C3.ai (AI)


Market Price (11/11/2026): $11.83 | Market Cap: $1.9 BilSector: Information Technology | Industry: Systems Software

C3.ai (AI)


Market Price (11/11/2026): $11.83
Market Cap: $1.9 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -35%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include AI Software Platforms, Software as a Service (SaaS), Show more.

Weak multi-year price returns
2Y Excs Rtn is -86%, 3Y Excs Rtn is -132%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -460 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -198%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -38%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.5%, Rev Chg QQuarterly Revenue Change % is -25%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 111%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -67%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -67%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 27%

Key risks
AI key risks include [1] persistent unprofitability and a high cash burn rate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -35%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include AI Software Platforms, Software as a Service (SaaS), Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -86%, 3Y Excs Rtn is -132%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -460 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -198%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -38%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.5%, Rev Chg QQuarterly Revenue Change % is -25%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 111%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -67%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -67%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30%
8 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 27%
9 Key risks
AI key risks include [1] persistent unprofitability and a high cash burn rate, Show more.

AI in ETFs

Weight = AI's share of each fund

VTI0.00%
ITOT0.00%
IWM0.06%
VB0.02%
NUSC0.12%
IWN0.12%
IGV0.06%
VTWO0.05%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Prices as of 11/10/2026

Oct 16: down 6.9% in one day (S&P 500 down 1.1%)
The stock declined without specific company news. Market headlines reported a wider tech and software sell-off, citing Fed concerns and "cracks in AI trade."

Up 56.9% from its Jul 23 low to Oct 26, down 7.4% since (S&P 500 up 3.7%)
The stock saw a significant gain over this period, with its largest daily increases on July 27, August 27, and September 30 occurring without specific company news. The S&P 500 showed a modest rise over the same timeframe.

Sep 3: up 3.6% the day after its Sep 2 earnings report (S&P 500 up 1.0%)
The stock gained after its Q1 earnings report showed a smaller-than-expected loss of $0.20 per share, beating estimates, and revenue also surpassed expectations. Market headlines noted dovish Fed comments easing rate fears.

Show more
Prices as of 11/10/2026

Oct 16: down 6.9% in one day (S&P 500 down 1.1%)
The stock declined without specific company news. Market headlines reported a wider tech and software sell-off, citing Fed concerns and "cracks in AI trade."

Up 56.9% from its Jul 23 low to Oct 26, down 7.4% since (S&P 500 up 3.7%)
The stock saw a significant gain over this period, with its largest daily increases on July 27, August 27, and September 30 occurring without specific company news. The S&P 500 showed a modest rise over the same timeframe.

Sep 3: up 3.6% the day after its Sep 2 earnings report (S&P 500 up 1.0%)
The stock gained after its Q1 earnings report showed a smaller-than-expected loss of $0.20 per share, beating estimates, and revenue also surpassed expectations. Market headlines noted dovish Fed comments easing rate fears.

Show less
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Stock Movement Drivers

Fundamental Drivers

The 29.0% change in AI stock from 7/31/2026 to 11/10/2026 was primarily driven by a 47.4% change in the company's P/S Multiple.
(LTM values as of)731202611102026Change
Stock Price ($)9.1811.8429.0%
Change Contribution By: 
Total Revenues ($ Mil)250232-7.1%
P/S Multiple5.47.947.4%
Shares Outstanding (Mil)146155-5.8%
Cumulative Contribution29.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/10/2026
ReturnCorrelation
AI29.0% 
Market (SPY)0.4%48.4%
Sector (XLK)-3.7%37.5%

Fundamental Drivers

The 34.1% change in AI stock from 4/30/2026 to 11/10/2026 was primarily driven by a 93.6% change in the company's P/S Multiple.
(LTM values as of)430202611102026Change
Stock Price ($)8.8311.8434.1%
Change Contribution By: 
Total Revenues ($ Mil)307232-24.4%
P/S Multiple4.17.993.6%
Shares Outstanding (Mil)142155-8.4%
Cumulative Contribution34.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/10/2026
ReturnCorrelation
AI34.1% 
Market (SPY)4.6%41.8%
Sector (XLK)6.0%35.4%

