MeritValue

Clear Secure, Inc.

YOUdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Clear Secure, Inc. earns about 56% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$254M1$437.4M2$613.6M3$770.5M3$900.8M3
Net income−$36.1M4−$65.6M5$28.1M6$169.7M6$109.2M6
Operating cash flow$69.7M7$168.3M8$225M9$295.7M9$372.5M9
Capital expenditure$28.1M10$31.4M11$25.6M12$12M12$29.3M12
Free cash flow (derived)$41.6M7$136.9M8$199.5M9$283.7M9$343.1M9
Total debt—————
Cash & equivalents$280.1M13$38.9M14$57.9M15$66.9M15$85.7M15
Diluted shares—87.8M———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
56% avg · 5y
FY21 —FY22 -37%FY23 28%FY24 51%FY25 183%

It earned an average 56% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001856314-24-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001856314-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001856314-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001856314-24-000023 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001856314-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001856314-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001856314-24-000023 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001856314-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001856314-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001856314-24-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001856314-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001856314-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001856314-24-000023 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001856314-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001856314-26-000006 (CashAndCashEquivalentsAtCarryingValue)