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NEW YORK STOCK EXCHANGE, INC. · Technology · CIK 0001856314
$45.62
+1.06% · delayed ~15 min
Last price from Oct 22, 2026
$6.17B market value
From Clear Secure, Inc.'s FY2025 10-K, filed Feb 25, 2026 · read the filing
Clear Secure makes and sells software and computing services. It took in $900.8M last year, which makes it a smaller company. Of every dollar it sells, about 12 cents is left as profit.
The financial picture is led by profitability and growth, with debt worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From Clear Secure, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
$123.2M → $186.5M
Profit margin
22.0% → 12.1%
Capital spending
$12.0M → $29.3M
Revenue
$770.5M → $900.8M
Measured against FY2024, from the 10-K filed Feb 25, 2026
Improved: +51.4%
$123.2M to $186.5MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
How the latest move compares (quote delayed ~15 min), and what was published around it
YOU rose 1.06% on the latest quote. The average Technology company tracked here moved −1.27%, and the S&P 500 −0.43%. That is 2.3 points above its sector and 1.5 points above the market.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 4% a year for the next 10 years. Over the last 6 years it grew by about 138% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 12 cents of every dollar of sales as profit, earning $109.2M last year.
Yes, quickly. Sales grew 16.9% last year.
It is tight. For every $1 it owes, it owns $1.19 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $109.2M and generated $372.5M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 25, 2026Filing for FY2025 | FY202410-K · Feb 26, 2025Filing for FY2024 | FY202310-K · Feb 28, 2024Filing for FY2023 | FY202210-K · Mar 2, 2023Filing for FY2022 | FY202110-K · Mar 30, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $900.8M | $770.5M | $613.6M | $437.4M | $254.0M | +16.9% |
| Selling, general and administrative | $232.4M | $217.5M | $222.4M | $278.2M | $168.9M | +6.8% |
| Operating income | $186.5M | $123.2M | $20.1M | -$129.1M | -$114.9M | +51.4% |
| Operating marginOperating income ÷ revenueWhat is this? | 20.7% | 16.0% | 3.3% | -29.5% | -45.3% | +4.7 pts |
| Income before tax | $206.1M | $66.6M | $50.6M | -$117.5M | -$114.9M | +209.3% |
| Net income | $109.2M | $169.7M | $28.1M | -$65.6M | -$36.1M | −35.7% |
| Net marginNet income ÷ revenueWhat is this? | 12.1% | 22.0% | 4.6% | -15.0% | -14.2% | −9.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | — | — | — | $-0.7472 | — | — |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 284 shares
Holds 45,587 shares after this filing.
Exercised stock options — 10,969 shares
Holds 21,929 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join
Read the filingQuarterly report for Q2 FY2026
Revenue +26.6% · Operating margin +10.5 pts · Operating income +94.9% — against Q2 FY2025
Read the filingWrite down why you are following Clear Secure, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 15 subsidiaries named in its 10-K, incorporated across 4 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from YOU's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 25, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 6 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 8.7 | 4/6 | 10-K, filed Feb 25, 2026 |
| FY2024 | 8.7 | 5/6 | 10-K, filed Feb 26, 2025 |
| FY2023 | 7.3 | 5/6 | 10-K, filed Feb 28, 2024 |
| FY2022 | 6.0 | 3/6 | 10-K, filed Mar 2, 2023 |
| FY2021 | 6.0 | 3/6 | 10-K, filed Mar 30, 2022 |
| FY2020 | 6.0 | 0/3 | 10-K, filed Mar 30, 2022 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
4 of 6 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 3 could not be evaluated and are excluded from the total rather than counted as failures.
1.45
In the grey zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −9.9 pts
22.0% to 12.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Changed: +144.3%
$12.0M to $29.3MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +16.9%
$770.5M to $900.8MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -35.7%
$169.7M to $109.2MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +4.7 pts
16.0% to 20.7%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +21.0%
$283.7M to $343.1MSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +28.2%
$66.9M to $85.7MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Improved: +94.9%
$42.6M to $83.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +102.5%
$24.7M to $50.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +10.5 pts
19.4% to 29.9%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +43.6%
$89.3M to $128.2MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +26.6%
$219.5M to $277.8MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +6.8 pts
11.3% to 18.0%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +33.8%
$62.0M to $83.0MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +29.0%
$38.8M to $50.0MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +5.4 pts
24.5% to 29.9%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -24.9%
$170.7M to $128.2MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +9.8%
$253.0M to $277.8MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +2.7 pts
15.3% to 18.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 2% and 6%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 10 analysts covering this company, as of . Their views, not this site's.
