One-glance verdict
Undervalued
$139.62 our estimate vs market $39.60
Wall Street consensus: $59.67 (-57.3% lower than our fair-value estimate)
72% below our estimate, below the bear case
Fundamentals snapshot
Clear Secure, Inc.
YOU · NYQ · Technology · Software - Application
Current price
$39.60
52-week range
$29.43 - $69.07
Market cap
$5.38B
Balance sheet
Healthy
534.32x Strong cushion
Net cash $849.50M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 11.1% last year.
- Reward Returns 119.2% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 6/10 years.
What this company does
Clear Secure, Inc.
Clear Secure is the company that operates the CLEAR airport security lanes, which let you use your fingerprints or eyes to speed through identity checks. They make most of their money from travelers who pay a recurring subscription fee (a predictable payment made at regular intervals) for this faster airport experience. The company is trying to grow by offering its identity-checking technology to other businesses, like sports venues and digital wallet apps.
How the company got here
Clear Secure was originally founded in 2003 under a different name but went bankrupt in 2009. In 2010, its current leaders, Caryn Seidman-Becker and Ken Cornick, bought the company's assets and relaunched it. They rebuilt the business by partnering with airports one by one to offer their identity verification service. The company grew steadily and eventually went public in 2021, which means its stock is now available for anyone to buy and sell on the New York Stock Exchange under the ticker symbol 'YOU'.
What it actually does
Clear Secure offers a service that lets you verify who you are using your eyes or fingerprints, a technology known as biometrics. This allows you to get through airport security faster by using special CLEAR lanes instead of waiting to show a TSA agent your ID. Beyond airports, the same technology is used for quicker entry into some stadiums and other venues. The company's main goal is to create a secure and easy way for people to prove their identity in various situations, both in person and online.
CLEAR Plus
This is the company's main subscription service that travelers pay for annually. Members can use designated CLEAR lanes at many U.S. airports to verify their identity with a quick eye or fingerprint scan, bypassing the standard ID check with a TSA officer. This service is the primary way the company makes money, through individual membership fees. Many frequent flyers and business travelers are the core customers for this service.
Platform & Partnerships
This part of the business involves selling its identity verification technology to other companies. For example, sports teams and concert venues pay CLEAR to use its system for faster and more secure entry for their fans. The company also partners with businesses in sectors like healthcare to provide secure ways for patients and employees to verify their identities. This is a growing area for the company, expanding its reach beyond just travelers.
What management is betting on now
The company is focused on expanding its network of airports and partners to make its service useful to more people. They are also investing in their technology to be used in new ways, such as for age verification or to create secure digital identities on your phone. A major priority is growing their business-to-business offerings, where they provide their identity platform to other companies in industries like healthcare and finance. Management is also focused on increasing its free cash flow (the cash left over after paying for business operations and investments), which shows the company's financial health.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-37.91M
FY2024 Q4
$133.86M
FY2025 Q1
$91.26M
FY2025 Q2
$117.92M
FY2025 Q3
$-53.47M
FY2025 Q4
$187.40M
FY2026 Q1
$185.48M
FY2026 Q2
$188.98M
Revenue
$277.76M
Net income
$50.05M
Diluted EPS
—
Operating cash flow
$201.17M
Free cash flow
$188.98M
Fetching…
Sources
Revenue
$253.00M
Net income
$38.80M
Diluted EPS
—
Operating cash flow
$190.36M
Free cash flow
$185.48M
Fetching…
Sources
Revenue
$240.75M
Net income
$30.76M
Diluted EPS
—
Operating cash flow
$198.42M
Free cash flow
$187.40M
Fetching…
Sources
Revenue
$229.19M
Net income
$28.28M
Diluted EPS
—
Operating cash flow
$-47.30M
Free cash flow
$-53.47M
Fetching…
Sources
Revenue
$219.47M
Net income
$24.72M
Diluted EPS
—
Operating cash flow
$122.98M
Free cash flow
$117.92M
Fetching…
Sources
Revenue
$211.37M
Net income
$25.41M
Diluted EPS
—
Operating cash flow
$98.35M
Free cash flow
$91.26M
Fetching…
Sources
Revenue
$206.27M
Net income
$103.29M
Diluted EPS
—
Operating cash flow
$136.61M
Free cash flow
$133.86M
Fetching…
Sources
Revenue
$198.42M
Net income
$23.46M
Diluted EPS
—
Operating cash flow
$-35.87M
Free cash flow
$-37.91M
Fetching…
Sources
Is it cheap or expensive?
Fair value $139.62 vs current price $39.60
Wall Street consensus is the average analyst price target: $59.67 (-57.3% lower than our fair-value estimate).
Our most-likely fair value is $139.62 a share — about 252.6% above today's price of $39.60, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $849.5M - more cash than debt. Interest coverage 534.3x.
Net debt
$-849.50M
Interest coverage
534.32x
Clear Secure, Inc.'s profit covers its interest bill about 534.3 times over. which is stronger than every peer shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
YOU
BASELINE
Clear Secure, Inc.
Total debt $109.77M Interest coverage 534.32x This is the baseline the peer rows are being compared against.
Total debt $53.00M Interest coverage 38.25x -93% vs YOU Carries about 14.0x less debt cushion than YOU.
Total debt $528.37M Interest coverage -22.31x -100% vs YOU This peer has almost no interest-payment cushion compared with YOU.
Total debt $8.18B Interest coverage 3.79x -99% vs YOU Carries about 141.1x less debt cushion than YOU.
Total debt $6.97M Interest coverage -45.14x -100% vs YOU This peer has almost no interest-payment cushion compared with YOU.
What you should know
The case for and against YOU
3 Rewards
0 Risks
Rewards
-
Revenue grew 11.1% last year.
-
Returns 119.2% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
26.76x
Forward P/E
15.20x
P/B
21.91x
P/S
5.37x
EV/EBITDA
11.88x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
66.7%
Operating margin
29.9%
Net margin
14.8%
ROE
119.2%
ROA
11.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.45x
Current ratio
1.04x
Quick ratio
0.98x
Total debt
$109.77M
Total cash
$959.27M
Growth
How the business has been compounding
Revenue TTM
$1.00B
Revenue 5Y CAGR
37.2%
EPS TTM
1.48
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$542.64M
Free CF TTM
$343.11M
FCF margin
34.3%
Dividend
Shareholder payout
Yield
1.5%
Payout ratio
37.2%
Last ex-div date
2026-09-10