Clear Secure, Inc.
- Open
- 56.81
- Day high
- 56.86
- Day low
- 53.42
- Prev close
- 56.12
- Volume
- 811K
- Mkt cap
- $5.6B
- P/E (TTM)
- 43.5
- EPS (TTM)
- $1.27
- P/B
- 30.0
- P/S
- 5.9
- Yield
- 0.91%
- Per share
- $0.50
- ▼Insiders net selling -$27.5M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions accumulating (13F)
Clear Secure, Inc. (YOU) is a Technology company listed on NYSE. The stock is up 93% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
Clear Secure, Inc. (YOU) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
YOU earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.35 | $0.38 | +8.6% | $253M | +3.5% |
| Feb 25, 2026 | $0.31 | $0.31 | +0.0% | $241M | -1.4% |
| Nov 6, 2025 | $0.27 | $0.29 | +7.4% | $229M | -2.7% |
| May 8, 2025 | $0.30 | $0.32 | +6.7% | $211M | -0.9% |
| Feb 26, 2025 | $0.28 | $0.90 | +221.4% | $206M | -0.8% |
| Nov 7, 2024 | $0.33 | $0.30 | -9.1% | $198M | -1.9% |
| Feb 28, 2024 | $0.16 | $0.17 | +6.3% | $171M | -1.3% |
| Aug 2, 2023 | $0.07 | $0.15 | +114.3% | $150M | -2.5% |
| Mar 1, 2023 | $0.04 | $0.14 | +250.0% | $128M | -1.1% |
| Nov 14, 2022 | $-0.09 | $0.05 | +158.4% | $116M | +3.5% |
| Aug 15, 2022 | $-0.05 | $-0.09 | -100.0% | $103M | +2.6% |
| May 16, 2022 | $-0.14 | $-0.03 | +78.6% | $91M | +2.5% |
YOU insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Alclear Investments, LLCdirector, 10 percent owner, other: See Remarks | Option | 76,192 | — |
| Jul 7, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Tax | 42,135 | $53.79 |
| Jul 7, 2026 | Alclear Investments, LLCdirector, 10 percent owner, other: See Remarks | Tax | 42,135 | $53.79 |
| Jul 7, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Option | 76,192 | — |
| Jul 1, 2026 | Hollister Kathryn Adirector | Option | 530 | — |
| Jun 29, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Option | 801,943 | — |
| Jun 29, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Tax | 443,475 | $55.17 |
| Jun 26, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Sell | 34,309 | $53.11 |
| Jun 26, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Option | 34,309 | — |
| Jun 26, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Grant | 34,309 | — |
| Jun 26, 2026 | Alclear Investments, LLCdirector, 10 percent owner, other: See Remarks | Grant | 34,309 | — |
| Jun 26, 2026 | Alclear Investments, LLCdirector, 10 percent owner, other: See Remarks | Sell | 34,309 | $53.11 |
| Jun 25, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Grant | 196,576 | — |
| Jun 25, 2026 | Seidman Becker Caryndirector, 10 percent owner, officer: Chief Executive Officer | Option | 196,576 | — |
| Jun 25, 2026 | Alclear Investments, LLCdirector, 10 percent owner, other: See Remarks | Grant | 15,962 | — |
Source: YOU SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full YOU insider & 13F page →Clear Secure, Inc. company profile
Overview
Clear Secure, Inc. (NYSE:YOU) is a New York-based technology company founded in 2010 that operates a secure identity platform designed to expedite identity verification processes. The company went public in June 2021 and has grown from its origins as an airport security expediting service into a broader digital identity verification platform. Clear has evolved from serving primarily travelers at airport security checkpoints to providing identity verification services across multiple industries including healthcare, financial services, and workforce security.
Business
Clear operates in the digital identity verification industry, providing biometric-based identity authentication services through two primary business segments. The company's core technology platform uses biometric data (fingerprints, iris scans, and facial recognition) combined with government-issued identification to create secure digital identity profiles for users. **CLEAR Plus Travel Services** represents the company's original and largest revenue segment, accounting for the majority of total revenue. This consumer subscription service allows members to bypass traditional airport security lines by using biometric verification at dedicated CLEAR lanes in Transportation Security Administration (TSA) checkpoints. Members pay an annual subscription fee (currently $199) to access expedited security screening at 59 airports and 167 lanes, covering approximately 74% of U.S. airline passenger volume. The service also includes TSA PreCheck enrollment, which provides additional security benefits, and various travel-related perks through partnerships. **CLEAR1 (formerly CLEAR Verified)** is the company's business-to-business identity verification platform that serves enterprises across multiple industries. This segment provides digital identity verification services for healthcare organizations, financial institutions, retailers, and other businesses that need to verify customer or employee identities. CLEAR1 leverages the same biometric technology used in airports but applies it to various use cases such as reducing fraud in retail transactions, streamlining patient onboarding in healthcare, and enabling secure workforce authentication. This segment has been growing rapidly and is expected to contribute significantly to future revenue growth. The company also offers **Reserve powered by CLEAR**, a virtual queuing technology that allows users to reserve their place in line remotely, and **Atlas Certified**, which automates the verification of professional licenses and certifications by communicating directly with certifying organizations.
