VTOL Bear Put Spread Strategy
VTOL (Bristow Group Inc.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Bristow Group Inc. provides aviation services to integrated, national, and independent offshore energy companies in the United States. It also offers commercial search and rescue services; and other helicopter and fixed wing transportation services. As of March 31, 2022, the company had a fleet of 229 aircrafts, of which 213 were helicopters. It also has operations in Australia, Brazil, Canada, Chile, the Dutch Caribbean, Guyana, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, and the United Kingdom. The company was founded 1948 and is headquartered in Houston, Texas.
VTOL (Bristow Group Inc.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $1.25B, a trailing P/E of 10.73, a beta of 1.30 versus the broader market, a 52-week range of 28.03-50.38, average daily share volume of 227K, a public-listing history dating back to 2013, approximately 3K full-time employees. These structural characteristics shape how VTOL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.30 places VTOL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 10.73 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. VTOL 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 VTOL?
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 VTOL snapshot
As of May 15, 2026, spot at $42.25, ATM IV 149.40%, IV rank 47.98%, expected move 42.83%. The bear put spread on VTOL 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 VTOL specifically: VTOL IV at 149.40% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 42.83% (roughly $18.10 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 VTOL expiries trade a higher absolute premium for lower per-day decay. Position sizing on VTOL should anchor to the underlying notional of $42.25 per share and to the trader's directional view on VTOL stock.
VTOL bear put spread setup
The VTOL 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 VTOL near $42.25, the first option leg uses a $42.25 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VTOL 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 VTOL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $42.25 | N/A |
| Sell 1 | Put | $40.14 | N/A |
VTOL bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
VTOL bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on VTOL. 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 bear put spread on VTOL
Bear put spreads on VTOL reduce the cost of a bearish VTOL stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
VTOL thesis for this bear put spread
The market-implied 1-standard-deviation range for VTOL extends from approximately $24.15 on the downside to $60.35 on the upside. A VTOL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on VTOL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current VTOL IV rank near 47.98% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on VTOL should anchor more to the directional view and the expected-move geometry. As a Energy name, VTOL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VTOL-specific events.
VTOL 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. VTOL positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VTOL alongside the broader basket even when VTOL-specific fundamentals are unchanged. Long-premium structures like a bear put spread on VTOL 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 VTOL chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on VTOL?
- A bear put spread on VTOL is the bear put spread strategy applied to VTOL (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 VTOL stock trading near $42.25, the strikes shown on this page are snapped to the nearest listed VTOL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VTOL 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 VTOL bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 149.40%), 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 VTOL bear put spread?
- The breakeven for the VTOL 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 VTOL market-implied 1-standard-deviation expected move is approximately 42.83%; 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 VTOL?
- Bear put spreads on VTOL reduce the cost of a bearish VTOL 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 VTOL implied volatility affect this bear put spread?
- VTOL ATM IV is at 149.40% with IV rank near 47.98%, 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.