Clip coordinates are homogeneous (i.e. they have an extra W component). Homogeneous coordinates are converted to Euclidean coordinates by dividing by W: (x,y,z,w) -> (x/w,y/w,z/w). Homogeneous coordinates are used because they allow translation and perspective projection to be represented as linear (matrix) transformations: multiplying the W component by a given factor is equivalent to dividing all of the other components by that factor.
Clip coordinates are converted to normalised device coordinates (NDC) by dividing by W. Both represent the same coordinate system, but clip coordinates are homogeneous while NDC are Euclidean. The normalised X and Y coordinates are affine to window X and Y coordinates: conversion between the two (via the viewport transformation) involves only scaling and translation. Similarly, the normalised Z coordinate is affine to the depth values stored in the depth buffer and used for depth tests; translation between the two is based upon the depth range set by glDepthRange(); by default, a Z value of -1 in NDC maps to a depth value of 0 while a Z value of 1 maps to a depth value of 1.
Note that conversion from homogeneous coordinates loses some information (4 values become 3), but that doesn’t actually matter. The point of homogeneous coordinates is that multiplying all components by the same factor doesn’t have any significance: you’re only interested in the ratios.
If you’re using a “typical” perspective transformation matrix which looks like
[? ? ? ?]
[? ? ? ?]
[0 0 A B]
[0 0 -1 0]
then eye-space coordinates of [Xe,Ye,Ze,1] get transformed to clip-space coordinates [Xc,Yc,Zc,Wc] where
Zc = A*Ze+B
Wc = -Ze
and these get transformed to normalised device coordinates [Xn,Yn,Zn] where
Zn = Zc/Wc
= (A*Ze+B)/(-Ze)
= -A-B/Ze.
Finally, normalised Z gets converted to depth as
depth = (Zn*(Dfar-Dnear) + (Dfar+Dnear))/2;
If Dnear=0 and Dfar=1 (the default), this becomes:
depth = (Zn+1)/2
So, if you have a depth value and want to convert it back to eye-space Z:
Zn = 2depth-1
Ze = -B/(A+Zn)
= -B/(A+2depth-1)