Clear Secure, Inc. (YOU)
NYSE:YOU
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Clear Secure
(NYSE:YOU)
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Rating:81Outperform
Price Target:
$66.00
▲(24.46% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial performance—material profitability improvement, very strong and growing free cash flow, and a debt-free balance sheet—reinforced by upbeat earnings call guidance (raised full-year free cash flow outlook and continued margin expansion). Technicals add support with an established uptrend and healthy momentum. Valuation is reasonable with a mid-teens P/E and modest yield, while the main offsets are slowing top-line growth and execution risks tied to travel-system volatility and marketing investment.
Positive Factors
Free cash flow generation
Sustained, large free cash flow (TTM $437M) with FCF closely tracking net income (~0.94) indicates high cash earnings quality. This durable cash generation funds product rollouts, sales/marketing and enterprise contracts, reduces refinancing risk and cushions travel volatility over months.
Negative Factors
Decelerating revenue growth
Slowing top-line growth reduces operating leverage and can limit sustained margin expansion. If revenue growth remains muted, fixed-cost absorption and returns on incremental marketing investments may be weaker, pressuring medium-term profitability trends and investment returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Sustained, large free cash flow (TTM $437M) with FCF closely tracking net income (~0.94) indicates high cash earnings quality. This durable cash generation funds product rollouts, sales/marketing and enterprise contracts, reduces refinancing risk and cushions travel volatility over months.
Read all positive factors
Clear Secure (YOU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.29B
Dividend Yield2.11%
Average Volume (3M)1.53M
Price to Earnings (P/E)30.9
Beta (1Y)0.41
Revenue Growth17.39%
EPS Growth-31.63%
CountryUS
Employees4,022
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.27
Shares Outstanding100,612,465
10 Day Avg. Volume1,573,853
30 Day Avg. Volume1,529,407
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 Cap0.72
Enterprise Value/Revenue6.34
Enterprise Value/Gross Profit7.44
Enterprise Value/Ebitda23.23
Forecast
1Y Price Target
$62.17Price Target Upside17.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.48
Revenue Forecast (FY)$1.09B
Clear Secure Business Overview & Revenue Model
Company Description
Clear Secure, Inc. provides a member-centric secure identity platform in the United States. The company's secure identity platform is a multi-layered infrastructure consisting of front-end, including enrollment, verification, and linking. It also ...
How the Company Makes Money
Clear Secure makes money primarily through recurring subscription revenue from consumer memberships, most notably CLEAR Plus, where individuals pay an annual fee for access to CLEAR’s identity-based expedited entry experience at participating airp...
Clear Secure Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call presented a clear positive operating and financial story: strong member and bookings growth, significant free cash flow acceleration, margin expansion and notable enterprise momentum with CLEAR1 (5x bookings YoY). Management acknowledged travel-system stress and the temporary impact of the TSA shutdown but conveyed confidence in retention, product rollouts (eGates, app, Concierge) and a disciplined plan to invest in product, sales and marketing while maintaining strong free cash flow and a robust balance sheet. The company raised full-year free cash flow guidance and provided Q2 growth guidance that, while lower than the Q1 surge, still implies healthy year-over-year growth.Positive Updates
Record Membership and Platform Scale
Total CLEAR members grew ~31.3% year-over-year to 41 million members, demonstrating strong platform scale and network effects.
Negative Updates
TSA Shutdown and Pull-Forward Risk
The DHS/TSA shutdown materially affected travel dynamics; while it boosted member acquisition in Q1, several analysts questioned whether some of the growth was a pull-forward benefit from a ~3-week event and whether retention of that cohort fully normalizes.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Membership and Platform Scale
Total CLEAR members grew ~31.3% year-over-year to 41 million members, demonstrating strong platform scale and network effects.
Read all positive updates
Company Guidance
CLEAR provided Q2 guidance of $268–271 million in revenue and $280–285 million in total bookings (implying ~22.8% and ~26.7% year‑over‑year growth at the midpoints, respectively), and raised full‑year 2026 free cash flow guidance to at least $465 million (up from at least $440 million), which the company said would represent roughly a $120 million increase year‑over‑year and at least 36% YoY growth; management also reiterated expected adjusted EBITDA margin expansion in 2026 versus 2025, citing Q1 momentum (Q1 adjusted EBITDA $80.6M at a 31.9% margin, Q1 free cash flow $185.5M, and $800M of cash and marketable securities) to support the outlook.Clear Secure Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 942.41M | 900.78M | 770.49M | 613.58M | 437.43M | 253.95M |
| Gross Profit | 802.91M | 772.93M | 489.34M | 382.11M | 276.38M | 149.02M |
| EBITDA | 257.24M | 240.69M | 149.67M | 41.79M | -110.27M | -102.58M |
| Net Income | 122.56M | 109.17M | 169.68M | 28.11M | -65.57M | -36.08M |
Balance Sheet | ||||||
| Total Assets | 1.42B | 1.30B | 1.19B | 1.05B | 1.04B | 812.75M |
| Cash, Cash Equivalents and Short-Term Investments | 800.08M | 700.17M | 609.50M | 723.10M | 704.75M | 615.34M |
| Total Debt | 0.00 | 0.00 | 121.25M | 127.38M | 130.11M | 0.00 |
| Total Liabilities | 1.21B | 1.10B | 956.99M | 675.78M | 526.60M | 273.28M |
| Stockholders Equity | 185.35M | 177.73M | 198.35M | 233.33M | 291.06M | 277.61M |
Cash Flow | ||||||
| Free Cash Flow | 437.33M | 343.11M | 283.67M | 198.90M | 136.40M | 40.74M |
| Operating Cash Flow | 464.46M | 372.45M | 295.68M | 225.03M | 168.31M | 69.71M |
| Investing Cash Flow | -211.79M | -97.10M | 113.78M | -15.51M | -359.59M | -403.20M |
| Financing Cash Flow | -169.98M | -257.33M | -401.55M | -216.01M | -48.87M | 503.40M |
Clear Secure Technical Analysis
Positive
53.03
Price Trends
53.27
Positive
44.94
Positive
39.57
Positive
Market Momentum
2.22
Negative
63.14
Neutral
87.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For YOU, the sentiment is Positive. The current price of 53.03 is below the 20-day moving average (MA) of 57.23, below the 50-day MA of 53.27, and above the 200-day MA of 39.57, indicating a bullish trend. The MACD of 2.22 indicates Negative momentum. The RSI at 63.14 is Neutral, neither overbought nor oversold. The STOCH value of 87.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $8.29B | 30.95 | 77.45% | 2.11% | 17.39% | -31.63% | |
74 Outperform | $4.57B | -66.83 | -3.04% | ― | 33.60% | 63.13% | |
72 Outperform | $2.95B | 27.67 | 11.91% | ― | 14.00% | ― | |
68 Neutral | $3.82B | 75.33 | <0.01% | ― | 12.47% | -98.50% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $2.73B | 44.64 | -46.74% | ― | 20.32% | ― |
* Technology Sector Average
YOU
Clear Secure
61.10
37.58
159.78%
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Clear Secure Corporate Events
Executive/Board Changes
Clear Secure Announces Departure of General Counsel Haaland
Neutral
Mar 19, 2026
On March 19, 2026, Clear Secure, Inc. announced that its General Counsel, Lynn Haaland, will depart the company, with her last day set for April 3, 2026. The company agreed to provide Haaland with an additional 12 months of salary in consideration...
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.