Clear Secure, Inc. — Earnings Quality Grade F
YOU · Technology
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 1 days, change +1 days YoY
AR growth 276.7% exceeds revenue growth 16.9%
Revenue 16.9%, CFFO 26.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 138.0% is >2x revenue growth 16.9%
SG&A/Gross Profit = 49.4%. Normal
Gross margin 64.4%, change +0.9pp. Stable
Cash Flow Quality
CFFO/NI = 3.41. Profits backed by cash
FCF $0.3B, FCF/NI = 3.14
Accruals ratio = -20.2%. Low accruals
Cash $0.7B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 37% of equity
Debt/EBITDA = 0.5x. Healthy
Other assets -16.4% vs revenue 16.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -16% YoY. Normal
Manipulation Score
M-Score = -1.30 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25