C3.ai, Inc.
AI Technology Software Infrastructure
C3.ai, Inc.’s revenue for fiscal 2026 (year ended April 2026) was $250.3 million, down 35.7% from fiscal 2025. In the quarter to July 2026, revenue fell 25.5%, EPS grew 30.2% and free cash flow grew 106.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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C3.ai, Inc. (AI) Altman Z-score
C3.ai, Inc.'s Altman Z-score for fiscal 2026 is 0.58, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 0.58 | (6.86) |
| FY2025 | 7.45 | (1.09) |
| FY2024 | 8.53 | 2.59 |
| FY2023 | 5.94 | 0.12 |
| FY2022 | 5.82 | (14.46) |
| FY2021 | 20.27 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.74 | — | 0.88 | |
| Retained earnings / total assets | (2.27) | — | −3.17 | |
| EBIT / total assets | (0.61) | — | −2.02 | |
| Market value of equity / total liabilities | 7.63 | — | 4.58 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Distress zone | 0.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.43 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RAMP LiveRamp Holdings, Inc. compare | 5.9× |
| GCT GigaCloud Technology Inc. compare | 3.5× |
| ATEN A10 Networks, Inc. compare | 3.2× |
| EVTC Evertec, Inc. compare | 2.0× |
| MQ Marqeta, Inc. compare | 1.7× |
| AI C3.ai, Inc. | 0.6× |
| NN NextNav Inc. compare | −2.2× |
| INFQ Infleqtion, Inc. compare | — |
| FORG ForgeRock, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets