot at $75.01, ATM IV 30.70%, IV rank 2.91%, expected move 8.80%. The bear put spread on JBSS 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 bear put spread structure on JBSS specifically: JBSS IV at 30.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a JBSS bear put spread, with a market-implied 1-standard-deviation move of approximately 8.80% (roughly $6.60 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 JBSS expiries trade a higher absolute premium for lower per-day decay. Position sizing on JBSS should anchor to the underlying notional of $75.01 per share and to the trader's directional view on JBSS stock.
JBSS bear put spread setup
The JBSS bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With JBSS near $75.01, the first option leg uses a $73.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JBSS 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 JBSS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $73.50 | $2.48 |
| Sell 1 | Put | $72.50 | $2.48 |
JBSS bear put spread risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $100.00
- Max Loss (per contract)
- $0.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
JBSS bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on JBSS. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$100.00 |
| $16.59 | -77.9% | +$100.00 |
| $33.18 | -55.8% | +$100.00 |
| $49.76 | -33.7% | +$100.00 |
| $66.35 | -11.6% | +$100.00 |
| $82.93 | +10.6% | $0.00 |
| $99.51 | +32.7% | $0.00 |
| $116.10 | +54.8% | $0.00 |
| $132.68 | +76.9% | $0.00 |
| $149.27 | +99.0% | $0.00 |
When traders use bear put spread on JBSS
Bear put spreads on JBSS reduce the cost of a bearish JBSS stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
JBSS thesis for this bear put spread
The market-implied 1-standard-deviation range for JBSS extends from approximately $68.41 on the downside to $81.61 on the upside. A JBSS bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on JBSS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current JBSS IV rank near 2.91% 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 JBSS at 30.70%. As a Consumer Defensive name, JBSS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JBSS-specific events.
JBSS bear put spread positions are structurally moderately 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. JBSS positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JBSS alongside the broader basket even when JBSS-specific fundamentals are unchanged. Long-premium structures like a bear put spread on JBSS 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 JBSS chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on JBSS?
- A bear put spread on JBSS is the bear put spread strategy applied to JBSS (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With JBSS stock trading near $75.01, the strikes shown on this page are snapped to the nearest listed JBSS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JBSS bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the JBSS bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 30.70%), the computed maximum profit is $100.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a JBSS bear put spread?
- The breakeven for the JBSS bear put spread 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 JBSS market-implied 1-standard-deviation expected move is approximately 8.80%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on JBSS?
- Bear put spreads on JBSS reduce the cost of a bearish JBSS stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current JBSS implied volatility affect this bear put spread?
- JBSS ATM IV is at 30.70% with IV rank near 2.91%, 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.