Clear Secure, Inc. (YOU)

Price$44.23Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth offsets a demanding earnings multiple.

Using the supplied quarterly earnings, the last four quarters produced about $1.49 of diluted earnings per share, so the observed quote equals roughly 29 times trailing earnings. That is not a classic bargain. However, trailing revenue reached about $1.0 billion, operating profit about $251 million, and second-quarter revenue still grew 26.6% year over year. A value investor can justify roughly 29 times earnings if growth remains above 20% and margins stay near current levels; without that, the margin of safety becomes thin.

Big pictureRevenue and operating profit are compounding quickly, but aviation subscriptions still dominate the business.

Revenue rose from $437 million in 2022 to $901 million in 2025, while operating income swung from a $129 million loss to a $186 million profit. Momentum continued in Q2 2026: revenue was $278 million, up 26.6% year over year, and operating income reached $83 million, a 29.9% margin. The catch is concentration. The latest filing says substantially all revenue still comes from CLEAR+, so travel volumes, airport economics, airline and card partnerships, and TSA checkpoint rules remain central to earnings durability.

Business strengthCash generation and liquidity are excellent, while share-count growth weakens some shareholder returns.

First-half 2026 free cash flow, meaning cash left after running and investing in the business, was $374 million, already above roughly $343 million for all of 2025. Liquidity is strong: $128 million cash plus $831 million of marketable securities, with no revolver borrowings. But first-half cash flow benefited from liability and deferred-revenue timing, so it should not simply be doubled. Q2 diluted weighted shares also rose about 8.8% year over year despite roughly $469 million of 2023-2025 buybacks, partly reflecting unit exchanges and equity awards.

What could change the storyEnterprise identity wins could justify the valuation; slower travel growth or TSA friction would undermine it.

The upside case is that CLEAR1 becomes a meaningful second engine rather than an option: the SEC filing says partner revenue has historically been immaterial, but recent AWS and CrowdStrike integrations widen distribution. The travel engine also remains healthy, with 43.5 million total members, 8.3 million active CLEAR+ members, and third-quarter revenue guidance of $284-$287 million. The bear case is specific: CLEAR+ still supplies substantially all revenue, and TSA checkpoint-policy changes can reduce lane value and retention. Sustained growth below the high teens would make the current earnings multiple harder to defend.

AI: News

Second-quarter earnings beatResults beat expectations and higher guidance strengthened the case for continued fast growth.

On August 5, CLEAR reported Q2 revenue of $277.8 million, up 26.6%, and adjusted diluted earnings of $0.49 per share, ahead of the $0.35 consensus cited by Investing.com. Management guided Q3 revenue to $284-$287 million, above the then-consensus midpoint. Shares rose about 6.1% in premarket trading after the release. The important valuation effect is higher expected growth and margins, not the one-day move itself.

CEO planned stock saleA large preplanned chief-executive sale may have pressured sentiment, but it was not discretionary.

On August 5, CEO Caryn Seidman Becker sold 323,904 Class A shares through a Rule 10b5-1 trading plan adopted March 12; a contemporaneous report estimated proceeds near $19.8 million. The SEC filing shows the shares came from one-for-one exchanges of Alclear units. Because the sales were prearranged, they carry less informational weight than a discretionary sale. Still, the size and timing near a post-earnings high could have influenced sentiment, although price timing alone cannot establish causation.

CrowdStrike identity partnershipCrowdStrike integration gives CLEAR1 a credible route into enterprise cybersecurity workflows.

On August 31, CrowdStrike and CLEAR announced that CLEAR1 would integrate with the Falcon platform, allowing organizations to trigger person-based verification when security systems detect risky activity. Existing customers can begin activating the integration. This matters because CLEAR1 revenue has historically been immaterial, so enterprise identity partnerships are a potential diversification path away from airport subscriptions. No disclosed revenue commitment accompanied the announcement, so the near-term financial impact remains uncertain.

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Revenue

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2025

Net income

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$900.8M	$770.5M	$613.6M	$437.4M	$254.0M	$230.8M	$192.3M
Research & development	$72.4M	$73.4M	$74.4M	$66.8M	$47.5M	$32.0M	$21.2M
Operating expenses	$393.8M	$366.1M	$362.0M	$405.4M	—	—	—
Operating income	$186.5M	$123.2M	$20.1M	−$129.1M	−$114.9M	−$18.9M	−$56.2M
Operating margin	20.70%	15.99%	3.28%	−29.50%	−45.26%	−8.20%	−29.21%
EBITDA	$221.1M	$149.7M	$41.8M	−$110.3M	−$102.6M	−$9.5M	−$48.8M
EBITDA margin	24.55%	19.43%	6.81%	−25.21%	−40.39%	−4.12%	−25.40%
Net income	$109.2M	$169.7M	$28.1M	−$65.6M	−$36.1M	−$9.3M	−$54.2M
Net profit margin	12.12%	22.02%	4.58%	−14.99%	−14.21%	−4.03%	−28.20%
Basic EPSper basic share	$1.14	$1.81	$0.31	-$0.80	—	—	—
Diluted EPSper diluted share	$1.14	$1.56	$0.31	-$0.80	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.61%of listed shares

BlackRock, Inc.15.91M shares · Jun 30, 2026

View holders

Top 20 reported holders of YOU
Holder	% owned
BlackRock, Inc.	15.61%15.91M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	7.62%7.77M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.18%4.26M shares
STATE STREET CORP	3.63%3.7M shares
RENAISSANCE TECHNOLOGIES LLC	3.21%3.28M shares
GEODE CAPITAL MANAGEMENT, LLC	2.93%2.99M shares
GOLDMAN SACHS GROUP INC	2.78%2.84M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	2.63%2.68M shares
FIRST TRUST ADVISORS LP	2.54%2.59M shares
MORGAN STANLEY	2.52%2.57M shares
D. E. Shaw & Co., Inc.	2.40%2.44M shares
FMR LLC	2.32%2.37M shares
DIMENSIONAL FUND ADVISORS LP	1.71%1.75M shares
Copeland Capital Management, LLC	1.65%1.68M shares
WEDGE CAPITAL MANAGEMENT L L P/NC	1.45%1.48M shares
JPMORGAN CHASE & CO	1.28%1.31M shares
NORTHERN TRUST CORP	1.23%1.26M shares
Invesco Ltd.	1.13%1.15M shares
JUPITER ASSET MANAGEMENT LTD	1.08%1.1M shares
JACOBS LEVY EQUITY MANAGEMENT, INC	1.02%1.04M shares

Percentages use 101.94M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)90$243.21M disclosed value

Transaction	Insider	Type	Shares	Price	Value
Jun 25, 2026Form 4 · 10b5-1	Alclear Investments, LLCDirector,TenPercentOwner,Other	SellClass A Common Stock	34.3K	$53.11	$1.82M
Jun 25, 2026Form 4 · 10b5-1	Seidman Becker CarynChief Executive Officer	SellClass A Common Stock · indirect	34.3K	$53.11	$1.82M
Jun 24, 2026Form 4 · 10b5-1	Alclear Investments, LLCDirector,TenPercentOwner,Other	SellClass A Common Stock	196.6K	$53.21	$10.46M
Jun 24, 2026Form 4 · 10b5-1	Seidman Becker CarynChief Executive Officer	SellClass A Common Stock · indirect	196.6K	$53.21	$10.46M
Jun 23, 2026Form 4 · 10b5-1	Alclear Investments, LLCDirector,TenPercentOwner,Other	SellClass A Common Stock	16.0K	$53.13	$848.1K