Clear Secure (YOU)
Market Price (9/19/2026): $38.21 | Market Cap: $3.9 BilSector: Information Technology | Industry: Application Software
Clear Secure (YOU)
Market Price (9/19/2026): $38.21Market Cap: $3.9 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, Dividend Yield is 2.4%, FCF Yield is 13% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 54%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51% Megatrend and thematic driversMegatrends include Cybersecurity, and Experience Economy & Premiumization. Themes include Identity Management, and Travel & Leisure Tech. | Weak multi-year price returns2Y Excs Rtn is -4.4% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Key risksYOU key risks include [1] potential disruption from its key government partner, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, Dividend Yield is 2.4%, FCF Yield is 13% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 54%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51% |
| Megatrend and thematic driversMegatrends include Cybersecurity, and Experience Economy & Premiumization. Themes include Identity Management, and Travel & Leisure Tech. |
| Weak multi-year price returns2Y Excs Rtn is -4.4% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Key risksYOU key risks include [1] potential disruption from its key government partner, Show more. |
Qualitative Assessment
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Clear Secure (YOU) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Weakening air travel volume data impacted investor sentiment. The stock experienced downward pressure due to a reported deceleration in TSA checkpoint traffic. August air travel volume fell 4.4% year-over-year, a more significant decline than July's 2.1% and June's 1.3% drops. This resulted in Q3-to-date volumes being down 2.8% compared to a 0.7% decline in fiscal Q2 2026 (ended June 30, 2026). This trend raised concerns about future membership growth and bookings momentum.
2. Executive leadership changes contributed to market uncertainty. Clear Secure announced significant executive transitions, including President and Director Michael Barkin stepping down from his board role on October 15, 2026, to move into an advisory capacity through December 31, 2026. Additionally, EVP, Aviation Kyle McLaughlin resigned effective October 2, 2026, to pursue new opportunities. These changes, despite being described as amicable, likely fueled investor apprehension regarding leadership continuity and strategic direction.
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Clear Secure (YOU) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Weakening air travel volume data impacted investor sentiment. The stock experienced downward pressure due to a reported deceleration in TSA checkpoint traffic. August air travel volume fell 4.4% year-over-year, a more significant decline than July's 2.1% and June's 1.3% drops. This resulted in Q3-to-date volumes being down 2.8% compared to a 0.7% decline in fiscal Q2 2026 (ended June 30, 2026). This trend raised concerns about future membership growth and bookings momentum.
2. Executive leadership changes contributed to market uncertainty. Clear Secure announced significant executive transitions, including President and Director Michael Barkin stepping down from his board role on October 15, 2026, to move into an advisory capacity through December 31, 2026. Additionally, EVP, Aviation Kyle McLaughlin resigned effective October 2, 2026, to pursue new opportunities. These changes, despite being described as amicable, likely fueled investor apprehension regarding leadership continuity and strategic direction.
3. Multiple analyst downgrades and price target reductions reflected a shift in market outlook. During the period, several investment firms revised their ratings and price targets for Clear Secure. Zacks Research downgraded the stock from a "strong-buy" to a "hold" rating on July 6, 2026. Weiss Ratings followed suit, lowering their rating from "buy (b-)" to "hold (c+)" on September 4, 2026. Furthermore, DA Davidson cut its price target on Clear Secure from $55 to $45, citing concerns over the weakening TSA checkpoint data.
4. Significant insider selling by key executives also likely played a role in the stock's decline. On June 25, 2026, CEO Caryn Seidman Becker sold 637,614 shares of Clear Secure stock for a total transaction value of $11,307,870. Concurrently, Alclear Investments LLC, a 10% owner, also sold 637,614 shares for the same total value of $11,307,870 on the same date. Such large-scale insider sales can signal a lack of confidence in the company's near-term prospects, impacting investor perception.
