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CNMCore & Main, Inc.

Options Analysis Report•WHOLESALE-DURABLE GOODS, NEC
Market Cap $8.1B|NYSE
● 2026-08-31$43.02
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -33.5%YTD -19.5%7D -3.1%
83
30D
±12.0%
12%

CNM Options Overview

bearish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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CNM Gamma Walls

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Value

Is IV priced right?

5.2
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 67.2% — elevated vs history

<1.05x

IV/HV 1.77x — IV premium over HV

Sector Relative≤50%

Sector percentile 64% — above sector median

<1.1x

Front/Back 0.97x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 42.9% — normal range

<80%

Effective IV 79.6% (ATM 42.9% + spread 18.3% + bias) — fair

<3.0%

Total drag 28.16% (spread 18.34% + slippage 9.82%) — high friction

≥5.0

Vega efficiency 5.06 (vega 9.289 / spread 18.34%) — acceptable

Sentiment

Bullish or bearish?

3.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -30%, Raw: -21%)
|net sentiment| ≥25%

Conviction-weighted: -30% (strong bearish) — Raw: -21%

≥15%

|OI skew| 59.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -32.5%, OI skew +59.1% — 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: -50%, ATM: +0%, OTM: -21% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 86% — very bearish vs sector

Activity

Unusual activity?

3.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 0.6% — normal turnover

≥2 days

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

≥5%

OI change +7.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 28% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 27% — patient

≥30

Conviction -30 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.6
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 18.3% — wide

≥10,000

OI 13,642 — adequate

≥500

Volume 83/day — thin

≤$0.50

$0.92 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 77% — wider than sector

≥100 contracts

Depth 100.7 contracts (bid:56.0 ask:44.7) — adequate

<1.0%

Avg slippage 9.82% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -2.6% — flat/unclear

<30 or >70

IV percentile 67% — neutral

≥10pts kink

IV kink -1.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 483.79 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

acceptable: Earnings in 9d

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -30% @ 65% consistency — moderate (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.4
bullishIV fair, bearish flow
Long Puts5.6
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put4.2
bullishIV fair, bearish flow
Covered Call5.4
bearishIV fair, bearish 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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