Clear Secure, Inc. (YOU) Stock

Clear Secure, Inc. (YOU) is a Technology stock trading at $42.85 (as of 2026-08-20), with a market capitalization of $3.76B and a trailing P/E of 21.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Clear Secure, Inc. operates a secure identity platform that supports user enrollment, verification, and linking, along with consumer products such as CLEAR Plus and a mobile app for enrollment and member engagement. It also offers Reserve powered by CLEAR for virtual queuing and Atlas Certified to automate verification of professional licenses and certification data for organizations across industries.

Understand Clear Secure, Inc.: how it makes money

Clear Secure provides a secure identity platform and a consumer aviation subscription (CLEAR Plus) that helps members enroll and verify identity and access predictable airport security entry lanes, primarily generating revenue from its membership subscriptions.

CLEAR Plus revenue is driven by membership durability, with retention (Annual CLEAR Plus Gross Dollar Retention and Annual CLEAR Plus Net Member Retention) indicating how sticky the subscription is over time.

Business quality (Strong): The company shows high operating profitability (operating margin 24.5%) alongside meaningful CLEAR Plus retention metrics, suggesting the business model depends on durable subscriptions rather than one-time transactions, but future results are sensitive to membership retention and airport network expansion.

Valuation: Trades at 47× trailing earnings · $6B market cap.

Bull case

CLEAR Plus retention remains strong, with Annual CLEAR Plus Gross Dollar Retention of 86.9% and Annual CLEAR Plus Net Member Retention of 81.4%: High retention supports recurring revenue characteristics for the subscription business model.
Member base remains large and continues to add net members, with Active CLEAR Plus Members at 8,200,000 and Active CLEAR Plus Member Net Adds of 164,000: Ongoing net adds indicate continued demand for predictable airport security access.

Bear case

Results can be sensitive to whether retention holds, since Annual CLEAR Plus Net Member Retention is 81.4%: If retention deteriorates from current levels, membership revenue growth could slow.
The service experience depends on the airport network, with Active CLEAR Plus Airports at 60 and Airports Offering CLEAR Concierge at 32: If airport availability or lane expansion does not keep up, member usage and retention could face pressure.

Valuation — source: SEC EDGAR (first-party)
Price	$42.85
Market Cap	$3.76B
P/E Ratio	21.7
EV / EBITDA	12.6
Price / Book	15.47
Price / Sales	3.71
FCF Yield	24.0%
DCF Value (model)	$34.81
DCF Upside vs Price	-18.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$900.78M
Net Margin	12.1%
Revenue Growth (YoY)	16.9%
FCF Growth (YoY)	21.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.35 (safe)

Valuation vs Sector & Industry
Stock P/E	21.7
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0
vs Sector	-36.1%
vs Industry	-27.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($732.06M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Technology
Industry	Business Services
CEO	Caryn Gail Seidman-Becker
Employees	4,022
Country	US
IPO Date	2021-06-30

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.