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what it is
Clear sells faster airport security access by linking your identity to your biometrics and placing dedicated lanes where wait times hurt most.
how it gets paid
Last year Clear Secure made $901M in revenue.
why it's growing
Revenue grew 16.9% last year. EDGAR shows annual revenue of $901M, up 16.9% vs. prior year.
what just happened
The headline was scale: Revenue hit $660M, while full-year EPS reached $1.56 after losing $0.80 in 2022.
At a glance
B+ balance sheet — decent shape, but not bulletproof
21.3x trailing p/e — priced about right
1.3% dividend yield — cash in your pocket every quarter
85.5% return on capital — a money-printing machine
$1.56 fy2024 eps est
xvary composite: 64/100 — average
What they do
Clear sells faster airport security access by linking your identity to your biometrics and placing dedicated lanes where wait times hurt most.
The moat is not software. It is placement. Clear had 165 CLEAR Plus lanes across 58 airports as of December 31, 2024, so your shortcut only works where Clear already cut a deal. Switching costs (leaving is annoying) are real because your enrollment, biometrics, and airport habit are already inside the system.
How they make money
$901M
annual revenue · their business grew +16.9% last year
total revenue
$901M
+16.9%
The products that matter
recurring traveler subscription
CLEAR+ Membership
$189 annual fee · 5.3M members
this is the core product. people pay $189 a year for speed, and subscription gross margin near 80% is what turns convenience into cash flow.
core engine
airport identity lanes
Airport Identity Lanes
member acquisition funnel
these lanes are how the company finds and retains much of its 5.3M-member base. Lose the physical access point and the subscription pitch gets weaker fast.
distribution moat
partner and enrollment services
TSA PreCheck Enrollment
within $181M partner & other revenue
this sits inside the $181M partner and other bucket. It matters because it pushes Clear beyond airport lanes, even if the main money still comes from subscriptions.
adjacency
Key numbers
85.5%
return on capital
Return on capital → profit earned on money invested → so what: Clear turns a small capital base into a lot of earnings.
19.4%
operating margin
Operating margin → profit after running the business → so what: this is a real business, not a growth story hiding behind losses.
$108M
long-term debt
Long-term debt → money owed over time → so what: debt is just 2% of capital, which leaves room if growth stalls.
$901M
annual revenue
Revenue → money customers paid → so what: Clear is no longer a tiny concept stock; it is already near a $1 billion revenue run rate.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $108M (2% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for YOU right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The headline was scale: Revenue hit $660M, while full-year EPS reached $1.56 after losing $0.80 in 2022.
EDGAR shows annual revenue of $901M, up 16.9% vs. prior year. shows quarterly EPS moved from negative in 2022 to $0.83 in the December 2024 quarter and $1.56 for full-year 2024.
$660M
revenue
$0.83
eps
64.4%
gross margin
the number that mattered
The number that mattered was $1.56 in full-year EPS, because shows Clear went from losing $0.80 in 2022 to real profitability in two years.
source:, EDGAR, and company earnings report, 2026
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What could go wrong
the top risk is losing a major airport lane contract, because this business still starts with physical access.
med
airport contract concentration
Revenue depends on exclusive lane contracts at major airports. The source set already frames this clearly: losing a top-five airport partner could put 15–25% of its $901M revenue at risk.
that implies roughly $135M–$225M of revenue exposure
med
member growth and price resistance
The model relies on adding members and keeping them comfortable with a $189 annual fee. If growth slows or renewals soften, the current premium setup gets harder to defend.
the source set estimates 10–15% of revenue exposure, or about $90M–$135M
med
multiple compression
This page shows valuation inputs of both 21.3x and 40.0x earnings. Different numbers, same message: the stock is not priced like a sleepy utility. If execution slips, the rerating can be fast.
the shares have already traded between $23 and $50 in the last 52 weeks
the combined risk picture is concentrated: most of the downside ties back to airport access, renewal strength, and whether the market keeps paying a premium multiple for a narrow business.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q1 2026 earnings
Estimated report date May 14, 2026. Watch whether the free cash flow path still points to at least $440M for 2026.
membership
the 5.3M-member base
This is the number under the whole model. If member growth slows, the $189 annual fee starts looking less durable.
contracts
airport exclusivity risk
The moat lives in the lanes. Any loss of a major airport contract would hit the part of the business investors actually pay for.
expansion
beyond-airport identity products
Biometric eGates and TSA PreCheck Enrollment matter because they test whether Clear can become more than one airport-centric subscription.
Analyst rankings
risk profile
above average
risk rank 2 — safer than roughly 80% of stocks.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for YOU is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$35
current price
n/a
target midpoint · n/a from current
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