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ZBHZimmer Biomet Holdings, Inc.

Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $19.2B|NYSE
● 2026-08-31$100.91
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -3.9%YTD +12.1%7D -0.1%
33
30D
±6.9%
11%

ZBH Options Overview

bearish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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ZBH Gamma Walls

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Value

Is IV priced right?

5.5
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 52.5% — elevated vs history

<1.05x

IV/HV 1.23x — IV premium over HV

Sector Relative≤50%

Sector percentile 52% — above sector median

<1.1x

Front/Back 0.76x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 30.7% — normal range

<80%

Effective IV 221.6% (ATM 30.7% + spread 95.4% + bias) — expensive

<3.0%

Total drag 117.51% (spread 95.43% + slippage 22.08%) — high friction

≥5.0

Vega efficiency 2.55 (vega 24.368 / spread 95.43%) — spread drag

Sentiment

Bullish or bearish?

5.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Weak signal (Conviction: +34%, Raw: +46%)
|net sentiment| ≥25%

Conviction-weighted: +34% (strong bullish) — Raw: +46%

≥15%

|OI skew| 6.5% — balanced

Same sign, |vol skew| ≥10%

Vol skew -75.8%, OI skew +6.5% — 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: +0%, ATM: +0%, OTM: +46% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 98% — very bearish vs sector

Activity

Unusual activity?

2.6
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.3% — normal turnover

≥2 days

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

≥5%

OI change +2.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 3% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 50% — patient

≥30

Conviction +34 (bullish) — moderate

Liquidity

Can I trade efficiently?

2.5
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 95.4% — wide

≥10,000

OI 9,804 — thin

≥500

Volume 33/day — thin

≤$0.50

$4.77 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 54% — neutral vs sector

≥100 contracts

Depth 46.0 contracts (bid:25.9 ask:20.1) — thin

<1.0%

Avg slippage 22.08% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -24.2% — contango

<30 or >70

IV percentile 52% — neutral

≥10pts kink

IV kink -6.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 864.11 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +34% @ 67% consistency — moderate (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts4.9
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call4.5
bearishIV fair, 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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