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C3.ai, Inc. (AI) 10-Year Financial Performance & Capital Metrics

AI • • Industrial / General
TechnologyIT ServicesEnterprise Software & AI PlatformsEnterprise AI Platforms
AboutC3.ai, Inc. operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It provides C3 AI application platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina to for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 AI Data Vision that visualizes, understands, and leverages the relationships between data entities. It also offers C3 AI applications, including C3 AI Inventory Optimization, a solution to optimize raw material, in-process, and finished goods inventory levels; C3 AI Supply Network Risk, which provides visibility into risks of disruption throughout the supply chain operations; C3 AI Customer Churn Management, which enables account executives and relationship managers to monitor customer satisfaction, as well as to prevent customer churn with AI-based and human-interpretable predictions and warning; C3 AI Production Schedule Optimization, a solution for scheduling production; C3 AI Predictive Maintenance, which provides insight into asset risk to maintenance planners and equipment operators; C3 AI Fraud Detection solution that identify revenue leakage or maintenance and safety issues; and C3 AI Energy Management solution. In addition, it offers integrated turnkey enterprise AI applications for oil and gas, chemicals, utilities, manufacturing, financial services, defense, intelligence, aerospace, healthcare, and telecommunications market segments. It has strategic partnerships with Baker Hughes in the areas of oil and gas market; FIS in the areas of financial services market; Raytheon; and AWS, Intel, Google, and Microsoft. The company was formerly known as C3 IoT, Inc. and changed its name to C3.ai, Inc. in June 2019. C3.ai, Inc. was incorporated in 2009 and is headquartered in Redwood City, California.Show more
  • Revenue $389M +25.3%
  • EBITDA -$312M -2.0%
  • Net Income -$289M -3.2%
  • EPS (Diluted) -2.24 +4.3%
  • Gross Margin 60.62% +5.4%
  • EBITDA Margin -80.15% +18.6%
  • Operating Margin -83.39% +18.6%
  • Net Margin -74.21% +17.6%
  • ROE -33.73% -8.7%
  • ROIC -35.06% +0.4%
  • Debt/Equity 0.01 +54.8%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong 5Y sales CAGR of 20.0%

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 15 (bottom 15%)
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y19.95%
3Y15.46%
TTM1.84%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-38.99%

EPS CAGR

10Y-
5Y-
3Y-
TTM-28.05%

ROCE

10Y Avg-26.39%
5Y Avg-25.24%
3Y Avg-32.72%
Latest-35.46%

Peer Comparison

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DVLTDatavault AI Inc.424.49M0.74-0.0528.37%-13.94%-86.44%0.11
DMRCDigimarc Corporation139.03M6.39-3.4910.23%-109.17%-88.8%0.10

Profit & Loss

Apr 2019Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Sales/Revenue+91.61M156.67M183.22M252.76M266.8M310.58M389.06M
Revenue Growth %-0.71%0.17%0.38%0.06%0.16%0.25%
Cost of Goods Sold+30.39M38.79M44.52M63.71M86.34M132.02M153.19M
COGS % of Revenue0.33%0.25%0.24%0.25%0.32%0.43%0.39%
Gross Profit+61.22M117.88M138.7M189.05M180.46M178.56M235.86M
Gross Margin %0.67%0.75%0.76%0.75%0.68%0.57%0.61%
Gross Profit Growth %-0.93%0.18%0.36%-0.05%-0.01%0.32%
Operating Expenses+97.26M189.38M198.96M385.17M470.95M496.9M560.29M
OpEx % of Revenue1.06%1.21%1.09%1.52%1.77%1.6%1.44%
Selling, General & Admin59.94M124.83M130.1M234.62M260.29M295.54M333.9M
SG&A % of Revenue0.65%0.8%0.71%0.93%0.98%0.95%0.86%
Research & Development37.32M64.55M68.86M150.54M210.66M201.37M226.39M
R&D % of Revenue0.41%0.41%0.38%0.6%0.79%0.65%0.58%
Other Operating Expenses0000000
Operating Income+-36.04M-71.5M-60.26M-196.12M-290.49M-318.34M-324.42M
Operating Margin %-0.39%-0.46%-0.33%-0.78%-1.09%-1.02%-0.83%
Operating Income Growth %--0.98%0.16%-2.25%-0.48%-0.1%-0.02%
EBITDA+-35.49M-70.19M-55.96M-190.93M-284.4M-305.62M-311.82M
EBITDA Margin %-0.39%-0.45%-0.31%-0.76%-1.07%-0.98%-0.8%
EBITDA Growth %--0.98%0.2%-2.41%-0.49%-0.07%-0.02%
D&A (Non-Cash Add-back)550K1.3M4.3M5.19M6.09M12.72M12.61M
EBIT-36.04M-71.5M-60.26M-196.12M-290.49M-318.34M-324.42M
Net Interest Income+3.51M4.25M1.25M1.83M21.98M40.08M36.19M
Interest Income3.51M4.25M1.25M1.83M21.98M40.08M36.19M
Interest Expense0000000
Other Income/Expense2.96M2.5M5.27M4.85M22.33M39.44M36.7M
Pretax Income+-33.08M-69M-54.99M-191.28M-268.16M-278.9M-287.73M
Pretax Margin %-0.36%-0.44%-0.3%-0.76%-1.01%-0.9%-0.74%
Income Tax+266K380K704K789K675K792K976K
Effective Tax Rate %1.01%1.01%1.01%1%1%1%1%
Net Income+-33.35M-69.38M-55.7M-192.06M-268.84M-279.7M-288.7M
Net Margin %-0.36%-0.44%-0.3%-0.76%-1.01%-0.9%-0.74%
Net Income Growth %--1.08%0.2%-2.45%-0.4%-0.04%-0.03%
Net Income (Continuing)-33.35M-69.38M-55.7M-192.06M-268.84M-279.7M-288.7M
Discontinued Operations0000000
Minority Interest0000000
EPS (Diluted)+-0.45-0.73-0.90-1.84-2.45-2.34-2.24
EPS Growth %--0.62%-0.23%-1.04%-0.33%0.04%0.04%
EPS (Basic)-0.45-0.73-0.90-1.84-2.45-2.34-2.24
Diluted Shares Outstanding73.55M95.16M56.68M104.4M109.85M119.36M129.09M
Basic Shares Outstanding73.55M95.16M56.68M104.4M109.85M119.36M129.09M
Dividend Payout Ratio-------

