The company's financial position is increasingly vulnerable, with total assets contracting to $816.3 million in 2026Q4 from $1.1 billion in 2025Q3, while retained earnings have deepened to a deficit of $1.8 billion.
| Total Current Assets | 707.96M | 904.25M | 904.39M | 888.88M | 1.06B | 1.17B | 281.2M | 223.83M |
| Cash & Short-Term Investments | 575.45M | 742.69M | 750.37M | 730.98M | 960.16M | 1.09B | 244.98M | 156.52M |
| Cash Only | 66.2M | 164.36M | 167.15M | 284.83M | 339.53M | 115.36M | 33.1M | 98.61M |
| Short-Term Investments | 509.25M | 578.33M | 583.22M | 446.15M | 620.63M | 978.02M | 211.87M | 57.91M |
| Accounts Receivable | 100.55M | 137.23M | 130.06M | 134.59M | 80.27M | 65.46M | 30.83M | 63.49M |
| Days Sales Outstanding | 146.64 | 128.74 | 152.85 | 184.13 | 115.92 | 130.41 | 71.82 | 252.96 |
| Inventory | 0 | 0 | 0 | 0 | -15.89M | 0 | -900K | -800K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 31.96M | 24.34M | 23.96M | 23.31M | 15.89M | 4.9M | 900K | 800K |
| Total Non-Current Assets | 108.31M | 121.63M | 133.83M | 214.15M | 110.45M | 23.34M | 23.9M | 43.66M |
| Property, Plant & Equipment | 66.9M | 79.3M | 88.63M | 84.58M | 14.52M | 6.13M | 8.72M | 7.3M |
| Fixed Asset Turnover | 3.74x | 4.91x | 3.50x | 3.15x | 17.41x | 29.87x | 17.96x | 12.54x |
| Goodwill | 625K | 625K | 625K | 625K | 625K | 625K | 625K | 625K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 81.42M | 32.09M | 0 | 725K | 33.51M |
| Other Non-Current Assets | 40.78M | 41.71M | 44.58M | 47.53M | 63.22M | 16.58M | 13.83M | 2.23M |
| Total Assets | 816.27M | 1.03B | 1.04B | 1.1B | 1.17B | 1.2B | 305.11M | 267.49M |
| Asset Turnover | 0.31x | 0.38x | 0.30x | 0.24x | 0.22x | 0.15x | 0.51x | 0.34x |
| Asset Growth % | -20.43% | -1.19% | -5.88% | -5.8% | -2.14% | 292.15% | 14.07% | - |
| Total Current Liabilities | 106.57M | 131.88M | 102.33M | 136.04M | 150.17M | 124.48M | 81.04M | 102.2M |
| Accounts Payable | 5.51M | 15.16M | 11.32M | 24.61M | 54.22M | 12.07M | 4.73M | 5.66M |
| Days Payables Outstanding | 11.63 | 36.12 | 31.29 | 104.04 | 310.6 | 99 | 44.47 | 67.99 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 34.86M | 36.56M | 37.23M | 47.85M | 48.85M | 72.26M | 53.54M | 80.2M |
| Other Current Liabilities | 17.64M | 47.01M | 6.3M | 14.73M | 11.26M | 14.42M | 12.58M | 3.3M |
| Current Ratio | 6.64x | 6.86x | 8.84x | 6.53x | 7.06x | 9.42x | 3.47x | 2.19x |
| Quick Ratio | 6.64x | 6.86x | 8.84x | 6.53x | 7.17x | 9.42x | 3.48x | 2.20x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 55.95M | 55.7M | 62.54M | 37.32M | 31.24M | 10.82M | 406.77M | 330.72M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 54.39M | 55.7M | 60.8M | 37.32M | 30.95M | 7.85M | 400.01M | 319.69M |
| Total Liabilities | 162.52M | 187.58M | 164.87M | 173.36M | 181.41M | 135.3M | 487.81M | 432.92M |
| Total Debt | 0 | 4.79M | 3.23M | 2.34M | 3.61M | 3.89M | 0 | 0 |
| Net Debt | -66.2M | -159.56M | -163.92M | -282.49M | -335.92M | -111.46M | -33.1M | -98.61M |
| Debt / Equity | - | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 653.75M | 838.3M | 873.35M | 929.66M | 989.48M | 1.06B | -182.7M | -165.43M |
| Equity Growth % | -22.02% | -4.01% | -6.06% | -6.04% | -6.76% | 680.84% | -10.44% | - |
| Book Value per Share | 4.65 | 6.49 | 7.32 | 8.46 | 9.48 | 18.72 | -1.92 | -2.25 |
| Total Shareholders' Equity | 653.75M | 838.3M | 873.35M | 929.66M | 989.48M | 1.06B | -182.7M | -165.43M |
| Common Stock | 148K | 133K | 123K | 113K | 106K | 102K | 31K | 20K |
| Retained Earnings | -1.85B | -1.38B | -1.09B | -810.24M | -541.4M | -349.33M | -293.64M | -224.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -50K | 521K | -563K | -385K | -2.15M | 81K | 424K | 74K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Revenue Contraction
As reported in recent financial statements, the company's total assets have declined from $1.1 billion in 2025Q3 to $816.3 million by 2026Q4, signaling a clear contraction in the firm's resource base as it navigates a difficult transition to a consumption-based revenue model.
The consistent reduction in total assets over the last ten quarters suggests that the company is consuming its capital base to fund ongoing operations rather than reinvesting for growth. This downward trajectory in asset value, coupled with persistent negative retained earnings, warrants investigation into the long-term viability of the current business model.
Based on the most recent quarterly filings, cash and equivalents have fallen to $66.2 million in 2026Q4, representing a significant decline from the $167.1 million reported in 2024Q4, which raises concerns regarding the company's ability to sustain its current operating burn rate.
While the current ratio remains elevated at 6.64, this metric may be misleading given the high proportion of non-liquid assets and the rapid depletion of cash reserves. Investors should monitor the cash burn rate closely, as the current liquidity buffer appears increasingly insufficient to support the company's high fixed-cost structure without potential future dilution.
According to the balance sheet data, total equity has contracted to $653.8 million in 2026Q4 from a peak of $898.0 million in 2024Q3, primarily driven by the accumulation of massive losses reflected in the -$1.8 billion retained earnings balance.
The erosion of shareholder equity highlights the persistent inability of the business to generate profitable returns on invested capital. The reliance on equity to absorb operating losses suggests that the company's capital structure is becoming increasingly fragile, which may limit future strategic flexibility.
As evidenced by the financial statements, the company maintains $66.9 million in net PPE, which appears disproportionately high for a software-focused firm, suggesting that the business model may be more capital-intensive than the market currently appreciates.
The presence of significant fixed assets relative to the company's revenue profile may indicate that the platform requires substantial infrastructure investment to support its enterprise deployments. This capital intensity, combined with the lack of meaningful goodwill, suggests that the company's competitive moat may be more reliant on physical infrastructure than on scalable software intellectual property.
Quick answers to the most common questions about buying AI stock.
As of 2026, C3.ai, Inc. (AI) had total assets of $816.3M including $708.0M in current assets.
C3.ai, Inc. (AI) carries total debt of $0.0M, offset by $575.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
C3.ai, Inc. (AI) has total shareholders' equity (book value) of $653.8M ($4.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
C3.ai, Inc. (AI) reported a current ratio of 6.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.