Clear Secure, Inc. (YOU)
NYSEInformation TechnologySoftware - ApplicationSnapshot 2026-09-04
$44.33-0.58%
Close 2026-09-04 · 1-day change
NYSEInformation TechnologySoftware - ApplicationSnapshot 2026-09-04
Intact: The reason to own it still holds.
Clear Secure grows revenue about 20% yearly, reaching $253 million in Q1 2026. Profit margins are strong, with operating income at 24.5% margin and net income margin at 22.3%. Free cash flow guidance was raised to $465 million for 2026. The company benefits from lasting demand for secure identity services.
Growth may slow as competition rises and costs increase. Operating and net income margins could shrink if efficiency gains stall. Capital obligations raised recently may pressure cash flow. The company is behind on some management goals.
The price is about 7% above our fair value near $52, reflecting roughly 20% revenue growth expected by analysts. Our fair value is 17% below the Street median, indicating some caution versus more optimistic views.
Breaks if: free cash flow falls below $400 million in FY26
Breaks if: net income margin falls below 18% over next 4 quarters
Breaks if: operating margin falls below 20% over next 4 quarters
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a durable growth story with a focus on increasing revenue and profitability. The current thesis state is intact, supported by strong financial performance, but recent confidence has shifted to medium due to potential risks.
The market seems to have priced in a justified valuation with a low expectations gap. There is no indication of fragility, suggesting that the stock is not overly sensitive to negative news at this time.
Fundamentals are likely to continue on a strong trajectory, as management is focused on revenue growth and margin enhancement. Recent financial results show positive trends, but there is a low probability of missing expectations, which is a risk to monitor.
The long-term thesis hinges on the Fed's potential rate cuts and the performance of sector leaders like SAP and CRM. A reversal in guidance from management could negatively impact credibility and stock performance.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. The latest earnings beat supports the thesis. However, growth signals cooling may impact future revenue growth.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: annual revenue falls below $1.0 billion in FY26
Continue to grow revenue with year-over-year increases and expand Total Bookings as a leading indicator of business health.
Stated as a priority in 4 of last 4 quarters. Revenue grew from $219.5 million in 2025-Q2 to $277.8 million in 2026-Q2 (+26.6%); Total Bookings increased 32.8% year-over-year in 2026-Q2. Management consistently emphasizes revenue growth and bookings expansion, and the financials show delivering trajectory.
“Revenue of $277.8 million was up 26.6%; Total Bookings of $295.9 million increased 32.8%”
“Revenue of $253.0 million was up 19.7%; Total Bookings of $291.7 million increased 40.8%”
“Revenue of $240.8 million was up 16.7%; Total Bookings of $287.1 million increased 25.4%”
“Total Bookings of $260.1 million, representing 12.3% year-over-year growth”
In the next 1 to 3 years, YOU's growth potential remains strong, but it is essential to watch for external economic factors and management execution. Not investment advice.