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Clear Secure
(NYSE:YOU)
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Rating:74Outperform
Price Target:
$49.00
▲(10.63% Upside)
Action:Reiterated
Date:09/19/26
Score is driven primarily by strong financial performance (high margins, debt-free balance sheet, and very strong free cash flow) and a supportive earnings outlook with raised full-year FCF guidance. Offsetting factors are weak technicals (clear downtrend and oversold momentum) and only moderately attractive valuation for the current growth profile.
Positive Factors
Strong cash generation
Robust operating and free cash flow indicate that reported profitability converts effectively into cash, supporting reinvestment, shareholder returns, and resilience. The close relationship between free cash flow and net income also strengthens earnings quality over the next several quarters.
Negative Factors
Growth is decelerating
Slower revenue growth suggests CLEAR is moving into a more mature phase, which may reduce operating leverage and limit the pace of future earnings expansion. Sustaining attractive growth will increasingly depend on pricing, new products, and expansion beyond its established airport base.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Robust operating and free cash flow indicate that reported profitability converts effectively into cash, supporting reinvestment, shareholder returns, and resilience. The close relationship between free cash flow and net income also strengthens earnings quality over the next several quarters.
Read all positive factors
Clear Secure (YOU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.74B
Dividend Yield1.82%
Average Volume (3M)1.90M
Price to Earnings (P/E)28.1
Beta (1Y)0.18
Revenue Growth19.77%
EPS Growth-19.22%
CountryUS
Employees3,301
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.51
Shares Outstanding102,911,050
10 Day Avg. Volume1,734,626
30 Day Avg. Volume1,899,822
Financial Highlights & Ratios
PEG Ratio-0.83
Price to Book (P/B)18.84
Price to Sales (P/S)3.72
P/FCF Ratio9.76
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue4.91
Enterprise Value/Gross Profit7.37
Enterprise Value/Ebitda16.50
Forecast
1Y Price Target
$59.67Price Target Upside34.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.83
Revenue Forecast (FY)$1.11B
Clear Secure Business Overview & Revenue Model
Company Description
Clear Secure, Inc. (YOU) operates within the United States, specializing in a secure, identity-verification platform primarily for its members. This sophisticated, multi-layered system handles identity enrollment, verification, and linking process...
How the Company Makes Money
Clear Secure makes money primarily by selling subscriptions to its CLEAR membership program. Individuals pay recurring membership fees (typically annual) to use CLEAR’s biometric identity verification at participating airports and venues, making c...
Clear Secure Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented multiple strong financial and operational achievements — double-digit revenue and bookings growth, record free cash flow (+60% YoY), margin expansion above the IPO target (36.4% adjusted EBITDA margin), accelerating CLEAR1 momentum, and product/network expansion (eGates, mobile, Concierge). The primary negatives are mostly temporary or execution-stage risks: a one-time Q3 cash outflow to settle a partnership liability (~$315M), potential timing volatility from larger B2B contracts, limited international presence, and early-stage adoption of some new services. Overall the positives (sustained top-line growth, record cash generation, margin leverage, expanding pipeline) significantly outweigh the limited and mostly manageable lowlights.Positive Updates
Strong Bookings and Revenue Growth
Total bookings of $295.9M (reported ~ $296M) increased 32.8% year-over-year and revenue grew 26.6% year-over-year to $277.8M.
Negative Updates
Temporary Q3 Free Cash Flow Headwind
Management disclosed a planned settlement of an accrued partnership liability (~$315M) payable in Q3 (related to the credit card partner), which will result in negative free cash flow for Q3 despite strong YTD FCF.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Bookings and Revenue Growth
Total bookings of $295.9M (reported ~ $296M) increased 32.8% year-over-year and revenue grew 26.6% year-over-year to $277.8M.
