SGRY Cash-Secured Put Strategy
SGRY (Surgery Partners, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
Surgery Partners, Inc., through its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company operates through two segments, Surgical Facility Services and Ancillary Services. Its surgical facilities comprise ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including gastroenterology, general surgery, ophthalmology, orthopedics, and pain management. The company's surgical hospitals also provide ancillary services, such as diagnostic imaging, pharmacy, laboratory, obstetrics, oncology, physical therapy, and wound care; and ancillary services, which consist of multi-specialty physician practices, urgent care facilities, and anesthesia services. As of December 31, 2021, it owned or operated a portfolio of 126 surgical facilities, including 108 ambulatory surgical centers and 18 surgical hospitals in 31 states. Surgery Partners, Inc. was founded in 2004 and is headquartered in Brentwood, Tennessee.
SGRY (Surgery Partners, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.87B, a beta of 1.99 versus the broader market, a 52-week range of 11.41-24.18, average daily share volume of 1.6M, a public-listing history dating back to 2015, approximately 15K full-time employees. These structural characteristics shape how SGRY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.99 indicates SGRY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a cash-secured put on SGRY?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current SGRY snapshot
As of May 15, 2026, spot at $13.89, ATM IV 53.10%, IV rank 30.10%, expected move 15.22%. The cash-secured put on SGRY 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 cash-secured put structure on SGRY specifically: SGRY IV at 53.10% is mid-range versus its 1-year history, so the credit collected on a SGRY cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.22% (roughly $2.11 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 SGRY expiries trade a higher absolute premium for lower per-day decay. Position sizing on SGRY should anchor to the underlying notional of $13.89 per share and to the trader's directional view on SGRY stock.
SGRY cash-secured put setup
The SGRY cash-secured 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 SGRY near $13.89, the first option leg uses a $13.20 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SGRY 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 SGRY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $13.20 | N/A |
SGRY cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
SGRY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SGRY. 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 cash-secured put on SGRY
Cash-secured puts on SGRY earn premium while a trader waits to acquire SGRY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SGRY.
SGRY thesis for this cash-secured put
The market-implied 1-standard-deviation range for SGRY extends from approximately $11.78 on the downside to $16.00 on the upside. A SGRY cash-secured put lets a trader earn premium while waiting to acquire SGRY at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current SGRY IV rank near 30.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on SGRY should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SGRY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SGRY-specific events.
SGRY cash-secured put positions are structurally neutral to slightly bullish; 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. SGRY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SGRY alongside the broader basket even when SGRY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on SGRY carry tail risk when realized volatility exceeds the implied move; review historical SGRY earnings reactions and macro stress periods before sizing. Always rebuild the position from current SGRY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on SGRY?
- A cash-secured put on SGRY is the cash-secured put strategy applied to SGRY (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With SGRY stock trading near $13.89, the strikes shown on this page are snapped to the nearest listed SGRY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SGRY cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the SGRY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 53.10%), 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 SGRY cash-secured put?
- The breakeven for the SGRY cash-secured 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 SGRY market-implied 1-standard-deviation expected move is approximately 15.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on SGRY?
- Cash-secured puts on SGRY earn premium while a trader waits to acquire SGRY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SGRY.
- How does current SGRY implied volatility affect this cash-secured put?
- SGRY ATM IV is at 53.10% with IV rank near 30.10%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.