Options/CPB

CPBThe Campbell's Company Common Stock

Options Analysis Report•FOOD AND KINDRED PRODUCTS

Market Cap $7.0B|NASDAQ

● 2026-08-28$23.39

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y -26.7%YTD -15.6%7D -2.3%

Options Vol

3,681

30D

Implied Move

±10.2%

IV Rank

43%

CPB Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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CPB Gamma Walls

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CPB Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where CPB sits on protection cost vs. fragility today.

Protection is priced in the fair band (5.46) — downside puts carry 0.5 IV points more than at-the-money, and near-dated vol is priced 41% above far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads resilient (3.09): it is trading 8% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

5.46/ 10fair

Basis: cross_sectional

Fragility

3.09/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

2.5

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 78.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.37x — IV premium over HV

Sector Relative≤50%

Sector percentile 97% — above sector median

Term Structure

<1.1x

Front/Back 1.41x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 40.9% — normal range

Spread-Adjusted Value

<80%

Effective IV 68.6% (ATM 40.9% + spread 13.9% + bias) — fair

Execution Efficiency

<3.0%

Total drag 21.92% (spread 13.87% + slippage 8.05%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.97 (vega 1.349 / spread 13.87%) — spread drag

Sentiment

Bullish or bearish?

5.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +14%, Raw: +6%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +14% (bullish) — Raw: +6%

OI Skew Magnitude

≥15%

|OI skew| 17.3% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +4.5%, OI skew +17.3% — weak (same direction)

Conviction Quality

≥2/3 conditions

0-DTE 8%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +54%, ATM: -14%, OTM: +6% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 51% — neutral vs sector

Activity

Unusual activity?

2.1

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.7x avg — normal

Turnover Rate

≥15%

Vol/OI 2.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -8.5% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 23% — below sector avg

Trade Quality

≥30%

Large trade volume 11% — mostly retail

Execution Urgency

≥60%

Aggressive execution 43% — patient

Flow Conviction

≥30

Conviction +14 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 13.9% — wide

Adequate OI

≥10,000

OI 172,790 — deep

Active Volume

≥500

Volume 3,681/day — adequate

Reasonable Cost

≤$0.50

$0.69 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

Order Book Depth

≥100 contracts

Depth 517.9 contracts (bid:293.2 ask:224.7) — deep

Execution Quality

<1.0%

Avg slippage 8.05% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +40.7% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 78% — seller opportunity

Event Detection

≥10pts kink

IV kink 13.1pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 31.67 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: Earnings in 6d (elevated risk)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +14% @ 57% consistency — unclear

Smart Money Timing

≥40 composite score

Score 41 (ITM 20% + inst 11%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.5

bullishIV expensive, mixed flow

Long Puts4.0

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put6.0

bullishIV rich premium, mixed flow

Covered Call5.5

bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

Earnings · week of Aug 31

Options price a ±5.6% move into CPB's Sep 3 earnings

CPB reports on Thursday, September 3 before the open. The at-the-money straddle covering that report prices a ±5.6% move — roughly $22.08 to $24.70 from $23.39. CPB has averaged ±4.4% on its last 7 earnings reactions (biggest: 7%), so this print is priced at 1.3× its own history.

1.3× RICHimplied ±5.6%history ±4.4%Sep 4 expiry

See the implied move for every US stock reporting the week of Aug 31

Implied move = the live at-the-money straddle for the expiry covering the report (Sep 4); it shifts intraday. Historical move = the average of CPB’s own 1-day earnings reactions over its last reported quarters — a reference, not a forecast.