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Stock Movement Drivers
Fundamental Drivers
The -30.9% change in YOU stock from 5/31/2026 to 9/18/2026 was primarily driven by a -41.9% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.10 | 38.10 | -30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 942 | 1,001 | 6.2% |
| Net Income Margin (%) | 13.0% | 14.8% | 13.6% |
| P/E Multiple | 44.7 | 26.0 | -41.9% |
| Shares Outstanding (Mil) | 100 | 101 | -1.3% |
| Cumulative Contribution | -30.9% |
Market Drivers
5/31/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| YOU | -30.9% | |
| Market (SPY) | 0.9% | 2.5% |
| Sector (XLK) | -0.7% | -6.5% |
Fundamental Drivers
The -20.6% change in YOU stock from 2/28/2026 to 9/18/2026 was primarily driven by a -39.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.97 | 38.10 | -20.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 901 | 1,001 | 11.1% |
| Net Income Margin (%) | 12.1% | 14.8% | 21.9% |
| P/E Multiple | 43.0 | 26.0 | -39.6% |
| Shares Outstanding (Mil) | 98 | 101 | -3.0% |
| Cumulative Contribution | -20.6% |
Market Drivers
2/28/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| YOU | -20.6% | |
| Market (SPY) | 11.6% | 14.5% |
| Sector (XLK) | 36.8% | 9.9% |
Fundamental Drivers
The 7.1% change in YOU stock from 8/31/2025 to 9/18/2026 was primarily driven by a 38.1% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.56 | 38.10 | 7.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 836 | 1,001 | 19.8% |
| Net Income Margin (%) | 21.2% | 14.8% | -30.2% |
| P/E Multiple | 18.8 | 26.0 | 38.1% |
| Shares Outstanding (Mil) | 94 | 101 | -7.2% |
| Cumulative Contribution | 7.1% |
Market Drivers
8/31/2025 to 9/18/2026| Return | Correlation | |
|---|---|---|
| YOU | 7.1% | |
| Market (SPY) | 19.4% | 14.6% |
| Sector (XLK) | 45.1% | 8.8% |
Fundamental Drivers
The 95.0% change in YOU stock from 8/31/2023 to 9/18/2026 was primarily driven by a 90.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.54 | 38.10 | 95.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 526 | 1,001 | 90.1% |
| P/S Multiple | 3.4 | 3.8 | 14.3% |
| Shares Outstanding (Mil) | 90 | 101 | -10.3% |
| Cumulative Contribution | 95.0% |
Market Drivers
8/31/2023 to 9/18/2026| Return | Correlation | |
|---|---|---|
| YOU | 95.0% | |
| Market (SPY) | 75.6% | 26.0% |
| Sector (XLK) | 119.9% | 18.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| YOU Return | -22% | -12% | -21% | 33% | 35% | 16% | 14% |
| Peers Return | -17% | -53% | 40% | 14% | 35% | 39% | 17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| YOU Win Rate | 29% | 42% | 33% | 67% | 58% | 56% | |
| Peers Win Rate | 58% | 28% | 60% | 45% | 45% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| YOU Max Drawdown | - | -43% | -51% | -33% | -22% | -35% | |
| Peers Max Drawdown | -43% | -66% | -31% | -46% | -35% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OKTA, MITK, IDN, AWRE, CRWD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | YOU | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.2% | -9.5% |
| % Gain to Breakeven | 37.3% | 10.5% |
| Time to Breakeven | 32 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.4% | -6.7% |
| % Gain to Breakeven | 28.9% | 7.1% |
| Time to Breakeven | 405 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.9% | -24.5% |
| % Gain to Breakeven | 63.6% | 32.4% |
| Time to Breakeven | 63 days | 427 days |
In The Past
Clear Secure's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | YOU | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.2% | -9.5% |
| % Gain to Breakeven | 37.3% | 10.5% |
| Time to Breakeven | 32 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.4% | -6.7% |
| % Gain to Breakeven | 28.9% | 7.1% |
| Time to Breakeven | 405 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.9% | -24.5% |
| % Gain to Breakeven | 63.6% | 32.4% |
| Time to Breakeven | 63 days | 427 days |
In The Past
Clear Secure's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clear Secure (YOU)
Clear Secure, Inc. (YOU) provides a secure identity platform primarily within the United States, designed to streamline identity verification and enhance convenience for its members. At its core, the company offers a multi-layered infrastructure that handles user enrollment, identity verification, and data linking, aiming to create more efficient and predictable experiences across various points of access.
The company's flagship product is CLEAR Plus, a consumer aviation subscription service. This service allows members to access predictable, expedited entry lanes at airport security checkpoints, significantly reducing wait times. Supporting this offering is the CLEAR app, a digital product that facilitates new user enrollment and ongoing member engagement directly from their mobile devices. The primary customers for CLEAR Plus are individual consumers and frequent travelers seeking a more efficient airport experience.
Clear Secure also extends its technology beyond aviation with solutions like Reserve powered by CLEAR, a virtual queuing technology that allows users to schedule their entry into various venues, providing choice and flexibility in how they queue. Additionally, the company offers Atlas Certified, an automated solution for businesses that verifies professional licenses and certification data across industries by directly communicating with certifying organizations to provide on-demand, current, and trusted data.
AI Analysis | Feedback
Here are 1-2 brief analogies for Clear Secure:
It's like Amazon Prime, but for faster passage through airport security and other venues via identity verification.
It's like Carvana or Opendoor, but for streamlining your identity verification to get you through airport lines and into events much faster.
AI Analysis | Feedback
Major products and services of Clear Secure:
- CLEAR Plus: A consumer aviation subscription service providing expedited access through airport security checkpoints.
- CLEAR app: A mobile application designed for new user enrollment and member engagement with Clear Secure's services.
- Reserve powered by CLEAR: A virtual queuing technology that allows users to choose how and where they queue.
- Atlas Certified: An automated solution for verifying professional licenses and certification data across various industries.
AI Analysis | Feedback
The major customers of Clear Secure (YOU) are primarily individuals, particularly those who subscribe to its services or engage with its digital identity platform. The key categories of individual customers include:
- CLEAR Plus Subscribers: These are individuals who pay an annual subscription fee for expedited access through security checkpoints at airports and other participating venues. This represents the company's largest and most direct individual customer base.
- CLEAR App Users/Members: This category includes individuals who utilize the free CLEAR mobile application for digital identity verification, enrollment in the CLEAR ecosystem, and engagement with its broader network of services. While they may not be direct paying subscribers for all features, they are considered "members" of CLEAR's "member-centric secure identity platform," providing valuable engagement and potential for future subscription conversions.
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Caryn Seidman Becker, Chairman and Chief Executive Officer
Caryn Seidman Becker has served as Chairman and Chief Executive Officer of Clear Secure since 2010. She co-founded the company by acquiring its predecessor out of bankruptcy in 2010. Before Clear, from 2002 to 2009, she founded and served as Managing Partner of Arience Capital, an asset management firm focused on various industries. She previously held roles as Managing Director at Iridian Asset Management and Assistant Vice President at Arnhold and S. Bleichroeder. Ms. Seidman Becker has also served on the boards of publicly traded companies including The Home Depot, Inc., Lemonade, Inc., and CME Group, Inc.
Jennifer Hsu, Chief Financial Officer
Jennifer Hsu was appointed Chief Financial Officer of Clear Secure effective March 2025. Prior to joining Clear, she was the Head of Corporate Development and Investor Relations at Chewy from 2021 to 2024. Before Chewy, Ms. Hsu worked in investment banking for 14 years at J.P. Morgan and Goldman Sachs, where she most recently served as Co-Head of J.P. Morgan's Disruptive Commerce practice.
Michael Z. Barkin, President and Director
Michael Z. Barkin has served as President of Clear Secure since March 2025 and is a member of its Board of Directors since 2019. He previously held the position of Executive Vice President and Chief Financial Officer at Vail Resorts, Inc. from 2013 to 2022. Before his tenure at Vail Resorts, Mr. Barkin was a Principal at KRG Capital Partners, a private equity investment firm, from 2006 to 2012, and also had roles in private equity at Bain Capital.
Naba Banerjee, Chief Product & Experience Officer
Naba Banerjee joined Clear Secure as Chief Product & Experience Officer in February 2025. Her prior experience includes serving as a senior advisor at McKinsey & Company and, from 2019 to May 2024, as the Global Head of Trust & Safety at Airbnb, Inc.
Lynn Haaland, General Counsel and Chief Privacy Officer
Lynn Haaland has served as Clear Secure's General Counsel and Chief Privacy Officer since July 2024. Before joining Clear, Ms. Haaland was Deputy General Counsel, Chief Privacy Officer, and Chief Compliance and Ethics Officer at Zoom Video Communications, Inc. from 2020 to 2024. Earlier, she served as SVP, Deputy General Counsel, Global Chief Compliance and Ethics Officer, and Chief Counsel, Cybersecurity at PepsiCo, Inc. from 2016 to 2019.
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Key Risks to Clear Secure (YOU)
- Regulatory Risk and Potential Government Competition: Clear Secure operates within highly regulated environments, particularly airport security. Significant risks arise from potential changes in government regulations, such as new identity standards (e.g., REAL ID) or the possibility of government agencies, like the Transportation Security Administration (TSA), accelerating their own biometric or expedited screening technologies (e.g., NextGen platform). Such governmental actions could directly undermine Clear Secure's core business model and value proposition by offering competing services or altering operational requirements, thereby eroding the need for private sector solutions.
- Competition and Member Retention: The market for identity verification and expedited access services is intensely competitive, with Clear Secure facing rivals including government-operated programs like TSA PreCheck and Global Entry, as well as other private biometric identity verification companies. Maintaining and growing its member base is crucial, and the company has experienced concerns regarding declining member retention rates, partly attributed to price increases. Failure to effectively compete or retain existing members could significantly impact revenue growth and overall profitability.
- Cybersecurity and Data Privacy Risks: As a company that handles highly sensitive biometric and personal identity data, Clear Secure faces substantial cybersecurity risks. Any breach of its information technology systems or a failure to adequately protect member data could lead to severe reputational damage, financial losses, legal repercussions, and operational disruptions. The evolving nature of biometric spoofing, driven by advancements in artificial intelligence, also presents a risk if Clear Secure's systems are unable to reliably distinguish between real and synthetic biometrics.
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The ongoing development and potential widespread deployment of advanced biometric and self-service security screening technologies by the Transportation Security Administration (TSA). These government-led initiatives aim to streamline the airport security process, potentially offering expedited identity verification and checkpoint access to a broader traveler base for free, thereby reducing the unique value proposition of Clear Secure's subscription-based CLEAR Plus service.
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CLEAR Plus
CLEAR Plus is a consumer aviation subscription service that offers expedited access through airport security checkpoints. Its addressable market can be considered in several ways:
- The global airport security market was estimated at USD 19.9 billion in 2025 and is projected to reach USD 45 billion by 2035. North America held the largest share of this market, at 33.5% in 2025.
- The U.S. airport security market alone was valued at USD 3.81 billion in 2025, with a projection to grow to USD 6.98 billion by 2035.
- Clear Secure estimates its target market for CLEAR Plus to be 90 million people in the U.S. Other estimates suggest the potential target market for Clear Secure in the U.S. is approximately 5% to 10% of the population, equating to 16.8 million to 33.6 million people.
- The broader biometrics market, which underlies CLEAR's technology, is projected to reach USD 86.1 billion globally by 2028, growing from USD 47.8 billion in 2023.
Reserve powered by CLEAR
Reserve powered by CLEAR is a virtual queuing technology, primarily used for scheduling airport security screening times.
- The global virtual queuing system market was valued at USD 362.6 million in 2024 and is expected to reach USD 582 million by 2032. Another projection indicates the global market will grow from USD 657.6 million in 2025 to USD 1,269.4 million by 2034.
- North America held the largest share of the virtual queue management system market at 38%.
- The U.S. virtual queuing system market is projected to be USD 193.6 million in 2025 and is expected to grow to USD 360.0 million by 2034.
Atlas Certified
Atlas Certified provides an automated solution for verifying professional licenses and certification data across various industries, falling under the broader identity verification market.
- The U.S. identity verification market is projected to reach USD 4.4 billion in 2025 and grow to USD 16.7 billion by 2034.
- Another report estimates the U.S. identity verification market size at USD 2.9 billion in 2024, with an expected increase to USD 8.9 billion by 2033.
- Globally, the identity verification market size is projected to increase by USD 25.70 billion from 2025 to 2030. North America accounts for a significant portion, approximately 41%, of this global market.
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Clear Secure (YOU) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:
- Growth in Active CLEAR+ Members: The company expects continued expansion of its subscriber base for the CLEAR Plus service, which provides expedited airport security. Active CLEAR+ Members grew to 7.6 million, up 6.0% year-over-year, and Total CLEAR Members reached 38.0 million, up 31.5% year-over-year. This growth in membership directly contributes to subscription revenue.
- Expansion of Airport Footprint and TSA PreCheck Enrollment: Clear Secure is increasing its presence in airports by expanding existing CLEAR Lanes and opening new ones. The company has expanded to 60 CLEAR+ airports, 340 TSA PreCheck enrollment locations and 37 airports with eGates. Additionally, a key initiative involves scaling the TSA PreCheck enrollment program to 165 locations, including retail partners, which presents an incremental revenue opportunity by broadening the reach of its identity verification services within the travel industry.
- Scaling of the CLEAR1 Enterprise Identity Solutions (B2B Expansion): Clear Secure is strategically expanding its biometric identity platform beyond its core airport service, aggressively scaling its CLEAR1 enterprise offering into new verticals such as healthcare and workforce security. CLEAR1 experienced its largest bookings quarter, more than doubling year-over-year, indicating significant growth in its business-to-business segment.
- Strategic Partnerships and International Market Penetration: Renewed multi-year partnerships, such as with American Express, are expected to strengthen member acquisition and engagement. Furthermore, international expansion is a significant component of Clear Secure's growth strategy, with CLEAR Plus now accessible in the U.K., Canada, Australia, and New Zealand, and plans to onboard additional countries by 2026, thereby broadening its global user base and increasing addressable markets.
- Introduction of New Products and Services: The company plans to expand its "Home to Gate" travel experience and continue progressing on its product and technology roadmaps. These new offerings and enhancements to existing services are designed to improve the member experience and create additional revenue streams.
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Share Repurchases
- In 2025, Clear Secure repurchased 5.3 million shares of its Class A common stock for $126.3 million at an average price of $23.86 per share.
- As of February 25, 2026, approximately $250.3 million remained available under the company's share repurchase authorization.
- During the first quarter of 2024, the company repurchased 4.4 million shares of Class A common stock for $84.9 million.
Share Issuance
- Clear Secure completed its initial public offering (IPO) on June 29, 2021, pricing 13.2 million shares of its Class A common stock at $31.00 per share.
- The IPO generated gross proceeds of approximately $409.2 million, or $470.6 million if the underwriters fully exercised their option to purchase additional shares.
Capital Expenditures
- Capital expenditures for the full year 2025 amounted to $29.3 million.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| YOU | Clear Secure | 24.0% | 26.0x | 4.6% | 107.3% | 3.1% | — |
| FROG | JFrog | 24.3% | -256.5x | 85.6% | 249.7% | 152.3% | +149pp |
| DDOG | Datadog | 27.9% | 461.2x | 68.1% | 147.5% | 60.6% | +58pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 52.1% | 181.3% | 268.8% | TTMI 801% · FLEX 705% · SANM 419% |
| Technology Distributors | 9 | 28.9% | 72.0% | 93.7% | CLMB 332% · AVT 193% · SNX 146% |
| Semiconductor Materials & Equipment | 26 | 89.8% | 82.2% | 93.2% | AXTI 784% · AEHR 741% · KLAC 402% |
| Communications Equipment | 36 | 16.8% | 84.8% | 75.0% | AAOI 1310% · LITE 990% · FEIM 981% |
| Electronic Components | 26 | 32.0% | 62.1% | 64.5% | CLS 3836% · BELFA 1302% · COHR 425% |
| Technology Hardware, Storage & Peripherals | 20 | 33.3% | 77.5% | 50.2% | DELL 1135% · STX 1090% · SMCI 949% |
| Semiconductors | 55 | 20.4% | 28.8% | 38.4% | POET 1815% · MU 1302% · NVDA 919% |
