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C3.ai, Inc.

AI · Technology · FY2026 filings · · not refreshed in 36 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

35

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $253M to $250M, decreasing; diluted EPS -1.84 to -3.35, decreasing.

77

Median gross margin 67.2% over 8y, variable.

0

Median ROIC -35.6%, above the 12% hurdle in 0% of years.

55

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$8.15
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

9 years of fundamentals

The business, in plain English

C3.ai, Inc. booked $250M of revenue in FY2026 in the Technology sector and kept 30.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, −187.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $91.6M (FY2019) to $250M (FY2026) — about 15.4% a year compounded over 7 years.

It earned −67.0% on invested capital in the latest filed year, FY2026. Across the full 6-year measurable filed record, median ROIC was −35.6%. Over the v3 recent window (6 measurable filed years), median ROIC was −35.6%. The Returns on Capital filter above scores it 0/100.

AI's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (77/100) and Returns on Capital the weakest (0/100), which is how AI lands at 42/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2018–FY2026 · 9 fiscal years, normalized from AI’s SEC filings

Sales, as filed$250M FY2026
$0$200M$400M2018202120242026
Revenue kept after cost of goods30.9% FY2026
0%50%2018202120242026
Standard ROIC or separately labeled Operating ROICROIC −67.0% FY2026
−50%−25%0%2018202120242026
Cash an owner could take out−$459M FY2026
−$400M−$200M$02018202120242026

Gaps in a line mean that item isn’t in AI’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Visual explainers

The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.2 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Sep 1, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (5 versus 3). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Dwyer John CharlesDirectorGrant, award, or other acquisition (A)Table II · Acquired · Option (Right to Buy)132,077—Grant, award, or other acquisition (A)—132,077Aug 25, 2026
1 filed lot
  • Table II · Option (Right to Buy): 132,077 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 132,077 ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event453,314$3.90$1,767,9251,175,676Aug 11, 2026
1 filed lot
  • Table I · Class A Common Stock: 453,314 shares at $3.90 · code M · owned after 1,175,676 · Paired event: 453,314 Stock Option (Right to Buy) → 453,314 Class A Common Stock ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock453,314$10.51$4,764,330722,362Aug 11, 2026
1 filed lot
  • Table I · Class A Common Stock: 453,314 shares at $10.51 · code S · owned after 722,362 ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 1 paired event453,314—Exercise or conversion of derivative security (M)—2,413,196Aug 11, 2026
1 filed lot
  • Table II · Stock Option (Right to Buy): 453,314 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,413,196 · Paired event: 453,314 Stock Option (Right to Buy) → 453,314 Class A Common Stock ·
Lath HiteshCHIEF FINANCIAL OFFICEROpen-market or private sale (S)Table I · Disposed · Class A Common Stock20,000$10.00$200,000363,106Aug 4, 2026
1 filed lot
  • Table I · Class A Common Stock: 20,000 shares at $10.00 · code S · owned after 363,106 ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerGift (G)Table I · Disposed · Class A Common Stock143,834—Gift (G)—722,362Aug 4, 2026
1 filed lot
  • Table I · Class A Common Stock: 143,834 shares at — (Gift (G)) · code G · owned after 722,362 ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerGift (G)Table I · Acquired · Class A Common Stock143,834—Gift (G)—7,067,187Aug 4, 2026
1 filed lot
  • Table I · Class A Common Stock: 143,834 shares at — (Gift (G)) · code G · owned after 7,067,187 ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock139,500$9.61$1,340,595866,196Aug 3, 2026
1 filed lot
  • Table I · Class A Common Stock: 139,500 shares at $9.61 · code S · owned after 866,196 ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event283,334Not disclosedNot disclosed1,005,696Aug 2, 2026
1 filed lot
  • Table I · Class A Common Stock: 283,334 shares at Not disclosed · code M · owned after 1,005,696 · Paired event: 283,334 Performance Restricted Stock Units → 283,334 Class A Common Stock ·
SIEBEL THOMAS MDirector, CEO and Chairman of the Board, 10% ownerExercise or conversion of derivative security (M)Table II · Disposed · Performance Restricted Stock Units · 1 paired event283,334—Exercise or conversion of derivative security (M)—0Aug 2, 2026
1 filed lot
  • Table II · Performance Restricted Stock Units: 283,334 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 283,334 Performance Restricted Stock Units → 283,334 Class A Common Stock ·

Source-event as of . Retrieved .

Technology context

#429 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #427TBCH TURTLE BEACH CORPORATION42.4Shallow moat
  2. #428BNAI Brand Engagement Network Inc.42.3Shallow moat
  3. #430VTIX Virtuix Holdings Inc.42.2Shallow moat
  4. #431VERI Veritone, Inc.42.1Shallow moat

Compare AI with its nearest peers →All Technology companies on the Index →

Common questions about AI

Does C3.ai, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores C3.ai, Inc. (AI) 42.2 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 35, pricing power 77, returns on capital 0, balance-sheet safety 55, capital allocation 44.
How has AI's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 42.2 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AI. See the disclaimer.