Latest Ratios: P/E Ratio -4.1x · EV/EBITDA N/A · ROE -63.0%. (2019–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.2B | $2.8B | $2.7B | $2.0B | $1.8B | $3.8B | — | — |
| Enterprise Value | $1.6B | $1.2B | $2.7B | $2.5B | $1.7B | $1.4B | $3.6B | — | — |
| P/E Ratio → | -4.06 | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.13 | 4.96 | 7.30 | 8.66 | 7.34 | 7.02 | 20.50 | — | — |
| P/B Ratio | 2.51 | 1.90 | 3.39 | 3.08 | 2.11 | 1.79 | 3.54 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.72 | 6.89 | 8.13 | 6.28 | 5.69 | 19.89 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.9% | 30.9% | 60.6% | 57.5% | 67.6% | 74.8% | 75.7% | 75.2% | 66.8% |
| Operating Margin | -194.9% | -194.9% | -83.4% | -102.5% | -108.9% | -77.6% | -32.9% | -45.6% | -39.3% |
| Net Profit Margin | -187.9% | -187.9% | -74.2% | -90.1% | -100.8% | -76.0% | -30.4% | -44.3% | -36.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -63.0% | -63.0% | -33.7% | -31.0% | -28.0% | -18.7% | -12.7% | — | — |
| ROA | -51.1% | -51.1% | -28.0% | -26.1% | -23.6% | -16.2% | -7.4% | -24.2% | -12.5% |
| ROIC | -57.5% | -57.5% | -35.1% | -35.2% | -33.5% | -18.3% | -12.3% | — | — |
| ROCE | -60.8% | -60.8% | -35.5% | -33.5% | -29.2% | -18.7% | -9.3% | -36.7% | -21.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.19 | -0.19 | -0.30 | -0.34 | -0.11 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($66M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.64 | 6.64 | 6.86 | 8.84 | 6.53 | 7.06 | 9.42 | 3.47 | 2.19 |
| Quick Ratio | 6.64 | 6.64 | 6.86 | 8.84 | 6.53 | 7.17 | 9.42 | 3.48 | 2.20 |
| Cash Ratio | 5.40 | 5.40 | 5.63 | 7.33 | 5.37 | 6.39 | 8.78 | 3.02 | 1.53 |
| Asset Turnover | — | 0.31 | 0.38 | 0.30 | 0.24 | 0.22 | 0.15 | 0.51 | 0.34 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 146.64 | 128.74 | 152.85 | 184.13 | 115.92 | 130.41 | 71.82 | 252.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.0% | — | — |
| Shares Outstanding | — | $141M | $129M | $119M | $110M | $104M | $57M | $95M | $74M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AI stock.
C3.ai, Inc.'s current P/E ratio is -4.1x. This places it at the 50th percentile of its historical range.
C3.ai, Inc.'s return on equity (ROE) is -63.0%. The historical average is -31.2%.
Based on historical data, C3.ai, Inc. is trading at a P/E of -4.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
C3.ai, Inc. has 30.9% gross margin and -194.9% operating margin.
Key Metrics
Top Statement Risk
Liquidity crunch from cash burn
Metrics are mathematically derived from official filings.
Gross Margin Collapse Signals Structural Shift
C3.ai's gross margin has plummeted from 62.1% in 2025Q4 to 31.8% in 2027Q1, a dramatic compression that suggests the transition to a consumption-based model has fundamentally altered the cost structure of revenue delivery.
The current 30.92% gross margin is uncharacteristically low for a software company and indicates that the cost of revenue, likely driven by cloud infrastructure fees and professional services, now consumes a far larger portion of each sales dollar. This erosion implies that the company's 'Type System' architecture has not yet achieved the decoupling of growth from headcount and variable costs that would be expected of a scalable platform. The margin profile now more closely resembles a specialized IT services firm than a pure-play software vendor, which undermines the narrative of high operating leverage.
Persistent Negative Returns Signal Value Destruction
Return on Invested Capital (ROIC) has remained deeply negative for ten consecutive quarters, reaching -12.9% in 2027Q1, indicating that the company continues to destroy shareholder value with each dollar of capital deployed.
The sustained negative ROIC, which has worsened from -8.3% in 2024Q4, demonstrates that the business model is not generating returns sufficient to cover its cost of capital. This trend is driven by the severe negative operating margin of -187.6%, which overwhelms any efficiency gains from asset turnover. The lack of a positive inflection in ROIC despite multiple strategic pivots suggests a fundamental challenge in translating the company's technology into profitable, scalable operations.
Working Capital Volatility Masks Operational Weakness
Days Sales Outstanding (DSO) has ballooned to 171 days in 2027Q1 from 130 days in 2024Q4, suggesting significant challenges in collecting cash from customers and potentially indicating weaker pricing power or longer implementation cycles.
The sharp increase in DSO, coupled with a volatile Days Payable Outstanding (DPO), has made the cash conversion cycle (CCC) unreliable as a measure of efficiency. The recent positive free cash flow of 3.9% appears to be driven by favorable working capital timing, such as the $34.7M inflow in 2027Q1, rather than underlying operational strength. This volatility obscures the true cash generation capability of the business and highlights a dependency on managing receivables and payables to preserve liquidity.
Cash Position Volatile Amid Operational Burn
Despite a current ratio of 6.16, C3.ai's cash and equivalents of $66.2M in 2026Q4 represented a critical low point, and the subsequent rebound to $136.4M appears reliant on working capital management rather than sustainable operations.
The high current and quick ratios are misleading, as they are inflated by a large receivables balance that is taking longer to collect (DSO of 171 days). The company's liquidity is highly sensitive to the timing of cash collections and payments. Given the -194.86% operating margin and consistent cash burn, the current cash position provides a limited runway, and investors should monitor for potential dilutive capital raises if operational losses do not narrow significantly.
P/E Ratio Misapplied to Unprofitable Model
The most commonly misapplied ratio is the Price-to-Earnings (P/E), which is meaningless at -3.12 due to persistent losses, and investors should instead focus on Price-to-Sales (P/S) of 5.93 to assess valuation relative to the shrinking revenue base.
Using a P/E multiple for C3.ai is analytically invalid because the company has no earnings to capitalize. The negative P/E simply reflects the magnitude of losses, not valuation. A more appropriate, though still challenging, metric is the P/S ratio, which at 5.93 appears elevated for a company with -35.67% year-over-year revenue growth. This multiple suggests the market is pricing in a future recovery or strategic value that is not yet reflected in the financials, creating a significant disconnect between valuation and current operational performance.