Balance Sheet

Apr 2019Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Total Current Assets+223.83M281.2M1.17B1.06B888.88M904.39M904.25M
Cash & Short-Term Investments156.52M244.98M1.09B960.16M730.98M750.37M742.69M
Cash Only98.61M33.1M115.36M339.53M284.83M167.15M164.36M
Short-Term Investments57.91M211.87M978.02M620.63M446.15M583.22M578.33M
Accounts Receivable63.49M30.83M65.46M80.27M134.59M130.06M137.23M
Days Sales Outstanding252.9671.82130.41115.92184.13152.85128.74
Inventory-800K-900K0-15.89M000
Days Inventory Outstanding-------
Other Current Assets800K900K4.9M15.89M23.31M23.96M24.34M
Total Non-Current Assets+43.66M23.9M23.34M110.45M214.15M133.83M121.63M
Property, Plant & Equipment7.3M8.72M6.13M14.52M84.58M88.63M79.3M
Fixed Asset Turnover12.54x17.96x29.87x17.41x3.15x3.50x4.91x
Goodwill625K625K625K625K625K625K625K
Intangible Assets0000000
Long-Term Investments33.51M725K032.09M81.42M00
Other Non-Current Assets2.23M13.83M16.58M63.22M47.53M44.58M41.71M
Total Assets+267.49M305.11M1.2B1.17B1.1B1.04B1.03B
Asset Turnover0.34x0.51x0.15x0.22x0.24x0.30x0.38x
Asset Growth %-0.14%2.92%-0.02%-0.06%-0.06%-0.01%
Total Current Liabilities+102.2M81.04M124.48M150.17M136.04M102.33M131.88M
Accounts Payable5.66M4.73M12.07M54.22M24.61M11.32M15.16M
Days Payables Outstanding67.9944.4799310.6104.0431.2936.12
Short-Term Debt0000000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities3.3M12.58M14.42M11.26M14.73M6.3M47.01M
Current Ratio2.19x3.47x9.42x7.06x6.53x8.84x6.86x
Quick Ratio2.20x3.48x9.42x7.17x6.53x8.84x6.86x
Cash Conversion Cycle-------
Total Non-Current Liabilities+330.72M406.77M10.82M31.24M37.32M62.54M55.7M
Long-Term Debt0000000
Capital Lease Obligations0000000
Deferred Tax Liabilities0000000
Other Non-Current Liabilities319.69M400.01M7.85M30.95M37.32M60.8M55.7M
Total Liabilities432.92M487.81M135.3M181.41M173.36M164.87M187.58M
Total Debt+003.89M3.61M2.34M3.23M4.79M
Net Debt-98.61M-33.1M-111.46M-335.92M-282.49M-163.92M-159.56M
Debt / Equity--0.00x0.00x0.00x0.00x0.01x
Debt / EBITDA-------
Net Debt / EBITDA-------
Interest Coverage-------
Total Equity+-165.43M-182.7M1.06B989.48M929.66M873.35M838.3M
Equity Growth %--0.1%6.81%-0.07%-0.06%-0.06%-0.04%
Book Value per Share-2.25-1.9218.729.488.467.326.49
Total Shareholders' Equity-165.43M-182.7M1.06B989.48M929.66M873.35M838.3M
Common Stock20K31K102K106K113K123K133K
Retained Earnings-224.26M-293.64M-349.33M-541.4M-810.24M-1.09B-1.38B
Treasury Stock0000000
Accumulated OCI74K424K81K-2.15M-385K-563K521K
Minority Interest0000000

