Latest Ratios: P/E Ratio 37.1x · EV/EBITDA 18.5x · ROE 49.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $3.4B | $3.8B | $1.9B | $2.3B | $2.4B | — | — |
| Enterprise Value | $4.1B | $3.3B | $3.9B | $2.0B | $2.3B | $2.1B | — | — |
| P/E Ratio → | 37.10 | 31.32 | 17.08 | 66.61 | — | — | — | — |
| P/S Ratio | 4.64 | 3.79 | 5.00 | 3.08 | 5.15 | 9.57 | — | — |
| P/B Ratio | 19.77 | 16.70 | 16.18 | 5.12 | 4.41 | 4.50 | — | — |
| P/FCF | 12.18 | 9.94 | 13.57 | 9.51 | 16.51 | 59.63 | — | — |
| P/OCF | 11.22 | 9.16 | 13.02 | 8.41 | 13.38 | 34.85 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.69 | 5.07 | 3.20 | 5.36 | 8.46 | — | — |
| EV / EBITDA | 18.52 | 15.05 | 26.08 | 46.94 | — | — | — | — |
| EV / EBIT | 21.96 | 16.14 | 58.60 | 38.75 | — | — | — | — |
| EV / FCF | — | 9.70 | 13.76 | 9.86 | 17.18 | 52.75 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.8% | 85.8% | 63.5% | 62.3% | 63.2% | 58.7% | 68.1% | 52.0% |
| Operating Margin | 20.7% | 20.7% | 16.0% | 3.3% | -29.5% | -45.3% | -8.2% | -29.2% |
| Net Profit Margin | 12.1% | 12.1% | 22.0% | 4.6% | -15.0% | -14.2% | -4.0% | -28.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 49.4% | 49.4% | 55.9% | 6.4% | -12.5% | -11.6% | -7.9% | -35.7% |
| ROA | 8.7% | 8.7% | 15.2% | 2.7% | -7.1% | -6.9% | -3.4% | -17.0% |
| ROIC | 68.1% | 68.1% | 25.3% | 2.9% | -22.5% | -76.5% | — | — |
| ROCE | 34.0% | 34.0% | 23.6% | 3.6% | -21.7% | -36.2% | -15.7% | -36.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.51 | 0.34 | 0.25 | — | — | — |
| Debt / EBITDA | — | — | 0.81 | 3.05 | — | — | — | — |
| Net Debt / Equity | — | -0.42 | 0.23 | 0.19 | 0.18 | -0.52 | -1.41 | -1.41 |
| Net Debt / EBITDA | -0.39 | -0.39 | 0.36 | 1.66 | — | — | — | — |
| Debt / FCF | — | -0.25 | 0.19 | 0.35 | 0.67 | -6.88 | — | -153.87 |
| Interest Coverage | — | — | — | — | — | -328.34 | — | — |
Net cash position: cash ($86M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.01 | 1.01 | 1.03 | 1.39 | 1.87 | 2.47 | 1.17 | 1.60 |
| Quick Ratio | 1.01 | 1.01 | 1.03 | 1.39 | 1.87 | 2.47 | 1.17 | 1.60 |
| Cash Ratio | 0.92 | 0.92 | 0.95 | 1.31 | 1.77 | 2.33 | 1.05 | 1.51 |
| Asset Turnover | — | 0.69 | 0.64 | 0.59 | 0.42 | 0.31 | 0.99 | 0.60 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 0.78 | 0.24 | 0.31 | 0.98 | 7.66 | 1.44 | 2.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 2.7% | 2.4% | 6.6% | 1.7% | — | — | — |
| Payout Ratio | 84.2% | 84.2% | 55.0% | 445.4% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.2% | 5.9% | 1.5% | — | — | — | — |
| FCF Yield | 8.2% | 10.1% | 7.4% | 10.5% | 6.1% | 1.7% | — | — |
| Buyback Yield | 3.0% | 3.7% | 7.1% | 3.7% | 0.2% | 0.5% | — | — |
| Total Shareholder Yield | 5.3% | 6.4% | 9.5% | 10.3% | 1.9% | 0.5% | — | — |
| Shares Outstanding | — | $97M | $145M | $92M | $82M | $77M | $65M | $73M |
Includes 30+ ratios · 7 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying YOU stock.
