Clear Secure

YOU

Software - Application · Technology

Price

$43.29

+0.39 (+0.91%)

Market Cap

$4.36B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Mixed

Dividends

Weak

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Share count rising — dilution

+25.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 77.4M (2021) → 97.3M (2025)

Winston Score History

The full picture

Clear Secure runs a biometric identity verification service used mostly at airports across the United States. Members enroll their fingerprints and iris scans, then use CLEAR kiosks to skip the ID-check line before TSA security. The company also sells identity verification tools to sports stadiums, healthcare providers, and other businesses through its platform.

CLEAR makes money by charging members an annual subscription fee, currently around $189 per year, plus fees from enterprise partners who use its identity technology. It operates primarily in the U.S., with over 20 million enrolled members and kiosks at more than 50 airports. The business benefits from high switching costs once members are enrolled and from long-term contracts with airports and venues. The main risk is competition from TSA PreCheck and other government-run programs, as well as any regulatory changes around how biometric data can be collected and stored.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+26.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+92.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$72M/ year

→ Flat (-1% vs prior year)

8.0% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

12.8%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$959M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Clear Secure grew revenue 27% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

105.7%

Premium pricing power — 105.7% gross margin

Profit after running costs

Operating Margin

29.9%

Excellent — 29.9% operating margin

Return on the money invested

ROCE

121.9%

Exceptional — 121.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+19.8%

Fast-growing sales (+19.8% YoY)

Profit growth

EPS YoY

-19.7%

Earnings shrinking (-19.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

319%

Turns 319% of profit into real cash

Spare cash per sale

FCF Margin

50.8%

Converts sales into free cash efficiently (50.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

28.7x

Growth-priced — P/E 28.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

-4.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

1.35%

Small dividend — 1.35% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.7%

Dividend flat

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