Cash Flow

Apr 2019Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Cash from Operations+-34.88M-61.28M-37.55M-86.46M-115.69M-62.36M-41.41M
Operating CF Margin %-0.38%-0.39%-0.2%-0.34%-0.43%-0.2%-0.11%
Operating CF Growth %--0.76%0.39%-1.3%-0.34%0.46%0.34%
Net Income-33.35M-69.38M-55.7M-192.06M-268.84M-279.7M-288.7M
Depreciation & Amortization550K1.3M4.3M5.19M6.09M12.72M12.61M
Stock-Based Compensation4.27M8.31M21.74M113.44M216.54M215.76M230.99M
Deferred Taxes01.02M00000
Other Non-Cash Items534K2.4M3.13M5.79M2.68M-16.37M-10.3M
Working Capital Changes-6.88M-4.93M-11.03M-18.81M-72.17M5.23M14M
Change in Receivables-46.14M32.66M-34.69M-14.16M-54.52M4.52M-9.12M
Change in Inventory00-6.86M0000
Change in Payables48K-1.22M7.45M34.48M-22.04M-12.88M3.63M
Cash from Investing+-96.23M-124.07M-767.15M317.01M59.95M-66.61M16.4M
Capital Expenditures-6.81M-2.3M-1.63M-3.79M-70.52M-25.26M-3.04M
CapEx % of Revenue0.07%0.01%0.01%0.01%0.26%0.08%0.01%
Acquisitions-------
Investments-------
Other Investing-89.42M-581K0-500K-1M-2.75M0
Cash from Financing+54.47M119.85M887.36M5.71M621K11.29M22.22M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing2.9M4.2M9.49M20.71M621K11.29M-9.53M
Net Change in Cash-------
Free Cash Flow+-41.69M-64.16M-39.18M-90.75M-187.21M-90.37M-44.45M
FCF Margin %-0.46%-0.41%-0.21%-0.36%-0.7%-0.29%-0.11%
FCF Growth %--0.54%0.39%-1.32%-1.06%0.52%0.51%
FCF per Share-0.57-0.67-0.69-0.87-1.70-0.76-0.34
FCF Conversion (FCF/Net Income)1.05x0.88x0.67x0.45x0.43x0.22x0.14x
Interest Paid0000000
Taxes Paid131K660K5K939K578K975K920K

Key Ratios

Metric2019202020212022202320242025
Return on Equity (ROE)---12.68%-18.73%-28.02%-31.03%-33.73%
Return on Invested Capital (ROIC)---12.32%-18.35%-33.5%-35.2%-35.06%
Gross Margin66.83%75.24%75.7%74.79%67.64%57.49%60.62%
Net Margin-36.4%-44.28%-30.4%-75.99%-100.77%-90.06%-74.21%
Debt / Equity--0.00x0.00x0.00x0.00x0.01x
FCF Conversion1.05x0.88x0.67x0.45x0.43x0.22x0.14x
Revenue Growth-71.02%16.95%37.96%5.55%16.41%25.27%

Revenue by Segment

2021202220232024
License and Service157.37M206.92M230.44M278.1M
License and Service Growth-31.49%11.37%20.68%
Professional Services25.85M45.84M36.35M32.48M
Professional Services Growth-77.34%-20.70%-10.66%

Revenue by Geography

2021202220232024
North America119.8M197.49M210.5M269.89M
North America Growth-64.85%6.59%28.22%
EMEA56.03M46.25M47.76M35.81M
EMEA Growth--17.45%3.26%-25.02%
Asia Pacific5.99M9.02M7.91M3.62M
Asia Pacific Growth-50.58%-12.30%-54.23%
Rest Of World1.4M-623K1.26M
Rest Of World Growth---101.61%

Frequently Asked Questions

Growth & Financials

C3.ai, Inc. (AI) reported $352.9M in revenue for fiscal year 2025. This represents a 285% increase from $91.6M in 2019.

C3.ai, Inc. (AI) grew revenue by 25.3% over the past year. This is strong growth.

C3.ai, Inc. (AI) reported a net loss of $381.3M for fiscal year 2025.

Dividend & Returns

C3.ai, Inc. (AI) has a return on equity (ROE) of -33.7%. Negative ROE indicates the company is unprofitable.

C3.ai, Inc. (AI) had negative free cash flow of $93.2M in fiscal year 2025, likely due to heavy capital investments.

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