Of 10 analysts publishing on this company, 1 say strong buy, 6 say buy, 2 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 9.4% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 43.5x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
Had shares withheld to cover taxes — 3,955 shares at $42.97 ($169.9K)
Holds 17,974 shares after this filing.
Sold on the open market — 2,104 shares at $44.47 ($93.6K)
Holds 15,870 shares after this filing.
Exercised stock options — 9,192 shares
Holds 38,711 shares after this filing.
Had shares withheld to cover taxes — 4,693 shares at $42.97 ($201.7K)
Holds 34,018 shares after this filing.
Sold on the open market — 4,499 shares at $44.47 ($200.1K)
Holds 29,519 shares after this filing.
Sold on the open market — 11,444 shares at $45.00 ($515.0K)
Holds 11,550 shares after this filing.
Sold on the open market — 217,272 shares at $60.52 ($13.1M)
Holds 0 shares after this filing.
Sold on the open market — 71,487 shares at $61.11 ($4.4M)
Holds 0 shares after this filing.
Sold on the open market — 1,200 shares at $62.05 ($74.5K)
Holds 0 shares after this filing.
Sold on the open market — 2,430 shares at $63.39 ($154.0K)
Holds 0 shares after this filing.
Sold on the open market — 9,803 shares at $64.48 ($632.1K)
Holds 0 shares after this filing.
Sold on the open market — 3,096 shares at $65.35 ($202.3K)
Holds 0 shares after this filing.
Sold on the open market — 12,110 shares at $66.61 ($806.6K)
Holds 0 shares after this filing.
Sold on the open market — 6,006 shares at $67.67 ($406.4K)
Holds 0 shares after this filing.
Sold on the open market — 500 shares at $68.45 ($34.2K)
Holds 0 shares after this filing.
Shares were sold back to the company — 323,904 shares
Holds 17,806,342 shares after this filing.
Was granted or awarded shares — 323,904 shares
Holds 151,787 shares after this filing.
Sold on the open market — 217,272 shares at $60.52 ($13.1M)
Holds 0 shares after this filing.
Sold on the open market — 71,487 shares at $61.11 ($4.4M)
Holds 0 shares after this filing.
Sold on the open market — 1,200 shares at $62.05 ($74.5K)
Holds 0 shares after this filing.
Sold on the open market — 2,430 shares at $63.39 ($154.0K)
Holds 0 shares after this filing.
Sold on the open market — 9,803 shares at $64.48 ($632.1K)
Holds 0 shares after this filing.
Sold on the open market — 3,096 shares at $65.35 ($202.3K)
Holds 0 shares after this filing.
Sold on the open market — 12,110 shares at $66.61 ($806.6K)
Holds 0 shares after this filing.
Sold on the open market — 6,006 shares at $67.67 ($406.4K)
Holds 0 shares after this filing.
Sold on the open market — 500 shares at $68.45 ($34.2K)
Holds 0 shares after this filing.
Shares were sold back to the company — 323,904 shares
Holds 17,806,342 shares after this filing.
Was granted or awarded shares — 323,904 shares
Holds 323,904 shares after this filing.
Was granted or awarded shares — 5,636 shares
Holds 18,013 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 4,499 shares ($200.1K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 2,104 shares ($93.6K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 11,444 shares ($515.0K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 196,656 shares ($10.1M) on or after .
Shares originally obtained via Gift.
Filed notice to sell 500,000 shares ($27.9M) on or after .
Shares originally obtained via Purchase.
Filed notice to sell 250,000 shares ($13.8M) on or after .
Shares originally obtained via Purchase.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results
Had a director or senior officer leave or join
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingAmended its charter or changed its financial year · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +19.7% · Operating margin +6.8 pts · Operating income +65.8% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue +16.9% · Operating margin +4.7 pts · Operating income +51.4% — against FY2024
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +15.5% · Operating margin +5.3 pts · Operating income +49.9% — against Q3 FY2024
Read the filingPublished results
Read the filingQuarterly report for Q2 FY2025
Revenue +17.5% · Operating margin +3.1 pts · Operating income +40.3% — against Q2 FY2024
Read the filingPublished results
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2025
Revenue +18.1% · Operating margin +4.5 pts · Operating income +57.9% — against Q1 FY2024
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingSource: Exhibit 21 of the 10-K filed 2026-02-25. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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