| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 47 | 28.0x | 17.8x | Around median | |
Growth | 81 | 19.8% | 7.1% | Top tier | |
Quality | 99 | 69.2% | 4.5% | Top tier | |
Safety | 72 | — | 2.6x | Top tier | |
Capital Return | 68 | — | 2.12% | Top tier | |
Momentum | 49 | 56.7% | 2.9% | Around median | |
Sentiment | 23 | 3 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Clear Secure, Inc. (YOU) operates as a secure identity platform that connects individual identity verification with physical and digital services. Its model consists of two main engines: CLEAR Travel, which generates subscription revenue from CLEAR+ membership and travel services such as eGates, Concierge, and the Home to Gate app; and CLEAR1, which provides identity verification solutions for businesses, government entities, healthcare sectors, and workforces. In Q2 FY2026, total CLEAR membership reached 43.5 million, including 8.3 million active CLEAR+ members, while the travel network extended to 62 airports.
In Q2 FY2026, revenue increased 26.6% year over year to $277.8 million, while bookings rose 32.8% to $295.9 million. The company generated operating income of $83 million and adjusted EBITDA of $101.1 million, with a record margin of 36.4% and expansion of approximately 900 basis points. Free cash flow also reached $189 million, up 60.3%, while EDGAR data for Q1 FY2026 showed revenue of $253 million and net income of $38.8 million.
The operating mix reflects CLEAR Travel's reliance on CLEAR+ member growth, retention, and higher average revenue per user, alongside CLEAR1's expansion across corporate, government, and healthcare solutions. Active CLEAR+ membership grew 15.2% to 8.3 million in Q2 FY2026, while demand for CLEAR1 offerings among businesses helped increase total CLEAR membership by 30% to 43.5 million. The company did not disclose a numerical revenue breakdown between CLEAR Travel and CLEAR1, so the contribution of each business to quarterly revenue cannot be determined precisely from the provided data.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $61.75 and a target range of $55 to $70. The average is approximately 10.6% below the 52-week range high of $69.07, while the highest target of $70 nearly matches that peak; therefore, the consensus implies strong value but does not automatically support surpassing the annual high. The wide 52-week range of $29.435 to $69.07 remains an indicator of elevated revaluation risk if bookings slow or CLEAR1 contracts become lumpy.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Growth is being driven by a combination of increased CLEAR+ membership, expansion of the airport network, price increases, and accelerating CLEAR1 momentum. In Q2 FY2026, revenue increased 26.6% to $277.8 million, while bookings rose 32.8% to $295.9 million. Active CLEAR+ membership also grew 15.2% to 8.3 million, and total CLEAR membership increased 30% to 43.5 million. Starting July 1, 2026, the company raised the standard CLEAR+ membership price from $209 to $219, with early retention remaining intact according to management.
CLEAR1 represents the growth engine beyond travel subscriptions, targeting businesses, government entities, healthcare, and workforces with identity verification solutions. In Q2 FY2026, the company launched the Vertex, Apex, and Helix products to provide escalating levels of identity assurance. The number of new customers signed increased by more than 50% compared with the previous quarter, while the opportunity pipeline grew by more than 50% sequentially. On the other hand, management warned that pursuing large contracts could make the timing of bookings and results lumpier.
Operating income reached $83 million, while adjusted EBITDA amounted to $101.1 million. The adjusted margin increased to 36.4%, expanding by approximately 900 basis points year over year and exceeding the 35% target the company set at its IPO. The deployment of eGates helped reduce direct salaries and benefits to 17.3% of revenue, an improvement of approximately 450 basis points. As a result, free cash flow increased 60.3% to a record $189 million.
The company plans to settle an outstanding partnership obligation with a credit card partner of approximately $315 million during Q3 FY2026. Management said this payment will make free cash flow for the quarter negative and that its impact is already included in annual guidance. At the same time, the company raised FY2026 free cash flow guidance to at least $480 million, representing annual growth of no less than 40%. Therefore, the announced pressure relates to the timing of a large payment, but it remains an important source of quarterly cash flow volatility.
eGates cover more than 70% of the CLEAR network and complete verification in less than five seconds, supporting both the member experience and workforce efficiency. The Home to Gate app connects calendar synchronization, travel guidance, routing, and live updates, and averages one million monthly users. The company also expanded Concierge to 39 airports, launched a food-service partnership in Newark, and began a Starbucks pre-order trial at LaGuardia. This ecosystem aims to increase retention, add new members, and raise average revenue per user.
The first risk is the expected slowdown in bookings growth from 32.8% in Q2 FY2026 to 20.5% at the midpoint of Q3 FY2026 guidance. The second is the planned settlement of the approximately $315 million partnership obligation, which will result in negative free cash flow in Q3 FY2026. CLEAR1's pursuit of larger contracts could also make signings and revenue lumpier, while management acknowledged a deterioration in the customer experience during 2023 and 2024 before the improvement recorded in Q2 FY2026. Finally, insiders recorded 39 sales with no purchases and net sales of $93.4 million over the three months through August 5, 2026, though this should be treated as a weak signal because these sales may have been prearranged.
