JBSS Iron Condor 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 iron condor on JBSS?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
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 iron condor 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 iron condor structure on JBSS specifically: JBSS IV at 30.70% is on the cheap side of its 1-year range, which means a premium-selling JBSS iron condor collects less credit per unit of strike-width risk, 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 iron condor setup
The JBSS iron condor 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 $78.50 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) |
|---|---|---|---|
| Sell 1 | Call | $78.50 | $2.48 |
| Buy 1 | Call | $82.50 | $0.58 |
| Sell 1 | Put | $72.50 | $2.48 |
| Buy 1 | Put | $67.50 | $0.60 |
JBSS iron condor risk and reward
- Net Premium / Debit
- +$377.00
- Max Profit (per contract)
- $377.00
- Max Loss (per contract)
- -$123.00
- Breakeven(s)
- $68.73, $82.39
- Risk / Reward Ratio
- 3.065
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
JBSS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$123.00 |
| $16.59 | -77.9% | -$123.00 |
| $33.18 | -55.8% | -$123.00 |
| $49.76 | -33.7% | -$123.00 |
| $66.35 | -11.6% | -$123.00 |
| $82.93 | +10.6% | -$23.00 |
| $99.51 | +32.7% | -$23.00 |
| $116.10 | +54.8% | -$23.00 |
| $132.68 | +76.9% | -$23.00 |
| $149.27 | +99.0% | -$23.00 |
When traders use iron condor on JBSS
Iron condors on JBSS are a delta-neutral premium-collection structure that profits if JBSS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
JBSS thesis for this iron condor
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 iron condor is a delta-neutral premium-collection structure that pays off when JBSS stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. 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 iron condor positions are structurally neutral / range-bound; 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. Short-premium structures like a iron condor on JBSS carry tail risk when realized volatility exceeds the implied move; review historical JBSS earnings reactions and macro stress periods before sizing. Always rebuild the position from current JBSS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on JBSS?
- A iron condor on JBSS is the iron condor strategy applied to JBSS (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. 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 iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the JBSS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 30.70%), the computed maximum profit is $377.00 per contract and the computed maximum loss is -$123.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a JBSS iron condor?
- The breakeven for the JBSS iron condor priced on this page is roughly $68.73 and $82.39 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 iron condor on JBSS?
- Iron condors on JBSS are a delta-neutral premium-collection structure that profits if JBSS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current JBSS implied volatility affect this iron condor?
- 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.