Discounted Cash Flow

Clear Secure, Inc.

YOU · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2019 $192.3m $-54.2m $1.9m -28.2%
2020 $230.8m (20.0%) $-9.3m (82.8%) $-28.8m (-1624.3%) -4.0% (85.7%)
2021 $254.0m (10.0%) $-79.1m (-749.5%) $41.6m (244.1%) -31.1% (-672.0%) $-0.96
2022 $437.4m (72.2%) $-49.9m (37.0%) $136.9m (229.5%) -11.4% (63.4%) $-1.60 (-66.7%)
2023 $613.6m (40.3%) $21.8m (143.7%) $199.5m (45.7%) 3.5% (131.1%) $0.62 (138.8%)
2024 $770.5m (25.6%) $55.6m (155.3%) $283.7m (42.2%) 7.2% (103.3%) $3.62 (483.9%)
2025 $900.8m (16.9%) $59.0m (6.1%) $343.1m (21.0%) 6.5% (-9.3%) $2.28 (-37.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model