This study provides evidence on relevance and reliability of option pricing-based estimates of total debt and component, i.e., conversion, call, put, and sinking fund features, values. Findings reveal component value estimates represent large fractions of bond par value and a fundamental components approach to account for corporate debt results in key financial statement amounts significantly different from those presently recognized. Component value estimates and financial statement amounts vary significantly with component estimation order. Thus, bond value estimates potentially meet the FASB’s relevance criterion. However, estimate variation across component estimation orders and comparisons of estimates to available benchmarks indicate bond value estimates lack reliabilty.