WOR Long Put Strategy
WOR (Worthington Industries, Inc.), in the Industrials sector, (Manufacturing - Metal Fabrication industry), listed on NYSE.
Worthington Industries, Inc. is an industrial manufacturing firm operating internationally, with a strong foothold in North America. The company's primary focus areas include value-added steel processing, the production of various consumer goods, building materials, and innovative sustainable mobility solutions. Its operations are organized into four distinct divisions: Steel Processing, Consumer Products, Building Products, and Sustainable Energy Solutions. The Steel Processing division specializes in refining flat-rolled steel, supplying it to a diverse range of sectors such as automotive, aerospace, agriculture, appliance manufacturing, construction, energy, and heavy-truck industries. This segment also provides contract steel processing services to steel mills, major industrial consumers, and distribution centers. Through its Consumer Products segment, Worthington offers a variety of tools, outdoor living accessories, and celebration-themed items.
WOR (Worthington Industries, Inc.) trades in the Industrials sector, specifically Manufacturing - Metal Fabrication, with a market capitalization of approximately $2.79B, a trailing P/E of 17.62, a beta of 1.19 versus the broader market, a 52-week range of 45.01-67.8, average daily share volume of 205K, a public-listing history dating back to 1980, approximately 6K full-time employees. These structural characteristics shape how WOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.19 places WOR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WOR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long put on WOR?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current WOR snapshot
As of June 30, 2026, spot at $53.70, ATM IV 32.50%, IV rank 3.00%, expected move 9.32%. The long put on WOR 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 17-day expiry.
Why this long put structure on WOR specifically: WOR IV at 32.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a WOR long put, with a market-implied 1-standard-deviation move of approximately 9.32% (roughly $5.00 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on WOR should anchor to the underlying notional of $53.70 per share and to the trader's directional view on WOR stock.
WOR long put setup
The WOR long 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 WOR near $53.70, the first option leg uses a $53.70 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WOR chain at a 17-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 WOR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $53.70 | N/A |
WOR long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
WOR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on WOR. 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 long put on WOR
Long puts on WOR hedge an existing long WOR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying WOR exposure being hedged.
WOR thesis for this long put
The market-implied 1-standard-deviation range for WOR extends from approximately $48.70 on the downside to $58.70 on the upside. A WOR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long WOR position with one put per 100 shares held. Current WOR IV rank near 3.00% 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 WOR at 32.50%. As a Industrials name, WOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WOR-specific events.
WOR long put positions are structurally 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. WOR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WOR alongside the broader basket even when WOR-specific fundamentals are unchanged. Long-premium structures like a long put on WOR 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 WOR chain quotes before placing a trade.
Frequently asked questions
- What is a long put on WOR?
- A long put on WOR is the long put strategy applied to WOR (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With WOR stock trading near $53.70, the strikes shown on this page are snapped to the nearest listed WOR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WOR long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the WOR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 32.50%), 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 WOR long put?
- The breakeven for the WOR long 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 WOR market-implied 1-standard-deviation expected move is approximately 9.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on WOR?
- Long puts on WOR hedge an existing long WOR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying WOR exposure being hedged.
- How does current WOR implied volatility affect this long put?
- WOR ATM IV is at 32.50% with IV rank near 3.00%, 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.