Waystar Holding Corp. Fair Value Disclosure
| Balance Sheet Classification | Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| Available-for-sale fixed-maturity securities | |||||||||||||||||||||||||||||
| Commercial paper | Investment securities | $ | 12,439 | $ | — | $ | 12,439 | $ | — | ||||||||||||||||||||
| U.S. Treasury Bills | Investment securities | $ | 7,459 | $ | — | $ | 7,459 | $ | — | ||||||||||||||||||||
| U.S. Government Agencies | Investment securities | $ | 4,982 | $ | — | $ | 4,982 | $ | — | ||||||||||||||||||||
| Money market funds | Cash and cash equivalents | $ | 25,292 | $ | 25,292 | $ | — | $ | — | ||||||||||||||||||||
| Other financial assets: | |||||||||||||||||||||||||||||
| Interest rate cap | Other current assets | $ | 274 | $ | — | $ | 274 | $ | — | ||||||||||||||||||||
| Other financial liabilities: | |||||||||||||||||||||||||||||
| Interest rate swaps | Other accrued expenses | $ | 621 | $ | — | $ | 621 | $ | — | ||||||||||||||||||||
| Interest rate swaps | Other long-term liabilities | $ | 414 | $ | — | $ | 414 | $ | — | ||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| Other financial assets: | |||||||||||||||||||||||||||||
| Interest rate swaps | Other current assets | $ | 1,127 | $ | — | $ | 1,127 | $ | — | ||||||||||||||||||||
| Interest rate swaps | Other long-term assets | $ | 22 | $ | — | $ | 22 | $ | — | ||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.