Fundamental Drivers

The -32.7% change in AI stock from 10/31/2025 to 11/10/2026 was primarily driven by a -37.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511102026Change
Stock Price ($)17.5811.84-32.7%
Change Contribution By: 
Total Revenues ($ Mil)372232-37.5%
P/S Multiple6.47.923.5%
Shares Outstanding (Mil)135155-12.7%
Cumulative Contribution-32.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/10/2026
ReturnCorrelation
AI-32.7% 
Market (SPY)10.9%45.6%
Sector (XLK)12.8%42.0%

Fundamental Drivers

The -51.5% change in AI stock from 10/31/2023 to 11/10/2026 was primarily driven by a -25.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202311102026Change
Stock Price ($)24.4011.84-51.5%
Change Contribution By: 
Total Revenues ($ Mil)274232-15.1%
P/S Multiple10.37.9-23.4%
Shares Outstanding (Mil)116155-25.4%
Cumulative Contribution-51.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/10/2026
ReturnCorrelation
AI-51.5% 
Market (SPY)85.5%46.6%
Sector (XLK)109.6%42.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AI Return-77%-64%157%20%-61%-12%-91%
Peers Return22%-54%90%83%25%1%148%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
AI Win Rate33%33%50%42%33%64% 
Peers Win Rate53%30%60%55%50%38% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
AI Max Drawdown-82%-68%-49%-45%-65%-45% 
Peers Max Drawdown-35%-59%-24%-30%-38%-44% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: PLTR, SNOW, DDOG, NOW, CRM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/10/2026 (YTD)

How Low Can It Go

EventAIS&P 500
2024 Yen Carry Trade Unwind
  % Loss-21.9%-7.8%
  % Gain to Breakeven28.0%8.5%
  Time to Breakeven104 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.5%-9.5%
  % Gain to Breakeven70.8%10.5%
  Time to Breakeven437 days24 days
2023 SVB Regional Banking Crisis
  % Loss-18.4%-6.7%
  % Gain to Breakeven22.6%7.1%
  Time to Breakeven13 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-63.7%-24.5%
  % Gain to Breakeven175.8%32.4%
  Time to Breakeven168 days427 days

Compare to PLTR, SNOW, DDOG, NOW, CRM

In The Past

C3.ai's stock fell -21.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 28.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAIS&P 500
2024 Yen Carry Trade Unwind
  % Loss-21.9%-7.8%
  % Gain to Breakeven28.0%8.5%
  Time to Breakeven104 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.5%-9.5%
  % Gain to Breakeven70.8%10.5%
  Time to Breakeven437 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-63.7%-24.5%
  % Gain to Breakeven175.8%32.4%
  Time to Breakeven168 days427 days

Compare to PLTR, SNOW, DDOG, NOW, CRM

In The Past

C3.ai's stock fell -21.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 28.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About C3.ai (AI)

C3.ai, Inc. (symbol: AI) is an enterprise artificial intelligence (AI) software company that develops and provides a comprehensive suite of software-as-a-service (SaaS) applications globally. At its foundation, the company offers the C3 AI Suite, a platform-as-a-service (PaaS) environment enabling customers to design, develop, and deploy their own enterprise AI applications. Additionally, C3.ai provides solutions like C3 AI Ex Machina for analyzing large datasets and C3 AI CRM, an AI-first customer relationship management system.

Beyond its core platform, C3.ai offers a range of pre-built, industry-specific AI applications designed to solve critical business problems. These include solutions such as C3 AI Inventory Optimization for managing stock levels, C3 AI Supply Network Risk for monitoring supply chain disruptions, C3 AI Predictive Maintenance to forecast equipment failures, C3 AI Fraud Detection, and C3 AI Energy Management. These applications aim to enhance operational efficiency, mitigate risks, and drive data-driven decision-making for large organizations.

C3.ai serves a diverse array of enterprise customers across various sectors, including oil and gas, chemicals, utilities, manufacturing, financial services, defense, healthcare, and telecommunications. The company operates internationally and expands its market reach and capabilities through strategic partnerships with industry leaders like Baker Hughes, FIS, Raytheon, AWS, Intel, and Microsoft.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe C3.ai:

  • SAP for enterprise AI.
  • Salesforce for industrial and operational AI.
  • Palantir for commercial enterprise AI solutions.

AI Analysis | Feedback

  • C3 AI Suite: A platform-as-a-service (PaaS) for designing, developing, and deploying enterprise AI applications.
  • C3 AI Ex Machina: A solution for preparing and analyzing data.
  • C3 AI CRM: An AI-first customer relationship management solution for customer-facing operations.
  • C3 AI Applications: A suite of integrated turnkey enterprise AI applications for various industry-specific functions, including Inventory Optimization, Supply Network Risk, Customer Churn Management, Production Schedule Optimization, Predictive Maintenance, Fraud Detection, and Energy Management.

AI Analysis | Feedback

Major Customers of C3.ai (AI)

C3.ai primarily sells its enterprise AI software applications to other companies (enterprises). Based on the provided information, C3.ai has strategic partnerships with several major corporations across various industries. While described as partnerships, for an enterprise software company, these often involve significant customer relationships where the partners either directly use C3.ai's solutions, integrate them into their offerings, or serve as major channels for C3.ai's products. The major companies identified through these strategic partnerships are:
  • Baker Hughes (BKR)
  • FIS (FIS)
  • Raytheon (RTX)
  • Amazon Web Services (part of Amazon, AMZN)
  • Intel (INTC)
  • Microsoft (MSFT)

AI Analysis | Feedback

  • Amazon (AMZN)
  • Intel (INTC)
  • Microsoft (MSFT)

AI Analysis | Feedback

Stephen Ehikian, Chief Executive Officer

Stephen Ehikian became the Chief Executive Officer of C3.ai effective September 1, 2025. He is a seasoned technology executive in the enterprise software industry. Prior to C3.ai, Mr. Ehikian successfully built and scaled two companies, RelateIQ and Airkit.ai, both of which were acquired by Salesforce. RelateIQ now underpins Salesforce Einstein, and Airkit.ai is a core component of Salesforce Agentforce. He also served as President Trump's appointee as Acting Administrator of the U.S. General Services Administration, where he led reforms in federal procurement and technology modernization and pioneered AI adoption.

Hitesh Lath, Senior Vice President and Chief Financial Officer

Hitesh Lath was appointed Chief Financial Officer of C3.ai, effective March 1, 2024. Before assuming the CFO role, he served as C3.ai's Vice President and Chief Accounting Officer from December 2023 to February 2024. Mr. Lath brings over 22 years of experience from EY, where he was most recently a partner in their San Jose, CA office, serving various technology clients from Fortune 100 companies to Silicon Valley startups.

Thomas M. Siebel, Executive Chairman

Thomas M. Siebel founded C3.ai in 2009 and served as its Chief Executive Officer and Chairman, leading the company from its inception through a successful initial public offering. He transitioned to the role of Executive Chairman in September 2025. Prior to C3.ai, Mr. Siebel founded and served as the Chief Executive Officer of Siebel Systems, which was a leader in application software before merging with Oracle Corporation in January 2006. Siebel Systems, founded in 1993, grew to have over 8,000 employees in 32 countries, more than 4,500 corporate customers, and annual revenue exceeding $2 billion. Mr. Siebel is also the chairman of First Virtual Group, a diversified holding company.

Edward Abbo, Executive Vice President and Chief Technology Officer

Edward Abbo has served as the Executive Vice President and Chief Technology Officer of C3.ai since July 2011. He previously held the position of Chief Executive Officer of C3.ai from September 2009 to July 2011. Mr. Abbo co-founded C3.ai with Thomas M. Siebel. Before joining C3.ai, he served as Senior Vice President of Engineering and Chief Technology Officer for Siebel Systems from July 1994 until its merger with Oracle Corporation in January 2006, and then as Senior Vice President of Oracle Corporation from January 2006 to July 2009.

Houman Behzadi, Executive Vice President and Chief Product Officer

Houman Behzadi has served as C3.ai's Chief Product Officer since October 2016. He previously served as Senior Vice President and Chief Product Officer, and prior to that, Senior Vice President of Products and Engineering and Vice President of Engineering at C3.ai. Before joining C3.ai, Mr. Behzadi held various leadership roles with Siebel Systems from January 2001 until its merger with Oracle Corporation in January 2006.

AI Analysis | Feedback

Here are the key risks to C3.ai:

  1. Challenges with Business Model Transition and Revenue Decline: C3.ai is undergoing a strategic shift from large, multi-year subscription contracts to a consumption-based pricing model, which has led to a significant year-over-year revenue decline, including a 46% drop in its fiscal third quarter 2026. This transition is fraught with execution risks, and analysts express concerns that the consumption-based model's adoption could be slower than projected, particularly if enterprise AI budgets remain constrained. The success of this fundamental business model change is critical for the company's future financial stability and growth.
  2. Intense Competition and Difficulty Achieving Profitability: The enterprise artificial intelligence market is highly competitive, with C3.ai facing established rivals such as IBM, Microsoft, Palantir, and Salesforce, which possess broader customer bases and stronger brand recognition. C3.ai has reported increasing net losses and concerns persist regarding its ability to achieve and maintain profitability given its high operating expenses and the struggle to capture significant market share against larger players.
  3. Customer Concentration Risk: C3.ai's revenue is substantially dependent on a limited number of customers, with a significant portion historically tied to the energy sector, including a major client like Baker Hughes. This concentration makes the company vulnerable to substantial revenue reductions if these key customer relationships are not maintained, if contracts are not renewed, or if there is a decline in spending from these major clients.

AI Analysis | Feedback

The primary clear emerging threat to C3.ai stems from the major hyperscale cloud providers, such as AWS, Microsoft Azure, and Google Cloud. While C3.ai partners with some of these companies, these same partners are rapidly expanding their own comprehensive enterprise AI/ML platforms and solutions. These cloud providers offer robust platform-as-a-service (PaaS) environments (e.g., AWS SageMaker, Azure ML, Google Vertex AI) that directly compete with C3.ai's C3 AI Suite for developing and deploying enterprise AI applications. Furthermore, they are increasingly offering pre-built, industry-specific AI applications and services that could diminish the need for specialized third-party solutions like those provided by C3.ai. This trend represents a potential disintermediation where enterprises may opt to leverage the integrated AI capabilities directly from their existing cloud providers, who control the underlying infrastructure and can offer deeply integrated, potentially more cost-effective, and comprehensive solutions.

AI Analysis | Feedback

C3.ai (NYSE: AI) operates within several significant addressable markets for its enterprise artificial intelligence (AI) software and services.

The company itself estimates its total addressable market (TAM) to be $271 billion in 2024. More broadly, the global enterprise AI market is projected to offer an opportunity of $600 billion by the end of 2026. Global spending on enterprise AI is expected to reach $423 billion by 2027.

