Clear Secure Inc. Class A Common Stock (YOU)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn more cash than they consume and whose price leaves room for error. Clear Secure is a subscription identity platform, primarily known for CLEAR Plus airport lanes, with a recurring-revenue feel. Its cash engine is real: trailing twelve-month free cash flow was $508.4 million, a 9.8% FCF yield as calculated by FairStock at the $43.52 close on 2026-10-13. The latest reported quarter, fiscal Q2 2026 ended 2026-06-30, showed revenue of $277.8 million and net income of $50.0 million, up from $219.5 million and $24.7 million in fiscal Q2 2025. That is impressive operating momentum. Longer term, revenue rose from $613.6 million in FY2023 to $900.8 million in FY2025, but net income fell from $169.7 million in FY2024 to $109.2 million in FY2025, so profits are uneven. FairStock calls it a TURNAROUND because it returned to profit after a loss within the last three years. The balance sheet is not stretched, with debt-to-equity of 0.45 and an Altman Z-Score of 2.85. But Graham would balk at the price: the Graham Number is $8.20, giving a -430.73% margin of safety, and FairStock puts the shares at 29.41 times earnings, 24.04 times book, and 18.06 times EV/EBITDA. A PEG of 0.56 and Piotroski F-Score of 7/9 suggest growth and quality are decent. My conclusion: a good cash-generating business with a modest dividend, but the quote already discounts much success. I would want a wider gap between price and intrinsic value before calling it a bargain.

In plain English: Clear Secure runs a paid identity-check service, best known for helping people get through airport security faster, and sells subscriptions through its CLEAR app. The business is growing and produces a lot of cash, and recent quarterly profit improved, but the stock price looks high compared with the company’s earnings and accounting value. Overall, it looks like a decent business whose price already assumes a lot of future success.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer