Latest Ratios: P/E Ratio 48.0x · EV/EBITDA 24.1x · 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 | $5.4B | $3.4B | $3.8B | $1.9B | $2.3B | $2.4B | — | — |
| Enterprise Value | $5.3B | $3.3B | $3.9B | $2.0B | $2.3B | $2.1B | — | — |
| P/E Ratio → | 48.03 | 31.32 | 17.08 | 66.61 | — | — | — | — |
| P/S Ratio | 6.01 | 3.79 | 5.00 | 3.08 | 5.15 | 9.57 | — | — |
| P/B Ratio | 25.60 | 16.70 | 16.18 | 5.12 | 4.41 | 4.50 | — | — |
| P/FCF | 15.77 | 9.94 | 13.57 | 9.51 | 16.51 | 59.63 | — | — |
| P/OCF | 14.53 | 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 | 24.09 | 15.05 | 26.08 | 46.94 | — | — | — | — |
| EV / EBIT | 28.56 | 16.14 | 31.69 | 97.40 | — | — | — | — |
| 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 | — | — | — | — | — | -329.32 | — | — |
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 | 1.8% | 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 | 2.1% | 3.2% | 5.9% | 1.5% | — | — | — | — |
| FCF Yield | 6.3% | 10.1% | 7.4% | 10.5% | 6.1% | 1.7% | — | — |
| Buyback Yield | 2.3% | 3.7% | 7.1% | 3.7% | 0.2% | 0.5% | — | — |
| Total Shareholder Yield | 4.1% | 6.4% | 9.5% | 10.3% | 1.9% | 0.5% | — | — |
| Shares Outstanding | — | $97M | $145M | $92M | $82M | $77M | $65M | $73M |
Aviation market saturation risk
Based on current market data, the company trades at a P/E of 49.26, which suggests that investors are pricing in significant long-term growth in the biometric identity ecosystem rather than just the current aviation-centric subscription revenue, despite the recent deceleration in top-line expansion observed in recent filings.
The forward P/E of 32.84 indicates that the market expects a meaningful earnings catch-up, likely driven by operating leverage as the company scales its B2B identity verification services. However, the high P/B ratio of 26.26 warrants caution, as it implies that the market is valuing intangible assets and network effects far above the company's physical hardware footprint.
As reported in financial statements, the company has demonstrated a robust improvement in ROIC, climbing from 2.4% in 2023Q4 to 57.5% in 2026Q1, which indicates that the firm is successfully leveraging its existing physical infrastructure to generate significantly higher returns on each incremental dollar of invested capital.
This sharp upward trend in ROIC suggests that the initial heavy capital expenditure required to install biometric lanes is now yielding high-margin recurring revenue. Investors should monitor whether this efficiency can be maintained as the company expands into new, potentially less capital-efficient B2B markets.
According to quarterly data, the company's asset turnover has remained relatively stagnant near 0.19, which suggests that despite the high gross margins, the firm's ability to generate revenue from its asset base is constrained by the physical nature of its airport-based service model and hardware requirements.
The low asset turnover ratio highlights the inherent friction in a business model that requires physical presence at transit nodes. While the cash conversion cycle is aided by upfront subscription payments, the reliance on airport-specific infrastructure limits the speed at which the company can optimize its asset utilization.
Based on the most recent quarterly figures, the current ratio of 1.01 indicates that the company maintains a very thin liquidity cushion, which may leave the firm vulnerable to sudden operational shocks or unexpected increases in capital expenditure requirements for hardware maintenance or regulatory compliance.
While the absence of debt provides a degree of safety, the tight liquidity position suggests that the company relies heavily on the continuous inflow of subscription cash to fund its daily operations. Any disruption in the timing of these payments could necessitate a shift in capital allocation strategy.
Analysts frequently misapply traditional travel industry metrics like revenue-per-passenger to this business, which obscures the reality that the company is a high-margin biometric data platform rather than a transactional travel service, leading to an underestimation of the long-term value of its verified user database.
Using travel-specific benchmarks ignores the recurring nature of the subscription model and the potential for B2B data monetization. A more appropriate framework would involve evaluating the company as a SaaS-plus entity, focusing on net member retention and the lifetime value of the identity profile rather than simple aviation volume.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying YOU stock.
Clear Secure, Inc.'s current P/E ratio is 48.0x. 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 24.1x. 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 48.0x. 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 1.76% 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.