One-glance verdict
Undervalued
$154.78 our estimate vs market $55.09
Wall Street consensus: $69.67 (-55.0% lower than our fair-value estimate)
64% below our estimate, below the bear case
Fundamentals snapshot
Clear Secure, Inc.
YOU · NYQ · Technology · Software - Application
Current price
$55.09
52-week range
$30.98 - $69.07
Market cap
$8.31B
Balance sheet
Healthy
534.32x Strong cushion
Net cash $524.31M. 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 18.2% last year.
- Reward Returns 169.0% 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, Inc. helps people move through places like airports faster and more securely using their fingerprints or other biometrics through a membership they pay for. The money mainly comes from these memberships, which is important because it means they have a steady stream of income from loyal customers, similar to a subscription service where people pay regularly.
How the company got here
Clear Secure, Inc. was founded in 2010 with the goal of making everyday experiences more secure and seamless. The company recognized that verifying identity was a common friction point in many activities, from travel to accessing venues. They developed a biometric identity platform, initially focusing on airport security, to streamline these processes. A key turning point was the expansion beyond airports to offer their secure identity verification to other businesses and consumers, broadening their reach and use cases.
What it actually does
Clear Secure operates a technology platform that uses biometrics, like fingerprints and facial scans, to verify a person's identity quickly and securely. Think of it like a super-fast digital ID that you can use for various services. Instead of fumbling for cards or passwords, you can use your unique biological traits to prove who you are. This technology is designed to make everyday interactions, like getting through airport security or entering a stadium, smoother and more efficient for both individuals and the organizations providing the service.
CLEAR
The core of Clear Secure's business is its 'CLEAR' brand, which offers a subscription service primarily for travelers. For an annual fee, members can use dedicated lanes at airports, significantly reducing their wait times at security checkpoints. This service uses biometric scans to verify their identity, making the process faster than traditional methods. CLEAR also offers access to a broader network of partners and uses a mobile app for enrollment and to enhance the member experience, aiming to make travel less stressful.
CLEAR1 (B2B Offerings)
Beyond individual consumers, Clear Secure also offers its secure identity platform to other businesses through its CLEAR1 offering. This allows partner companies to integrate Clear's technology to create smoother experiences for their own customers. For example, a venue could use CLEAR to quickly verify attendees' identities for entry, or a company could use it for secure employee access. This segment focuses on leveraging Clear's identity verification capabilities to solve business problems related to security and customer convenience.
What management is betting on now
Clear Secure's management is focused on expanding the use of its secure identity platform across more aspects of daily life. They are investing in new features and partnerships to make identity verification even more integrated and convenient. This includes initiatives like 'Home to Gate' to help travelers plan their airport journey and exploring digital ID solutions with partners like Samsung. The strategy is to become the go-to solution for secure and frictionless identity verification, moving beyond just airports to encompass a wider range of consumer and business needs.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
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
FY2026 Q3
$-103.83M
Revenue
$292.85M
Net income
$53.17M
Diluted EPS
—
Operating cash flow
$-98.57M
Free cash flow
$-103.83M
Fetching…
Sources
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
Is it cheap or expensive?
Fair value $154.78 vs current price $55.09
Wall Street consensus is the average analyst price target: $69.67 (-55.0% lower than our fair-value estimate).
Our most-likely fair value is $154.78 a share — about 181.0% above today's price of $55.09, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $524.3M - more cash than debt. Interest coverage 534.3x.
Net debt
$-524.31M
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 $108.66M 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 $528.11M Interest coverage -22.31x -100% vs YOU This peer has almost no interest-payment cushion compared with YOU.
Total debt $8.12B Interest coverage 3.79x -99% vs YOU Carries about 141.1x less debt cushion than YOU.
Total debt $6.39M 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 18.2% last year.
-
Returns 169.0% 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)
32.41x
Forward P/E
19.75x
P/B
45.60x
P/S
7.81x
EV/EBITDA
16.31x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
67.5%
Operating margin
28.3%
Net margin
16.2%
ROE
169.0%
ROA
14.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.83x
Current ratio
0.99x
Quick ratio
0.89x
Total debt
$108.66M
Total cash
$632.97M
Growth
How the business has been compounding
Revenue TTM
$1.06B
Revenue 5Y CAGR
37.2%
EPS TTM
1.70
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$491.38M
Free CF TTM
$343.11M
FCF margin
32.2%
Dividend
Shareholder payout
Yield
1.1%
Payout ratio
33.8%
Last ex-div date
2026-12-10