C3.ai

Information Technology Services · Technology

Price

$10.30

-0.01 (-0.10%)

Market Cap

$1.57B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+34.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 104.4M (2022) → 140.5M (2026)

Winston Score History

The full picture

C3.ai builds software that helps large companies use artificial intelligence in their daily operations. Its products are pre-built AI applications — tools that can predict equipment failures, detect fraud, or manage energy use — sold mainly to big businesses in industries like oil and gas, defense, financial services, and manufacturing. The company partners with major cloud providers like Microsoft Azure and Google Cloud to reach customers.

C3.ai charges customers through software subscriptions and usage-based contracts, giving it recurring revenue when deals hold. It operates primarily in the United States but serves some international clients, and its partnerships with large cloud platforms give it a distribution advantage smaller AI software firms lack. However, the company is deeply unprofitable, spending far more than it earns, and faces intense competition from larger technology companies building similar AI tools in-house — making the path to sustainable profitability the central challenge for the business going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-52.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-31.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$229M/ year

→ Flat (+1% vs prior year)

91.5% of revenue

6.1x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

9.8%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

$575M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$575M cash & investments at current burn rate

Revenue declining

C3.ai's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

21.9%

Thin — 21.9% gross margin

Profit after running costs

Operating Margin

-213.8%

Losing money on operations — -213.8%

Return on the money invested

ROCE

-74.6%

Weak — -74.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-35.7%

Shrinking sales (-35.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-76.2%

Burning cash (-76.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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