C3.ai
AI on NYSE. C3 AI sells AI software applications to organizations. Market value $1.2bn.
Price checks use the past 12 months to July 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to April 2026.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -36 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$11.24 a share, 46% above its 1-year low
Over the past year the price has ranged from $7.68 to $20.06.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $253m | $267m | $311m | $389m | $250m |
| Operating margin | |||||
| Operating margin | -77.6% | -108.9% | -102.5% | -83.4% | -199.2% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.11bn | 0.12bn | 0.13bn | 0.14bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)1 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsSlow, 6.4% a year
- Buying back its own sharesNo, 35% more shares since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $52 million last quarter, down 25% on a year ago.
- A loss of $93 million, compared with a loss of $117 million a year ago.
- It loses 203 cents on each $1 of sales, compared with 101 cents a year earlier.
- 14% more shares than a year ago. Each share owns a bit less of the company.
- It has $136 million more cash than debt, up from $81 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $94m |
| January 2025 | $99m |
| April 2025 | $109m |
| July 2025 | $70m |
| October 2025 | $75m |
| January 2026 | $53m |
| April 2026 | $52m |
| July 2026 | $52m |
| Quarter to | Amount |
|---|---|
| October 2024 | -$66m |
| January 2025 | -$80m |
| April 2025 | -$80m |
| July 2025 | -$117m |
| October 2025 | -$105m |
| January 2026 | -$133m |
| April 2026 | -$116m |
| July 2026 | -$93m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 June 2026
- Next quarterly (estimated, 10-Q)
- 9 December 2026
Who owns it
None of the long-term investors we follow own it. 318 funds in all.
Largest holders overall
- BlackRock$130mAdded
- Vanguard Portfolio Management$82mAdded
- Vanguard Capital Management$54mAdded
- Morgan Stanley$46mCut
- BNP Paribas Financial Markets$32mAdded
- State Street$32mAdded
- Geode Capital Management$31mAdded
- Goldman Sachs Group$29mCut
- Millennium Management$29mAdded
- HRT Financial LP$27mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Thomas M SiebelPassive investorat least 15.3%−1.9 pts(filed with 5 related holders)Since 31 March 2026
- BlackRock, Inc.Passive investor6.8%−1.2 ptsSince 31 March 2026
- Vanguard Portfolio ManagementPassive investor6.1%Since 31 March 2026
- G1 Execution Services, LLCPassive investorat least 2.9%−2.4 pts(filed with 4 related holders)Since 31 December 2025
- Voya Financial, Inc.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Thomas M Siebel Passive investor | at least 15.3%−1.9 pts (filed with 5 related holders) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.8%−1.2 pts | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 6.1% | 31 March 2026 | |
G1 Execution Services, LLC Passive investor | at least 2.9%−2.4 pts (filed with 4 related holders) | 31 December 2025 | |
Voya Financial, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $302,300 of shares on the open market. 4 sold $81m, $72m of it under preset trading plans.
- Lath HiteshCHIEF FINANCIAL OFFICERSold
- Date
- 16 September 2026
- Shares
- 21,077
- Price
- $10.48
- Value
- $220,887
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 162,247
- Price
- $10.54
- Value
- $2m
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 282,001
- Price
- $10.90
- Value
- $3m
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSold
- Date
- 14 September 2026
- Shares
- 22,780
- Price
- $10.56
- Value
- $240,557
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSold
- Date
- 2 September 2026
- Shares
- 16,890
- Price
- $10.30
- Value
- $173,967
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 453,314
- Price
- $10.51
- Value
- $5m
- Lath HiteshCHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 4 August 2026
- Shares
- 20,000
- Price
- $10.00
- Value
- $200,000
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSold
- Date
- 3 August 2026
- Shares
- 139,500
- Price
- $9.61
- Value
- $1m
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 198,465
- Price
- $9.32
- Value
- $2m
- SIEBEL THOMAS MCEO and Chairman of the Board, DirectorSoldunder a preset trading plan
- Date
- 14 July 2026
- Shares
- 264,100
- Price
- $9.07
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Lath Hitesh CHIEF FINANCIAL OFFICER | Sold | 21,077 | $10.48 | $220,887 |
| 16 September 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold under a preset trading plan | 162,247 | $10.54 | $2m |
| 15 September 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold under a preset trading plan | 282,001 | $10.90 | $3m |
| 14 September 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold | 22,780 | $10.56 | $240,557 |
| 2 September 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold | 16,890 | $10.30 | $173,967 |
| 11 August 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold under a preset trading plan | 453,314 | $10.51 | $5m |
| 4 August 2026 | Lath Hitesh CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 20,000 | $10.00 | $200,000 |
| 3 August 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold | 139,500 | $9.61 | $1m |
| 15 July 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold under a preset trading plan | 198,465 | $9.32 | $2m |
| 14 July 2026 | SIEBEL THOMAS M CEO and Chairman of the Board, Director | Sold under a preset trading plan | 264,100 | $9.07 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Jun 2026, plus the 10-Q filed 9 Sep 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.