Read all positive updates
Company Guidance
Management guided Q3 revenue of $284–$287 million and total bookings of $311–$316 million (midpoint YoY growth of ~24.6% and ~20.5%, respectively) and raised full‑year FY2026 free cash flow guidance from at least $465 million to at least $480 million (implying ≥40% YoY growth); they also noted the ~$315 million accrued partnership liability will be settled in Q3 (causing negative Q3 free cash flow but already reflected in full‑year guidance) and disclosed quarter‑to‑date Q3 share repurchases of about $22 million at an average $52.73. For context, Q2 results were $277.8M revenue, $295.9M bookings, $189M free cash flow (+60% YoY), $201.2M net cash from operations, and a 36.4% adjusted EBITDA margin.Clear Secure Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
91
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.00B | 900.78M | 770.49M | 613.58M | 437.43M | 253.95M |
| Gross Profit | 667.03M | 580.32M | 489.34M | 382.11M | 276.38M | 149.02M |
| EBITDA | 297.87M | 240.69M | 93.11M | 72.26M | -98.71M | -102.23M |
| Net Income | 147.89M | 109.17M | 169.68M | 28.11M | -65.57M | -36.08M |
Balance Sheet | ||||||
| Total Assets | 1.58B | 1.30B | 1.19B | 1.05B | 1.04B | 812.75M |
| Cash, Cash Equivalents and Short-Term Investments | 959.27M | 700.17M | 609.50M | 723.10M | 704.75M | 615.34M |
| Total Debt | 109.77M | 0.00 | 121.25M | 127.38M | 130.11M | 0.00 |
| Total Liabilities | 1.34B | 1.10B | 956.99M | 675.78M | 526.60M | 273.28M |
| Stockholders Equity | 206.24M | 177.73M | 198.35M | 233.33M | 291.06M | 277.61M |
Cash Flow | ||||||
| Free Cash Flow | 508.39M | 343.11M | 283.67M | 198.90M | 136.40M | 40.74M |
| Operating Cash Flow | 542.64M | 372.45M | 295.68M | 225.03M | 168.31M | 69.71M |
| Investing Cash Flow | -349.20M | -97.10M | 113.78M | -15.51M | -359.59M | -403.20M |
| Financing Cash Flow | -154.58M | -257.33M | -401.55M | -216.01M | -48.87M | 503.40M |
Clear Secure Technical Analysis
Negative
44.29
Price Trends
43.90
Negative
49.30
Negative
46.73
Negative
Market Momentum
-0.25
Negative
51.24
Neutral
75.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For YOU, the sentiment is Negative. The current price of 44.29 is above the 20-day moving average (MA) of 40.85, above the 50-day MA of 43.90, and below the 200-day MA of 46.73, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 51.24 is Neutral, neither overbought nor oversold. The STOCH value of 75.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for YOU.
Clear Secure Risk Analysis
Clear Secure disclosed 49 risk factors in its most recent earnings report. Clear Secure reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Clear Secure Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $6.83B | 16.76 | 11.28% | 0.92% | 8.08% | -18.39% | |
76 Outperform | $753.99M | 33.34 | 9.35% | ― | 11.10% | 47.69% | |
74 Outperform | $5.74B | 28.12 | 82.40% | 1.82% | 19.77% | -19.22% | |
71 Outperform | $1.13B | -79.80 | -5.70% | ― | 9.63% | 55.51% | |
65 Neutral | $46.41M | 15.16 | 15.02% | ― | 16.70% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
50 Neutral | $234.12M | -12.06 | -1.22% | ― | -10.34% | 49.81% |
* Technology Sector Average
YOU
Clear Secure
42.46
12.47
41.58%
IDN
Intellicheck Mobilisia
2.29
-2.60
-53.17%
MITK
Mitek Systems
16.71
7.63
84.03%
NICE
NICE
115.04
-16.96
-12.85%
BLND
Blend Labs
0.99
-2.24
-69.38%
RSKD
Riskified
8.57
3.93
84.70%
Clear Secure Corporate Events
Business Operations and StrategyExecutive/Board Changes
Clear Secure announces key leadership transitions and departures
Neutral
Sep 16, 2026
On September 15, 2026, Clear Secure, Inc. announced that President and board member Michael Barkin will transition to an advisory role and resign from the board effective October 15, 2026, with no disagreement cited over company operations or poli...
Business Operations and StrategyExecutive/Board Changes
Clear Secure Adds Affirm CFO Rob O’Hare to Board
Positive
Jul 30, 2026
On July 30, 2026, Clear Secure, Inc. expanded its board of directors to ten members and appointed Rob O’Hare, the Chief Financial Officer of Affirm Holdings, Inc., as a director and member of the Audit Committee, with his term running until ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.