YOUClear Secure, Inc.

Services-Prepackaged Software

Revenue: $901M; 17% YoY
Operating margin: 20.7%; 29% YoY
EBITDA: $221M; 48% YoY
Market cap: $4.0B
Employees: 3,708; $243K revenue each
Net debt / EBITDA: —
AI in 10-K: 1.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
222% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$243K · 15th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$191M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$254M	$437M	$614M	$770M	$901M	17%
Operating income	−$115M	−$129M	$20M	$123M	$186M	51%
Net income	−$115M	−$115M	$50M	$225M	$168M	25%
Operating cash flow	$70M	$168M	$225M	$296M	$372M	26%
Capex	$28M	$31M	$26M	$12M	$29M	144%
Stock-based comp	$37M	$138M	$37M	$35M	$39M	10%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $191M · 78
Net: −$191M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	$18M	98	109
FY2024	$6M	−$394K	72	110
FY2023	$1M	−$11M	54	88
FY2022	$671K	−$8M	69	63
FY2021	$40M	$60M	78	97