Clear Secure, Inc. (YOU) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+6.2%

$51.35

vs $48.38 price

Levered DCF

$67.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.54

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	30.77×	14.72×	66.61×	-19.45×	-21.05×	-285.71×	-56.34×
P/B	18.84×	12.61×	8.02×	7.74×	8.75×	31.78×	19.35×
P/S	3.72×	3.25×	3.05×	5.15×	9.57×	11.34×	15.29×
EV / EBITDA	13.55×	27.45×	26.85×	-23.75×	-21.02×	-263.08×	-55.79×
Gross margin	64.4%	63.5%	62.3%	63.2%	58.7%	68.1%	52.0%
Operating margin	20.7%	16.0%	3.3%	-29.5%	-45.3%	-8.2%	-29.2%
Net margin	12.1%	22.0%	4.6%	-15.0%	-14.2%	-4.0%	-28.2%
Current ratio	1.01×	1.03×	1.39×	1.87×	2.47×	1.17×	1.6×
Debt / equity	0×	0.61×	0.55×	0.45×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	-329.32×	0×	0×
Dividend yield	2.7%	3.7%	6.7%	1.7%	0.0%	0.0%	0.0%
Payout ratio	84.2%	55.0%	445.4%	-58.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	61.4%	85.5%	12.0%	-22.5%	-13.0%	-11.3%	-35.7%
Return on invested capital	28.0%	22.1%	4.0%	-19.7%	-21.0%	-22.0%	-36.2%
Return on assets	8.4%	14.2%	2.7%	-6.3%	-4.4%	-4.0%	-17.0%
Free cash flow yield	10.2%	11.3%	10.6%	6.1%	1.7%	-1.1%	0.0%
Earnings yield	3.3%	6.8%	1.5%	-2.9%	-1.5%	-0.4%	-1.8%
Enterprise value	$3.3B	$2.6B	$1.9B	$2.3B	$2.1B	$2.5B	$2.7B
Net debt / EBITDA	-0.36×	0.58×	0.96×	-0.92×	2.74×	12.23×	4.38×
Cash conversion cycle (days)	-7	-23	-18	-17	-23	-41	-26