| Internet Services & Infrastructure | 6 | 7.4% | 46.2% | 23.4% | DOCN 58% · VRSN 41% · GDDY 35% |
| Electronic Equipment & Instruments | 26 | -13.1% | 6.0% | -11.4% | PI 216% · ACFN 114% · OSIS 112% |
| IT Consulting & Other Services | 28 | -24.5% | -19.3% | -28.5% | CHRN 537268% · APLD 1258% · TSSI 669% |
| Application Software ← | 122 | -30.3% | -16.0% | -46.5% | VIDA 176264% · INLX 5435% · PLTR 519% |
| Systems Software | 68 | -17.7% | 7.9% | -55.7% | QNC 457% · ZETA 379% · PANW 358% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.41 |
| Mkt Cap | 2.3 |
| Rev LTM | 599 |
| Op Inc LTM | 19 |
| FCF LTM | 279 |
| FCF 3Y Avg | 200 |
| CFO LTM | 298 |
| CFO 3Y Avg | 212 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.0% |
| Rev Chg 3Y Avg | 12.7% |
| Rev Chg Q | 17.1% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 70.4% |
| Op Inc Chg 3Y Avg | 109.2% |
| Op Mgn LTM | 9.7% |
| Op Mgn 3Y Avg | 0.6% |
| QoQ Delta Op Mgn LTM | 2.4% |
| CFO/Rev LTM | 29.6% |
| CFO/Rev 3Y Avg | 26.1% |
| FCF/Rev LTM | 26.4% |
| FCF/Rev 3Y Avg | 24.5% |
Price Behavior
| Market Price | $38.10 | |
| Market Cap ($ Bil) | 3.8 | |
| First Trading Date | 06/30/2021 | |
| Distance from 52W High | -38.5% | |
| 50 Days | 200 Days | |
| DMA Price | $48.19 | $46.31 |
| DMA Trend | up | down |
| Distance from DMA | -20.9% | -17.7% |
| 3M | 1YR | |
| Volatility | 43.2% | 62.0% |
| Downside Capture | 169.85 | 108.44 |
| Upside Capture | -5.27 | 94.57 |
| Correlation (SPY) | -3.6% | 14.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.60 | -0.36 | -0.03 | 0.48 | 0.68 | 0.89 |
| Up Beta | 1.15 | -0.40 | 0.05 | -0.14 | 0.54 | 0.94 |
| Down Beta | 0.67 | -4.24 | -1.36 | -0.42 | -0.06 | 0.58 |
| Up Capture | -132% | -25% | -4% | 78% | 103% | 116% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 6 | 16 | 28 | 64 | 119 | 381 |
| Down Capture | 342% | 187% | 108% | 124% | 99% | 99% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 15 | 26 | 36 | 63 | 129 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YOU | |
|---|---|---|---|---|
| YOU | 5.2% | 61.9% | 0.29 | - |
| Sector ETF (XLK) | 40.5% | 26.4% | 1.25 | 8.8% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 14.3% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | -3.5% |
| Commodities (DBC) | 46.9% | 20.6% | 1.76 | -7.7% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 11.2% |
| Bitcoin (BTCUSD) | -34.5% | 43.9% | -0.84 | 20.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YOU | |
|---|---|---|---|---|
| YOU | -0.2% | 58.5% | 0.22 | - |
| Sector ETF (XLK) | 20.2% | 25.9% | 0.69 | 34.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 40.2% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | -1.1% |
| Commodities (DBC) | 11.3% | 19.5% | 0.45 | 2.4% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 32.4% |
| Bitcoin (BTCUSD) | 11.2% | 52.5% | 0.39 | 26.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YOU | |
|---|---|---|---|---|
| YOU | 0.8% | 61.1% | 0.26 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 32.1% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 37.5% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -1.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 2.8% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 30.4% |
| Bitcoin (BTCUSD) | 61.7% | 66.1% | 1.02 | 24.3% |
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Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.3% | -13.4% | -21.0% |
| 5/6/2026 | 3.7% | -1.9% | -7.3% |
| 2/25/2026 | 39.0% | 46.2% | 64.0% |
| 11/6/2025 | 0.7% | 20.0% | 2.5% |
| 8/5/2025 | 6.2% | 7.1% | 20.0% |
| 5/8/2025 | -7.6% | -4.0% | -0.4% |
| 2/26/2025 | -6.5% | 1.7% | 15.6% |
