Clear Secure combines 26.6% Q2 revenue growth, 36.4% EBITDA margins, zero debt, and a 6.25x forward EV/FCF valuation for asymmetric long-term upside.
Overview
Clear Secure operates a biometric identity platform connecting physical airport security with digital identity workflows. Its flagship CLEAR+ subscription, TSA PreCheck enrollment business, CLEAR Concierge offering, partner memberships, and CLEAR1 enterprise platform serve travelers, airlines, enterprises, healthcare systems, venues, and federal agencies. The company has a differentiated network across 62 CLEAR+ airports, 39 Concierge locations, and 280 TSA PreCheck centers; verification occurs in under five seconds and more than 70% of the airport network is now covered by eGates. **Q2 2026 demonstrated powerful operating leverage:** revenue rose 26.6% year over year to $277.76 million, adjusted EBITDA increased to $101.1 million with a 36.4% margin, GAAP EPS reached $0.49, and free cash flow climbed 60.3% to $189.0 million. Management guided Q3 revenue to $284-$287 million and FY2026 FCF to at least $480 million. At $38.55, market capitalization is approximately $3.96 billion and enterprise value approximately $3.00 billion, implying roughly 6.25x forward EV/FCF and 19.8x forward P/E. The near-term setup is weak technically but potentially attractive fundamentally, with catalysts from eGate rollout, CLEAR1 contracts, pricing retention, and buybacks.