Revenue model
Clear generates revenue primarily through subscription fees and service charges across its two main business models. The **CLEAR Plus subscription model** charges consumers an annual fee of $199 for expedited airport security access, with various discounted rates available through corporate partnerships and family plans. This recurring subscription model provides predictable revenue streams, with the company maintaining approximately 89% gross dollar retention rates among its 7.4 million active CLEAR Plus members. The **CLEAR1 business-to-business model** generates revenue through enterprise contracts and per-transaction fees for identity verification services. This segment serves paying customers including major retailers like Home Depot, healthcare systems, financial institutions, and technology platforms like DocuSign and Uber. Revenue is generated through both ongoing service agreements and usage-based pricing depending on the specific implementation. **Factors that could increase margins** include continued automation of the enrollment and verification processes (the company's new EnVe pods reduce verification time by 5x), expansion of higher-margin digital services, pricing optimization as the value proposition strengthens, and operating leverage as the company scales its technology platform across more use cases without proportional increases in infrastructure costs. The shift toward more B2B revenue through CLEAR1 could also improve margins as enterprise contracts typically have higher profit margins than consumer subscriptions. **Factors that could decrease margins** include increased competition in the identity verification space from technology giants like Apple and Google, regulatory changes affecting airport security procedures, economic downturns reducing travel demand and discretionary spending on subscriptions, increased costs for airport real estate and staffing, and the need for continued technology investments to maintain competitive advantages. Additionally, customer acquisition costs could rise as the market becomes more saturated and the company targets less travel-intensive demographic segments.
Competitive moat
Clear's competitive moat is moderately strong but faces potential disruption from multiple angles. The company's **primary moat** stems from its exclusive partnerships with airports and the Transportation Security Administration, which create significant barriers to entry in the airport security space. These partnerships, combined with the physical infrastructure of dedicated lanes and biometric enrollment stations, represent substantial switching costs and regulatory hurdles for competitors. The company's **biometric database of over 31 million enrolled members** creates a network effect where the platform becomes more valuable as more users join, and the proprietary enrollment and verification technology provides some technological differentiation. Clear has also built operational expertise in managing complex security and compliance requirements across regulated industries. However, the moat faces **significant competitive threats** from technology giants like Apple (with Face ID and digital wallet capabilities), Google, and Amazon, which have superior resources and existing consumer relationships. These companies could potentially integrate identity verification directly into mobile devices and operating systems, bypassing Clear's platform entirely. Additionally, government initiatives to modernize TSA procedures or implement universal biometric systems could reduce the need for third-party services. The **B2B CLEAR1 segment** operates in a more fragmented and competitive market with numerous identity verification providers, making differentiation more challenging. While Clear benefits from its consumer brand recognition and existing biometric database, established players like Okta, Microsoft, and specialized identity verification companies pose ongoing competitive threats. The company's expansion beyond airports helps diversify its moat, but success depends on execution in highly competitive markets where switching costs are generally lower than in the regulated airport environment.
Risks & safety
Clear demonstrates a **moderate to strong margin of safety** based on current financial metrics, though some concerns exist around working capital management. **Cash and Debt Position:** - Cash and short-term investments: $87.6 million as of Q1 2025 - Current ratio of 0.85 indicates potential short-term liquidity concerns - Debt-to-equity ratio of 1.02 shows moderate leverage - Strong free cash flow generation of $91.3 million in Q1 2025 and $284 million for full year 2024 **Valuation Metrics:** - Price-to-earnings ratio of 24.5x appears reasonable for a growing technology company - EV/EBITDA of 14.3x is moderate for the sector - Price-to-book ratio of 21.3x reflects high asset-light business model - Strong return on equity of 21.8% **Other Considerations:** - Consistent profitability and positive EBITDA margins around 24% - Predictable subscription revenue model provides stability - Working capital management needs attention given current ratio below 1.0 - Strong operational cash flow generation supports dividend payments and share buybacks
Recent development
Over the past few years, Clear has executed several strategic pivots and product launches that have transformed it from a single-purpose airport service into a broader digital identity platform. The company completed its **NextGen Identity rollout**, which modernized its core biometric technology and improved processing speeds significantly. The introduction of **EnVe (Enrollment and Verification) pods** across its network has reduced verification times by up to 5x, with 50% of members now moving through CLEAR lanes in under two minutes. A major strategic expansion has been the **launch and scaling of TSA PreCheck enrollment services**, which started as a pilot program and has now expanded to 91 locations including airports and retail partnerships with Staples. This service provides an additional revenue stream while serving as a customer acquisition channel for CLEAR Plus memberships. The company has significantly expanded its **B2B identity verification business**, rebranding CLEAR Verified to CLEAR1 and growing the platform to over 31 million total members. Key partnerships have been established with major enterprises including DocuSign for secure digital identity verification, Home Depot for fraud reduction, Uber for trust and safety verification, and LinkedIn for professional identity verification. The acquisition of Atlas Certified enhanced the company's ability to verify professional licenses and certifications automatically. **Leadership changes** have also marked recent development, with Ken Cornick stepping down as President and CFO, replaced by Michael Barkin as President and Jen Hsu as CFO. The company has also introduced new product offerings including **CLEAR Perks** for travel-related services, **Reserve powered by CLEAR** for virtual queuing, and pilot programs for **eGates** and **ePassport** technology to further streamline the enrollment and verification process.
YOU company profile · for informational purposes only — not investment advice.
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