| 11/7/2024 | -25.8% | -31.2% | -29.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 9 |
| # Negative | 7 | 8 | 10 |
| Median Positive | 7.6% | 13.8% | 20.0% |
| Median Negative | -7.0% | -4.6% | -12.0% |
| Max Positive | 39.0% | 46.2% | 64.0% |
| Max Negative | -25.8% | -31.2% | -29.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.3% | -13.4% | -21.0% |
| 5/6/2026 | 3.7% | -1.9% | -7.3% |
| 2/25/2026 | 39.0% | 46.2% | 64.0% |
| 11/6/2025 | 0.7% | 20.0% | 2.5% |
| 8/5/2025 | 6.2% | 7.1% | 20.0% |
| 5/8/2025 | -7.6% | -4.0% | -0.4% |
| 2/26/2025 | -6.5% | 1.7% | 15.6% |
| 11/7/2024 | -25.8% | -31.2% | -29.6% |
| 8/6/2024 | 24.2% | 34.3% | 53.1% |
| 5/8/2024 | -5.0% | -1.5% | -1.8% |
| 2/28/2024 | 1.0% | 4.9% | 14.8% |
| 11/8/2023 | 9.0% | 13.8% | 24.2% |
| 8/2/2023 | 5.6% | 3.3% | -2.5% |
| 5/9/2023 | -7.6% | -3.0% | -6.3% |
| 3/1/2023 | -7.0% | -5.2% | -16.6% |
| 11/14/2022 | 16.6% | 16.9% | 18.8% |
| 5/16/2022 | 12.7% | 1.9% | -25.6% |
| 3/23/2022 | 16.8% | 22.0% | 34.2% |
| 8/16/2021 | -5.0% | -9.0% | -18.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 9 |
| # Negative | 7 | 8 | 10 |
| Median Positive | 7.6% | 13.8% | 20.0% |
| Median Negative | -7.0% | -4.6% | -12.0% |
| Max Positive | 39.0% | 46.2% | 64.0% |
| Max Negative | -25.8% | -31.2% | -29.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 06/23/2021 | S-1/A |
Recent Forward Guidance
Updated 9/15/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Bookings | Reported | 311.00 Mil | 313.50 Mil | 316.00 Mil | 11.0% | Higher New | Guidance: 282.50 Mil for Q2 2026 | |
| Q3 2026 Revenue | Reported | 284.00 Mil | 285.50 Mil | 287.00 Mil | 5.9% | Higher New | Guidance: 269.50 Mil for Q2 2026 | |
| 2026 Free Cash Flow | Reported | 480.00 Mil | 3.2% | Raised | Guidance: 465.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Bookings | Reported | 280.00 Mil | 282.50 Mil | 285.00 Mil | 12.8% | Higher New | Guidance: 250.50 Mil for Q1 2026 | |
| Q2 2026 Revenue | Reported | 268.00 Mil | 269.50 Mil | 271.00 Mil | 10.7% | Higher New | Guidance: 243.50 Mil for Q1 2026 | |
| 2026 Free Cash Flow | Reported | 465.00 Mil | 5.7% | Raised | Guidance: 440.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total Bookings | Reported | 248.00 Mil | 250.50 Mil | 253.00 Mil | -6.4% | Lower New | Actual: 267.50 Mil for Q4 2025 | |
| Q1 2026 Revenue | Reported | 242.00 Mil | 243.50 Mil | 245.00 Mil | 3.4% | Higher New | Actual: 235.50 Mil for Q4 2025 | |
| 2026 Free Cash Flow | Reported | 440.00 Mil | 37.5% | Higher New | Actual: 320.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Total Bookings | Reported | 265.00 Mil | 267.50 Mil | 270.00 Mil | 4.7% | Higher New | Actual: 255.50 Mil for Q3 2025 | |
| Q4 2025 Revenue | Reported | 234.00 Mil | 235.50 Mil | 237.00 Mil | 4.9% | Higher New | Actual: 224.50 Mil for Q3 2025 | |
| 2025 Free Cash Flow | Reported | 320.00 Mil | 3.2% | Raised | Guidance: 310.00 Mil for 2025 | |||
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McLaughlin, Kyle | EVP, Aviation | Direct | Sell | 9032026 | 44.47 | 4,499 | 200,071 | 1,312,710 | Form |
| 2 | Liu, Dennis W | Chief Accounting Officer | Direct | Sell | 9032026 | 44.47 | 2,104 | 93,565 | 705,739 | Form |
| 3 | Alclear, Investments, Llc | Direct | Sell | 8072026 | 61.22 | 323,904 | Form | |||
| 4 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 8072026 | 61.22 | 323,904 | Form | ||
| 5 | Alclear, Investments, Llc | Direct | Sell | 7172026 | 53.57 | 28,603 | 1,532,289 | 6,599,079 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McLaughlin, Kyle | EVP, Aviation | Direct | Sell | 9032026 | 44.47 | 4,499 | 200,071 | 1,312,710 | Form |
