C3.ai vs I3 Verticals
C3.ai is the larger business, with $250m of revenue in fiscal 2026 against $213m for I3 Verticals (1.2 times as much). I3 Verticals grew faster (11.5% against -35.7%). I3 Verticals kept more of each dollar of sales as profit: a net margin of 8.4% against -187.9%.
| Latest fiscal year | C3.aiAI, 2026 | I3 VerticalsIIIV, 2025 |
|---|---|---|
| Revenue | $250m | $213m |
| Revenue growth | -35.7% | 11.5% |
| Net income | −$470m | $17.9m |
| Operating margin | -199.2% | — |
| Net margin | -187.9% | 8.4% |
| Return on equity | -63.0% | 4.6% |
| Free cash flow | −$192m | $3.8m |
| Cash | $66.2m | $66.7m |
| Total debt | $0 | $0 |
| Debt to equity | 0.0% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $37.6m |
| Employees | 764 | 1,202 |
| Market value | $1.79bn | $355m |
| Price vs our value range | — | — |
| Moat score | 13 (Weak) | 42 (Weak) |
| Insider trades, 12 months | 2 buys, 44 sales | 1 buys, 4 sales |