How are PFGC collar max profit and max loss calculated?

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the PFGC collar priced from the end-of-day chain at a 30-day expiry (ATM IV 31.30%), the computed maximum profit is $462.50 per contract and the computed maximum loss is -$537.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PFGC collar?

The breakeven for the PFGC collar priced on this page is roughly $95.38 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 PFGC market-implied 1-standard-deviation expected move is approximately 8.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PFGC implied volatility affect this collar?

PFGC ATM IV is at 31.30% with IV rank near 25.07%, 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.

PFGC Collar Strategy

PFGC (Performance Food Group Company), in the Consumer Defensive sector, (Food Distribution industry), listed on NYSE.

Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through three segments: Foodservice, Vistar, and Convenience. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products; beef, pork, poultry, and seafood; and health and beauty care products. It also sells disposables, cleaning and kitchen supplies, and related products. In addition, the company offers value-added services, such as product selection and procurement, menu development, and operational strategy. It serves independent and chain restaurants, schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, retailers, convenience stores, theaters, hospitality providers, concessionaires, airport gift shops, college bookstores, corrections facilities, and impulse locations, as well as franchises and other institutional customers.

PFGC (Performance Food Group Company) trades in the Consumer Defensive sector, specifically Food Distribution, with a market capitalization of approximately $15.05B, a trailing P/E of 45.45, a beta of 0.92 versus the broader market, a 52-week range of 80.82-109.05, average daily share volume of 1.8M, a public-listing history dating back to 2015, approximately 37K full-time employees. These structural characteristics shape how PFGC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places PFGC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 45.45 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a collar on PFGC?

A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.

Current PFGC snapshot

As of May 15, 2026, spot at $96.50, ATM IV 31.30%, IV rank 25.07%, expected move 8.97%. The collar on PFGC 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 collar structure on PFGC specifically: IV regime affects collar pricing on both sides; compressed PFGC IV at 31.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 8.97% (roughly $8.66 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 PFGC expiries trade a higher absolute premium for lower per-day decay. Position sizing on PFGC should anchor to the underlying notional of $96.50 per share and to the trader's directional view on PFGC stock.

PFGC collar setup

The PFGC collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PFGC near $96.50, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PFGC 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 PFGC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$96.50	long
Sell 1	Call	$100.00	$2.45
Buy 1	Put	$90.00	$1.33

PFGC collar risk and reward

Net Premium / Debit: -$9,537.50
Max Profit (per contract): $462.50
Max Loss (per contract): -$537.50
Breakeven(s): $95.38
Risk / Reward Ratio: 0.860

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.

PFGC collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on PFGC. 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%	-$537.50
$21.35	-77.9%	-$537.50
$42.68	-55.8%	-$537.50
$64.02	-33.7%	-$537.50
$85.35	-11.6%	-$537.50
$106.69	+10.6%	+$462.50
$128.02	+32.7%	+$462.50
$149.36	+54.8%	+$462.50
$170.69	+76.9%	+$462.50
$192.03	+99.0%	+$462.50

When traders use collar on PFGC

Collars on PFGC hedge an existing long PFGC stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.

PFGC thesis for this collar

The market-implied 1-standard-deviation range for PFGC extends from approximately $87.84 on the downside to $105.16 on the upside. A PFGC collar hedges an existing long PFGC position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current PFGC IV rank near 25.07% 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 PFGC at 31.30%. As a Consumer Defensive name, PFGC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PFGC-specific events.

PFGC collar positions are structurally neutral (protective); 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. PFGC positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PFGC alongside the broader basket even when PFGC-specific fundamentals are unchanged. Always rebuild the position from current PFGC chain quotes before placing a trade.

Frequently asked questions

What is a collar on PFGC?: A collar on PFGC is the collar strategy applied to PFGC (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With PFGC stock trading near $96.50, the strikes shown on this page are snapped to the nearest listed PFGC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PFGC collar max profit and max loss calculated?: Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the PFGC collar priced from the end-of-day chain at a 30-day expiry (ATM IV 31.30%), the computed maximum profit is $462.50 per contract and the computed maximum loss is -$537.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PFGC collar?: The breakeven for the PFGC collar priced on this page is roughly $95.38 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 PFGC market-implied 1-standard-deviation expected move is approximately 8.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on PFGC?: Collars on PFGC hedge an existing long PFGC stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
How does current PFGC implied volatility affect this collar?: PFGC ATM IV is at 31.30% with IV rank near 25.07%, 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.