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Clear Secure, Inc.
NYSE: YOU Technology IT 🔎 Screen
$4.1B
Market Cap
31.3
P/E
0.36
PEG
21.8%
ROCE
76.0%
ROE
0.55
D/E
20.7%
OPM
-31.9%
% from 52W High
44
α RS
🔍 YOU is showing a high-conviction setup because it matches 12 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still rolling over, and an ECS of 57.4 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 12/39 · Technology in Leading quadrant · ECS 57.4
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📈 Price History
Ratio Health
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About

Clear Secure, Inc. operates a secure identity platform under the CLEAR brand name primarily in the United States. It provides secure identity platform, a multi-layered infrastructure consisting of front-end, including enrollment, verification, and linking, as well as back-end. The company also offers CLEAR Plus, a consumer aviation subscription service, which enables access to predictable entry lanes in airport security checkpoints, as well as access to broader network; and CLEAR mobile app, which is used to enroll new members and improve the experience for existing members. In addition, it provides RESERVE powered by CLEAR to reservation spot for airport locations; Home to Gate, a feature to help travelers plan and time their trip to the airport; CLEAR1, a B2B offering that extends secure identity platform to partners to create friction-free experiences for their customers; CLEAR ID, a free and mobile digital ID that allow any traveler to verify their identity; CLEAR Concierge which enhances the CLEAR value proposition for high-frequency and premium travelers, as well as travelers requiring additional assistance, such as families and senior citizens; CLEAR Perks, a suite of added benefits that help CLEAR members get an even more seamless experience; TSA PreCheck Enrollment Provided by CLEAR, as well as online renewal services; Sora ID, a one-click know your customer that enables adding know your customer services to platform offerings; and a virtual queuing technology. The company has a strategic collaboration with Samsung Electronics America, Inc. for the development of Samsung ID with CLEAR, a digital ID solution that allows users to add a US passport to Samsung Wallet and verify their identity. The company was founded in 2010 and is headquartered in New York, New York. Clear Secure, Inc. is a subsidiary of Alclear Investments, Llc.

Key Ratios Snapshot
📈 Growth Pattern
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 3.35M $162.3M 0.25% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →
📊 MIXED CLEAR hits 41M members, $292M bookings, $185M free cash flow in Q1 2026.
Revenue & Profitability
Revenue grew 19.7% year-over-year to $253 million. Total bookings increased 40.8% to $291.7 million. Operating income was $62 million, adjusted EBITDA was $80.6 million, and free cash flow reached $185.5 million, more than double the prior year. Net cash from operating activities was $190.4 million. The company ended the quarter with $800 million in cash and marketable securities.
Outlook
Management sees an environment of structural instability in travel and exponential AI-driven fraud, making identity foundational. Travel demand remains strong, with corporate travel strengthening and airport traffic steady. Tailwinds include the World Cup, America 250, and record summer travel. Oil prices are watched but have not yet impacted demand.
Growth Drivers
Key growth levers include eGate rollout (now over 50% of network, targeting 80% by end of Q2), concierge service expansion to 32 airports, and CLEAR1 bookings at approximately five times last year's level. The mobile app (ranked #4 in travel app store) is driving member engagement and retention. CLEAR+ members reached 8.2 million, up 13% year-over-year.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Adjusted EBITDA margin was 31.9%, an expansion of 7.2 percentage points year-over-year, with close to 70% flow-through. The company expects further margin expansion in 2026 relative to 2025. Free cash flow conversion is highly attractive; full-year free cash flow guidance was raised to at least $465 million.
Key Risks
Not discussed in this earnings call.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 saw 33% bookings growth and 60% free cash flow growth year-over-year, with revenue up 26.6% to $277.8 million and adjusted EBITDA margin reaching 36.4%. Membership and network expansion drove results, and guidance was raised for full-year free cash flow.
Q1 2026 Q1 2026 2026-05-06
Q1 delivered record bookings, revenue, and free cash flow, driven by strong growth in both CLEAR Travel and CLEAR1, with robust member acquisition and high-margin service expansion. Raised full-year free cash flow guidance and expect continued margin expansion.
Q4 2025 Q4 2025 2026-02-25
Fiscal 2025 delivered record revenue, bookings, and profitability, driven by innovation in travel and enterprise identity, strong member growth, and major partnerships. 2026 guidance calls for accelerating top-line and free cash flow growth, with robust capital returns and a strong balance sheet.
Q3 2025 Q3 2025 2025-11-06
Revenue and bookings grew over 15% year-over-year, exceeding guidance, with strong member growth and margin expansion. Product innovation, including eGates and Concierge, is driving improved customer experience and operational efficiency. Free cash flow guidance was raised for 2025.
Q2 2025 Q2 2025 2025-08-05
Q2 revenue grew 17.5% YoY to $219.5M, with strong member growth and record travel volume despite a flat travel market. New products, international expansion, and operational efficiencies drove margin gains and robust free cash flow.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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