Clear Secure, Inc.'s current P/E ratio is 37.1x. The historical average is 38.3x. This places it at the 67th percentile of its historical range.
Clear Secure, Inc.'s current EV/EBITDA is 18.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.4x.
Clear Secure, Inc.'s return on equity (ROE) is 49.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.3%.
Based on historical data, Clear Secure, Inc. is trading at a P/E of 37.1x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Clear Secure, Inc.'s current dividend yield is 2.27% with a payout ratio of 84.2%.
Clear Secure, Inc. has 85.8% gross margin and 20.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Key Metrics
Top Statement Risk
Revenue growth sustainability
Metrics are mathematically derived from official filings.
Margin Expansion with Volatility
Operating margin expanded from 13.2% in 2024Q1 to 29.9% in 2026Q2, while gross margin spiked to 146.0% in 2025Q4 due to negative COGS, per reported financials.
The operating margin trajectory reflects strong operating leverage, with revenue growth outpacing fixed costs. However, the gross margin volatility—particularly the 146.0% spike in 2025Q4—suggests that reported margins may be distorted by one-time items or accounting adjustments. Investors should monitor normalized gross margins, which appear to be stabilizing around 85.9% in 2026Q2, to assess sustainable earning power.
ROIC Surge on Asset-Light Model
ROIC climbed from 4.6% in 2024Q1 to 46.5% in 2026Q2, driven by minimal capital intensity and rising operating income, as per quarterly data.
The dramatic improvement in ROIC reflects both margin expansion and a low invested capital base, with PP&E declining slightly over the period. This suggests the company is compounding returns efficiently, though the high ROIC may be partly due to a thin equity base. The sustainability of this metric depends on maintaining operating margins and avoiding excessive capital deployment.
Working Capital Swings Distort Efficiency
CCC data is largely unavailable, but DPO swung from -6 to 15 days, and working capital changes contributed $206.3M to OCF in 2026Q2, per cash flow statements.
The negative DPO in 2025Q4 and volatile working capital contributions indicate that cash flow timing is heavily influenced by customer prepayments and deferred revenue, which grew 52% since 2024Q1. This suggests the company has strong customer prepayment leverage, but the quarter-to-quarter swings in working capital make efficiency metrics like CCC less meaningful. Investors should focus on the underlying growth in deferred revenue as a leading indicator of cash generation.
Debt Eliminated, Leverage Minimal
Total debt fell to zero by 2025Q3, with D/E dropping from 0.95 in 2025Q1 to 0.45 in 2026Q2, according to balance sheet data.
The elimination of debt and low D/E ratio indicate a conservative capital structure, with interest coverage not reported but likely comfortable given zero debt. The company appears to have ample financial flexibility, though the current ratio of 1.04 suggests limited short-term liquidity cushion. The shift toward dividends and minimal buybacks may indicate a mature capital return policy.
Liquidity Improving but Thin
Current ratio improved from 0.85 in 2025Q1 to 1.04 in 2026Q2, with cash at $128.2M, as per quarterly balance sheet data.
While the current ratio has crossed above 1.0, the absolute level remains modest, and the quick ratio equals the current ratio, indicating no inventory dependence. The company's asset-light model and strong cash conversion mitigate liquidity risk, but a severe downturn could strain short-term obligations. The growing deferred revenue balance provides a buffer, as it represents cash collected in advance.
Misapplied P/E on Cash-Rich Model
The trailing P/E of 45.72 overstates valuation because it ignores the company's exceptional cash conversion, where OCF reached 7.8x net income in 2026Q2, per reported data.
For a business with such high cash conversion and low capital intensity, P/E can be misleading because it fails to capture the cash generation that is not reflected in net income. A more appropriate metric is P/FCF, which at 15.02 suggests the stock is more reasonably valued relative to actual cash flows. Investors should also consider EV/EBITDA, which at 22.92 on a trailing basis but only 6.75 forward, indicates the market is pricing in significant EBITDA growth.