AI Technology

C3.ai, Inc.

$11.54-0.09%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 1.9B USD
Enterprise value: 1.3B USD
Full-time employees: 764

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.10 vs a peer median of 0.87)bigger price swings (beta 2.10 vs peers 0.87)

Ranks #1,434 of 1,612 technology companies (bottom 12%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. -199% in FY Apr 2026, the weakest of the last 6 years.
C3.ai's operating margin fell to -199% in FY Apr 2026, its lowest in the 6 years of filings we have.
Stock-based pay is a large cost. Stock pay was 105% of revenue in FY Apr 2026.
C3.ai paid employees $264M in stock in FY Apr 2026, 105% of its $250M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Not profitable yet. Reported a loss in the 12 months to July 2026.
C3.ai reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 38% in the 12 months to July 2026 vs the 12 months before.
C3.ai's revenue fell 38% in the 12 months to July 2026 vs the 12 months before.

StockQuotient Score

26/ 100

Oct 5 26 → Nov 4 26

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-25.0%

SEC filings · 12 months to Jul 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-35.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-8.7%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield38.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 7.1%

Why

Weaker than most peers on:

▼ Revenue growth
▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.13Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-5.3%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score -1.28Sector median: 0.0483 · MAD: 0.0793

Revenue growth-37.5%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.04Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

1/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-203.1%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-51.0%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-66.8%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin29.1%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-64.2%

SEC filings · 12 months to Jul 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.10

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.31Sector median: 0.8710 · MAD: 0.3700

Current ratio6.16×

SEC filings · latest balance sheetReported value33% base weight · Z-score 6.32Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.09×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.72Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about C3.ai

Is C3.ai getting weaker?: Its latest SEC filing (Sep 9, 2026) got weaker in some ways: 12-month revenue fell 7.1%. Its overall score is unchanged at 26/100 since Oct 28, 2026.
How is C3.ai valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -25.0% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -25.0% vs peers 2.2% (weaker than 100% of peers).
Is C3.ai growing?: More slowly than most of its peers. Growth scores 8/100 against 1,711 technology peers. Revenue growth -37.5% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -37.5% vs peers 8.5% (weaker than 100% of peers).
How profitable is C3.ai?: Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -203.1% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -203.1% vs peers 6.3% (weaker than 100% of peers).
How risky is C3.ai?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 6.16× vs a peer median of 1.83× (stronger than 92% of peers).Current ratio 6.16× vs peers 1.83× (stronger than 92% of peers). Beta 2.10 vs a peer median of 0.87 (weaker than 94% of peers).Beta 2.10 vs peers 0.87 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 31, 2026 · filed Sep 9, 2026 · compared with the quarter ended Apr 30, 2026

Got weaker

12-month revenue fell 7.1%

Worth watching: C3.ai is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	250.3M USD	232.4M USD	−7.1%
Net income (12 months)	−470.4M USD	−446.4M USD	−5.1%
Operating margin	-199.2%	-203.1%	−3.9 pts
Free cash flow (12 months)	−192.1M USD	−155.8M USD	−18.9%
Cash	66.2M USD	136.4M USD	+106.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Apr 2022	FY Apr 2023	FY Apr 2024	FY Apr 2025	FY Apr 2026	Change
Gross margin	74.8%	67.6%	57.5%	60.6%	30.9%	▼ 30 pts
Operating margin	-77.6%	-108.9%	-102.5%	-83.4%	-199.2%	▼ 116 pts
Net margin	-76.0%	-100.8%	-90.1%	-74.2%	-187.9%	▼ 114 pts
Return on assets (ROA)	-16.4%	-24.4%	-26.9%	-28.1%	-57.6%	▼ 29 pts
Return on equity (ROE)	-19.4%	-28.9%	-32.0%	-34.4%	-71.9%	▼ 38 pts
Free cash flow margin	-35.7%	-69.8%	-28.2%	-11.4%	-76.8%	▼ 65 pts
Current ratio	7.06×	6.53×	8.84×	6.86×	6.64×	▼ 3.1%

AI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.10 vs a peer median of 0.87)bigger price swings (beta 2.10 vs peers 0.87)

Ranks #1,434 of 1,612 technology companies (bottom 12%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. -199% in FY Apr 2026, the weakest of the last 6 years.

C3.ai's operating margin fell to -199% in FY Apr 2026, its lowest in the 6 years of filings we have.

Stock-based pay is a large cost. Stock pay was 105% of revenue in FY Apr 2026.

C3.ai paid employees $264M in stock in FY Apr 2026, 105% of its $250M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Not profitable yet. Reported a loss in the 12 months to July 2026.

C3.ai reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Revenue is falling. Revenue fell 38% in the 12 months to July 2026 vs the 12 months before.

C3.ai's revenue fell 38% in the 12 months to July 2026 vs the 12 months before.

Questions investors ask about C3.ai

Is C3.ai getting weaker?

Its latest SEC filing (Sep 9, 2026) got weaker in some ways: 12-month revenue fell 7.1%. Its overall score is unchanged at 26/100 since Oct 28, 2026.

How is C3.ai valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -25.0% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -25.0% vs peers 2.2% (weaker than 100% of peers).

Is C3.ai growing?

More slowly than most of its peers. Growth scores 8/100 against 1,711 technology peers. Revenue growth -37.5% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -37.5% vs peers 8.5% (weaker than 100% of peers).

How profitable is C3.ai?

Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -203.1% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -203.1% vs peers 6.3% (weaker than 100% of peers).

How risky is C3.ai?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 6.16× vs a peer median of 1.83× (stronger than 92% of peers).Current ratio 6.16× vs peers 1.83× (stronger than 92% of peers). Beta 2.10 vs a peer median of 0.87 (weaker than 94% of peers).Beta 2.10 vs peers 0.87 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

250.3M USD

232.4M USD

−7.1%

Net income (12 months)

−470.4M USD

−446.4M USD

−5.1%

Operating margin

-199.2%

-203.1%

−3.9 pts

Free cash flow (12 months)

−192.1M USD

−155.8M USD

−18.9%

Cash

66.2M USD

136.4M USD

+106.1%

Key ratios

FY Apr 2022

FY Apr 2023

FY Apr 2024

FY Apr 2025

FY Apr 2026

Change

Gross margin

74.8%

67.6%

57.5%

60.6%

30.9%

▼ 30 pts

Operating margin

-77.6%

-108.9%

-102.5%

-83.4%

-199.2%

▼ 116 pts

Net margin

-76.0%

-100.8%

-90.1%

-74.2%

-187.9%

▼ 114 pts

Return on assets (ROA)

-16.4%

-24.4%

-26.9%

-28.1%

-57.6%

▼ 29 pts

Return on equity (ROE)

-19.4%

-28.9%

-32.0%

-34.4%

-71.9%

▼ 38 pts

Free cash flow margin

-35.7%

-69.8%

-28.2%

-11.4%

-76.8%

▼ 65 pts

Current ratio

7.06×

6.53×

8.84×

6.86×

6.64×

▼ 3.1%