C3.ai, Inc. key statistics and ratios

In fiscal 2026, C3.ai, Inc. had return on equity of -63.0%, an operating margin of -199.2%, debt equal to 0.0% of equity and a current ratio of 6.64. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

C3.ai, Inc.: financial ratios, annual
Fiscal year	2019Apr 2019	2020Apr 2020	2021Apr 2021	2022Apr 2022	2023Apr 2023	2024Apr 2024	2025Apr 2025	2026Apr 2026	LTMJul 2026
Gross margin	66.8%	75.2%	75.7%	74.8%	67.6%	57.5%	60.6%	30.9%	29.1%
Operating margin	−39.3%	−45.6%	−32.9%	−77.6%	−108.9%	−102.5%	−83.4%	−199.2%	−203.1%
Net margin	−36.4%	−44.3%	−30.4%	−76.0%	−100.8%	−90.1%	−74.2%	−187.9%	−192.1%
Free-cash-flow margin	−45.5%	−40.6%	−21.4%	−35.7%	−69.8%	−28.2%	−11.4%	−76.8%	−67.0%
Return on equity	—	—	−12.7%	−18.7%	−28.0%	−31.0%	−33.7%	−63.0%	−66.2%
Return on assets	—	−22.7%	−7.4%	−16.2%	−23.6%	−26.1%	−28.0%	−51.1%	−52.8%
Asset turnover	—	0.51	0.24	0.21	0.23	0.29	0.38	0.27	0.27
Current ratio	—	3.47	9.42	7.06	6.53	8.84	6.86	6.64	6.16
Debt to equity	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
R&D as % of revenue	40.7%	41.2%	37.6%	59.6%	79.0%	64.8%	58.2%	91.5%	90.8%
Capital spending as % of revenue	7.4%	1.5%	0.9%	1.5%	26.4%	8.1%	0.8%	0.8%	0.5%

US$ thousands unless shown otherwise. Fiscal quarters.

C3.ai, Inc.: financial ratios, quarterly
Quarter	2025 Q2Oct 2024	2025 Q3Jan 2025	2025 Q4Apr 2025	2026 Q1Jul 2025	2026 Q2Oct 2025	2026 Q3Jan 2026	2026 Q4Apr 2026	2027 Q1Jul 2026
Gross margin	61.3%	59.1%	62.1%	37.6%	40.4%	17.3%	21.9%	31.8%
Operating margin	−79.8%	−88.7%	−81.8%	−177.7%	−149.2%	−263.6%	−234.8%	−187.6%
Net margin	−69.9%	−81.2%	−73.3%	−166.2%	−139.3%	−250.4%	−224.0%	−177.2%
Free-cash-flow margin	−41.9%	−22.7%	9.5%	−48.8%	−62.4%	−105.5%	−106.1%	3.9%
Current ratio	7.52	6.74	6.86	7.65	6.47	6.58	6.64	6.16
R&D as % of revenue	59.1%	60.1%	53.7%	92.0%	77.7%	110.4%	91.6%	88.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · July 31, 2026

What it owns · $875m

Short-term assets $770mLonger-term assets $105m

What it owes, and who funded it · $875m

Short-term liabilities $125mLonger-term liabilities $55mShareholders' equity $695m

Short-term assets cover short-term liabilities $770m of assets due within a year against $125m of liabilities due within a year.
Short-term assets cover long-term liabilities $770m short-term assets against $55m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From C3.ai, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

13 /100

Weak moat

How hard C3.ai's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Cash operating profit has been a median -13.6% of total assets over 5 years.
Pricing power 12 / 20

Gross margin has been a median 61.0%, moving by 15.4 percentage points (standard deviation) across 6 years.
Durability 10 / 20

Operating margin has been a median -99.3%; its worst year was -203.1%.
Cash conversion 0 / 20

Free cash flow was positive in 0 of 6 years, at a median -39.6% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (28 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from C3.ai, Inc.'s SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to C3.ai, Inc.