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CAHCardinal Health, Inc.

Options Analysis Report•WHOLESALE-DRUGS, PROPRIETARIES & DRUGGISTS' SUNDRIES
Market Cap $54.6B|NYSE
● 2026-08-31$234.55
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +56.8%YTD +14.0%7D +0.9%
724
30D
±6.8%
6%

CAH Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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CAH Gamma Walls

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Value

Is IV priced right?

8.9
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks8/9 checks passed
≤35%

IV Rank 26.7% — cheap vs history

<1.05x

IV/HV 1.05x — IV ≤ HV

Sector Relative≤50%

Sector percentile 12% — below sector median

<1.1x

Front/Back 0.86x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 24.9% — normal range

<80%

Effective IV 64.3% (ATM 24.9% + spread 19.7% + bias) — good value

<3.0%

Total drag 27.57% (spread 19.70% + slippage 7.87%) — high friction

≥5.0

Vega efficiency 13.89 (vega 27.370 / spread 19.70%) — efficient

Sentiment

Bullish or bearish?

5.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: -4%, Raw: -3%)
|net sentiment| ≥25%

Conviction-weighted: -4% (neutral) — Raw: -3%

≥15%

|OI skew| 16.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -7.2%, OI skew +16.1% — divergent (opposite)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -11%, ATM: +3%, OTM: -10% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 79% — very bearish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 1.9% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +8.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 32% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 17% — patient

≥30

Conviction -4 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.5
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed
≤5.0%

Spread 19.7% — wide

≥10,000

OI 37,847 — adequate

≥500

Volume 724/day — adequate

≤$0.50

$0.98 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 17% — much tighter than sector

≥100 contracts

Depth 87.4 contracts (bid:41.5 ask:45.9) — thin

<1.0%

Avg slippage 7.87% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -14.5% — contango

<30 or >70

IV percentile 27% — buyer opportunity

≥10pts kink

IV kink -1.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 253.90 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -4% @ 52% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.4
bullishIV cheap, mixed flow
Long Puts6.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put3.8
bullishIV too cheap, mixed flow
Covered Call3.8
bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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