| 2 | Liu, Dennis W | Chief Accounting Officer | Direct | Sell | 9032026 | 44.47 | 2,104 | 93,565 | 705,739 | Form |
| 3 | Alclear, Investments, Llc | Direct | Sell | 8072026 | 61.22 | 323,904 | Form | |||
| 4 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 8072026 | 61.22 | 323,904 | Form | ||
| 5 | Alclear, Investments, Llc | Direct | Sell | 7172026 | 53.57 | 28,603 | 1,532,289 | 6,599,079 | Form | |
| 6 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 7172026 | 53.57 | 28,603 | 1,532,289 | 6,599,079 | Form |
| 7 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 7162026 | 53.40 | 120,640 | 6,442,176 | 1,663,250 | Form |
| 8 | Alclear, Investments, Llc | Direct | Sell | 7162026 | 53.40 | 120,640 | 6,442,176 | 1,663,250 | Form | |
| 9 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 7152026 | 53.42 | 100,757 | 5,382,859 | 2,726,235 | Form |
| 10 | Alclear, Investments, Llc | Direct | Sell | 7152026 | 53.42 | 100,757 | 5,382,859 | 2,726,235 | Form | |
| 11 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 6262026 | 53.11 | 34,309 | Form | ||
| 12 | Alclear, Investments, Llc | Direct | Sell | 6262026 | 53.11 | 34,309 | Form | |||
| 13 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 6252026 | 53.21 | 196,576 | Form | ||
| 14 | Alclear, Investments, Llc | Direct | Sell | 6252026 | 53.21 | 196,576 | Form | |||
| 15 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 6252026 | 53.13 | 15,962 | Form | ||
| 16 | Alclear, Investments, Llc | Direct | Sell | 6252026 | 53.13 | 15,962 | Form | |||
| 17 | Alclear, Investments, Llc | Direct | Sell | 6172026 | 53.03 | 3,153 | Form | |||
| 18 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 6172026 | 53.03 | 3,153 | Form | ||
| 19 | McLaughlin, Kyle | EVP, Aviation | Direct | Sell | 6032026 | 56.20 | 8,000 | 449,600 | 1,658,968 | Form |
| 20 | Barkin, Michael Z | President | Direct | Sell | 5292026 | 56.29 | 11,550 | 650,150 | 1,294,332 | Form |
| 21 | Schlegel, Jonathan | Chief Security Officer | Direct | Sell | 5182026 | 59.02 | 4,412 | Form | ||
| 22 | Alclear, Investments, Llc | Direct | Sell | 3062026 | 48.51 | 174,324 | Form | |||
| 23 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 3062026 | 48.51 | 174,324 | Form | ||
| 24 | Barkin, Michael Z | President | Direct | Sell | 3032026 | 48.22 | 22,885 | 1,103,515 | 273,359 | Form |
| 25 | Barkin, Michael Z | President | Direct | Sell | 3032026 | 48.23 | 7,056 | 340,311 | 273,416 | Form |
| 26 | Wiener, Adam | Direct | Sell | 2272026 | 50.00 | 15,000 | 750,000 | 6,631,700 | Form | |
| 27 | Wiener, Adam | Direct | Sell | 2272026 | 43.07 | 18,000 | 775,280 | 6,358,760 | Form | |
| 28 | Haaland, Lynn | GC & Chief Privacy Officer | Direct | Sell | 2272026 | 45.00 | 15,533 | Form | ||
| 29 | Wiener, Adam | Direct | Sell | 1052026 | 35.00 | 14,000 | 490,000 | 5,797,190 | Form | |
| 30 | Seidman, Becker Caryn | Chief Executive Officer | See footnote | Sell | 12162025 | 40.87 | 500,000 | 20,435,652 | 91,960 | Form |
| 31 | Alclear, Investments, Llc | Direct | Sell | 12162025 | 40.87 | 500,000 | 20,435,652 | 91,960 | Form | |
| 32 | Wiener, Adam | Direct | Sell | 12162025 | 40.00 | 8,000 | 320,000 | 7,185,360 | Form | |
| 33 | Haaland, Lynn | GC & Chief Privacy Officer | Direct | Sell | 12162025 | 41.00 | 15,532 | 636,812 | 636,853 | Form |
| 34 | Wiener, Adam | Direct | Sell | 11102025 | 36.04 | 6,000 | 216,240 | 6,762,329 | Form | |
| 35 | Wiener, Adam | Direct | Sell | 10022025 | 33.02 | 8,000 | 264,160 | 6,393,795 | Form |
Investor Activity (13F)
Updated Sep 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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