Clear Secure
YOU on NYSE. Prepackaged software. Market value $2.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $11.98 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 64 of 100. Price score: 69 of 100. Our list needs 70 on quality and 60 on price.
$41.25 a share, 40% above its 1-year low
Over the past year the price has ranged from $29.43 to $69.07.
Dividend: 1.1% a year
Paid every year for 3 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $508 million in the past 12 months, $343 million in the year to December 2025.
| Revenue | |||||
| Revenue | $254m | $437m | $614m | $770m | $901m |
| Operating margin | |||||
| Operating margin | -45.3% | -29.5% | 3.3% | 16.0% | 20.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | n/a | 0.09bn | n/a | n/a | n/a |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 37.2% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $278 million last quarter, up 27% on a year ago.
- Profit: $50 million, up 102% on a year ago.
- It keeps 25 cents of each $1 of sales as operating profit, up from 18 cents a year earlier.
- Spare cash over the past 12 months: $508 million, up from $305 million.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $198m |
| December 2024 | $206m |
| March 2025 | $211m |
| June 2025 | $219m |
| September 2025 | $229m |
| December 2025 | $241m |
| March 2026 | $253m |
| June 2026 | $278m |
| Quarter to | Amount |
|---|---|
| September 2024 | $23m |
| December 2024 | $103m |
| March 2025 | $25m |
| June 2025 | $25m |
| September 2025 | $28m |
| December 2025 | $31m |
| March 2026 | $39m |
| June 2026 | $50m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 451 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $3m
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $775,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $7m | <0.1% | Cut |
| ValueWorksCharles Lemonides | $5m | 1.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $3m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $775,000 | <0.1% |
Largest holders overall
- BlackRock$887mAdded
- Banque Cantonale Vaudoise$554mAdded
- Vanguard Portfolio Management$433mAdded
- Vanguard Capital Management$237mAdded
- State Street$206mAdded
- Renaissance Technologies$183mCut
- Geode Capital Management$167mAdded
- Goldman Sachs Group$158m
- Arrowstreet Capital, Limited Partnership$150m
- First Trust Advisors LP$144mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor14.9%Since 30 September 2025
- Vanguard Portfolio ManagementPassive investor7.3%Since 31 March 2026
- William H. Miller III Living Trust dated April 17, 2017Passive investor6.3%Since 16 April 2025
- Alclear Investments II, LLCPassive investorat least 4.2%(filed with 1 related holder)Since 30 June 2025
- FMR LLCPassive investorat least 3.8%−1.3 pts(filed with 1 related holder)Since 31 March 2025
- Durable Capital Partners LPPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Delta Air Lines, Inc.Passive investorSold down below 5%Since 24 July 2024
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.9% | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | 7.3% | 31 March 2026 | |
William H. Miller III Living Trust dated April 17, 2017 Passive investor | 6.3% | 16 April 2025 | |
Alclear Investments II, LLC Passive investor | at least 4.2% (filed with 1 related holder) | 30 June 2025 | |
FMR LLC Passive investor | at least 3.8%−1.3 pts (filed with 1 related holder) | 31 March 2025 | |
Durable Capital Partners LP Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Delta Air Lines, Inc. Passive investor | Sold down below 5% | 24 July 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $191m, $189m of it under preset trading plans.
- Barkin Michael ZPresident, DirectorSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 11,444
- Price
- $45.00
- Value
- $514,980
- McLaughlin KyleEVP, AviationSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 4,499
- Price
- $44.47
- Value
- $200,071
- Liu Dennis W.Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 2,104
- Price
- $44.47
- Value
- $93,565
- Alclear Investments, LLCDirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 323,904
- Price
- $61.22
- Value
- $20m
- Seidman Becker CarynChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 323,904
- Price
- $61.22
- Value
- $20m
- Alclear Investments, LLCDirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 28,603
- Price
- $53.57
- Value
- $2m
- Seidman Becker CarynChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 28,603
- Price
- $53.57
- Value
- $2m
- Alclear Investments, LLCDirectorSoldunder a preset trading plan
- Date
- 14 July 2026
- Shares
- 120,640
- Price
- $53.40
- Value
- $6m
- Seidman Becker CarynChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 14 July 2026
- Shares
- 120,640
- Price
- $53.40
- Value
- $6m
- Alclear Investments, LLCDirectorSoldunder a preset trading plan
- Date
- 13 July 2026
- Shares
- 100,757
- Price
- $53.42
- Value
- $5m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 September 2026 | Barkin Michael Z President, Director | Sold under a preset trading plan | 11,444 | $45.00 | $514,980 |
| 3 September 2026 | McLaughlin Kyle EVP, Aviation | Sold under a preset trading plan | 4,499 | $44.47 | $200,071 |
| 3 September 2026 | Liu Dennis W. Chief Accounting Officer | Sold under a preset trading plan | 2,104 | $44.47 | $93,565 |
| 5 August 2026 | Alclear Investments, LLC Director | Sold under a preset trading plan | 323,904 | $61.22 | $20m |
| 5 August 2026 | Seidman Becker Caryn Chief Executive Officer, Director | Sold under a preset trading plan | 323,904 | $61.22 | $20m |
| 15 July 2026 | Alclear Investments, LLC Director | Sold under a preset trading plan | 28,603 | $53.57 | $2m |
| 15 July 2026 | Seidman Becker Caryn Chief Executive Officer, Director | Sold under a preset trading plan | 28,603 | $53.57 | $2m |
| 14 July 2026 | Alclear Investments, LLC Director | Sold under a preset trading plan | 120,640 | $53.40 | $6m |
| 14 July 2026 | Seidman Becker Caryn Chief Executive Officer, Director | Sold under a preset trading plan | 120,640 | $53.40 | $6m |
| 13 July 2026 | Alclear Investments, LLC Director | Sold under a preset trading plan | 100,757 | $53.42 | $5m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.