Clear Secure

YOU · NYSE · Information Technology · Financials, fiscal 2019 to 2025

YOU · Last close · October 26, 2026

$46.07

Clear Secure's revenue rose 16.9% to $901 million in fiscal 2025. Its operating margin was 20.7%, up from 16.0% a year earlier. Free cash flow was $343 million, up 21.0%. It paid out $174 million in dividends and buybacks, 51% of free cash flow.

CLEAR SECURE, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001856314-26-000006 Updated October 24, 2026

Revenue

$901M

16.9%

Operating margin

20.7%

4.7 pts

Net income

$109M

35.7%

Free cash flow

$343M

21.0%

Return on equity

58.0%

20.6 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2023 to 2025, net income grew 97.1% a year; the filings' structured data doesn't give diluted earnings per share.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Clear Secure yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Clear Secure's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Clear Secure's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Clear Secure's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $46.07
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Clear Secure's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	615	705	723	610	700
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	2.5x	1.9x	1.4x	1.0x	1.0x
Quick ratio	2.5x	1.9x	1.4x	1.0x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Clear Secure shares on the open market, and 7 insiders sold $99.7 million, $98.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	Michael Z BarkinPresident, Director	Sold plan	11,444	$45.00	$514,980	Form 4
Sep 3, 2026	Kyle McLaughlinEVP, Aviation	Sold plan	4,499	$44.47	$200,071	Form 4
Sep 3, 2026	Dennis W. LiuChief Accounting Officer	Sold plan	2,104	$44.47	$93,565	Form 4
Aug 5, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	323,904	$61.22	$19.8 million	Form 4
Jul 15, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	28,603	$53.57	$1.5 million	Form 4
Jul 14, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	120,640	$53.40	$6.4 million	Form 4
Jul 13, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	100,757	$53.42	$5.4 million	Form 4
Jun 25, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	34,309	$53.11	$1.8 million	Form 4
Jun 24, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	196,576	$53.21	$10.5 million	Form 4
Jun 23, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	15,962	$53.13	$848,061	Form 4
Jun 16, 2026	Becker Caryn SeidmanChief Executive Officer, Director, 10% owner	Sold plan	3,153	$53.03	$167,204	Form 4
Jun 2, 2026	Kyle McLaughlinEVP, Aviation	Sold plan	8,000	$56.20	$449,600	Form 4

The latest 12 of 29 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	—	—	—
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−18.9%	−11.2%	−21.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Clear Secure side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Clear Secure	FY25	16.9%	20.7%	38.1%	—	—	—
AppFolio	FY25	19.7%	16.1%	25.1%	50.2%	−1.4x	4	Compare
GitLab	FY26	25.8%	−7.4%	23.2%	—	—	4	Compare
SentinelOne	FY26	21.9%	−32.1%	7.6%	−28.9%	—	3	Compare
Asana	FY26	9.2%	−24.9%	10.9%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	192	231	254	437	614	770	901
Revenue growth	—	20.0%	10.0%	72.2%	40.3%	25.6%	16.9%
Gross profit	—	—	—	—	—	—	—
Research and development	21	32	48	67	74	73	72
Operating income	−56	−19	−115	−129	20	123	186
Net income	−54	−9	−36	−66	28	170	109
Diluted EPS (US$)	—	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—
Cash flow
Cash from operations	17	−12	70	168	225	296	372
Capital expenditure	15	16	28	31	26	12	29
Free cash flow	2	−29	42	137	199	284	343
Dividends paid	0	0	0	0	14	39	48
Share buybacks	12	210	12	5	70	273	126
Acquisitions	0	0	76	0	4	0	0
Stock-based compensation	15	3	36	138	37	35	39
Balance sheet at fiscal year end
Cash and short-term investments	236	154	615	705	723	610	700
Debt incl. finance leases	—	—	—	—	—	—	—
Total assets	—	232	813	1,038	1,045	1,195	1,303
Total liabilities	—	150	273	527	676	957	1,099
Shareholders' equity	—	−487	278	291	233	198	178
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	−29.2%	−8.2%	−45.3%	−29.5%	3.3%	16.0%	20.7%
Net margin	−28.2%	−4.0%	−14.2%	−15.0%	4.6%	22.0%	12.1%
Free cash flow margin	1.0%	−12.5%	16.4%	31.3%	32.5%	36.8%	38.1%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	—	−23.1%	10.7%	78.6%	58.0%
Return on assets	—	—	−6.9%	−7.1%	2.7%	15.2%	8.7%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Clear Secure's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Clear Secure.