For its core offering, the C3 AI Suite, which provides an AI software platform, the global market for AI software platforms is expected to grow from $28 billion in 2023 to $153 billion in 2028. Furthermore, with its focus on generative AI and agentic AI capabilities, C3.ai addresses the global market for decision-making AI agents, which is projected to expand from $8 billion in 2026 to $215 billion by 2035.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for C3.ai (AI) over the next 2-3 years: * **Expansion of Strategic Partnerships and Ecosystem:** C3.ai is heavily focused on expanding its partner ecosystem, which includes hyperscalers like Microsoft, AWS, and Google Cloud, as well as advisory alliances such as McKinsey QuantumBlack, PwC, and Booz Allen Hamilton. This strategy is proving to be a significant growth driver, expanding market reach, accelerating sales cycles, and increasing the adoption of its enterprise AI applications. For instance, in fiscal year 2025, 73% of agreements were completed through partnerships, with partner-supported bookings rising 419% year-over-year in the fiscal fourth quarter. The joint qualified opportunity pipeline with partners also saw a substantial increase of 108% year-over-year in Q2 FY26. * **Growing Demand for Enterprise AI and Generative AI Solutions:** The rapidly expanding enterprise AI market, coupled with C3.ai's innovative product portfolio, particularly its generative AI offerings, is expected to fuel revenue growth. The company launched 30 generative AI products in fiscal year 2024 and experienced overwhelming market interest, with tens of thousands of inquiries from businesses for these applications. C3.ai's comprehensive suite of AI applications and generative AI capabilities position it to meet this rising demand and capture a larger market share. * **Federal and Defense Sector Expansion:** The federal market has emerged as a significant growth vector for C3.ai. The company is actively investing in this sector and has secured new and expanded agreements with various U.S. government agencies and defense contractors. Bookings across federal, defense, and aerospace increased by 89% year-over-year in Q2 FY26, representing 45% of total bookings. This accelerated federal growth is driven by the demand for secure commercial off-the-shelf (COTS) enterprise-scale AI platforms for mission-critical operations. * **Shift to Consumption-Based Pricing Model:** In early 2025, C3.ai transitioned to a consumption-based pricing model. This shift aims to lower entry barriers for mid-market customers and accelerate the adoption of enterprise AI applications. While this may lead to some short-term revenue variability, the strategy is designed to drive sustained usage and long-term revenue growth by aligning C3.ai's revenue directly with customer utilization and value realization.

AI Analysis | Feedback

Share Repurchases

  • In June 2021, C3.ai's Board of Directors authorized a stock repurchase program of up to $100 million of its Class A common stock over an 18-month period.

Share Issuance

  • C3.ai conducted its Initial Public Offering (IPO) on December 9, 2020, raising $651 million by selling 15.5 million shares at $42 per share. This IPO increased the company's cash reserves by approximately $1 billion.
  • The 2020 Incentive Plan, effective with the IPO, allows for the grant of various equity awards, with reserved shares subject to automatic annual increases.
  • In September 2025, the company adopted the 2025 Inducement Plan, reserving 5,000,000 shares of Class A Common Stock for issuance.

Inbound Investments

  • As part of its December 2020 IPO, Spring Creek Capital, an affiliate of Koch Industries, committed to buying $100 million in common stock, and Microsoft committed to buying $50 million in common stock through a private placement at the IPO price.

Capital Expenditures

  • C3.ai's capital expenditures were forecasted at $3.791 million for 2025, $70.52 million for 2026, and $25.26 million for 2027.
  • Historically, C3.ai has financed its operations and capital expenditures primarily through equity issuances and cash generated from its operations.
  • At the start of fiscal year 2024, C3.ai shifted its focus from near-term profitability to increasing investments in its AI-oriented modules.

Better Bets vs. C3.ai (AI)

Peer Outperformance in Systems Software

AI has trailed 63% of its 70 Systems Software peers over 5Y. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that AI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
43%
of 86 industry peers · -26.4% return
3Y
24%
of 72 industry peers · -55.7% return
5Y
37%
of 70 industry peers · -74.3% return
No Systems Software peer with a comparable growth profile has beaten AI by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is AI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 10 8.7%105.3%182.1% FLEX 481% · TTMI 407% · JBL 298%
Technology Distributors 9 52.0%61.1%61.1% AVT 145% · SNX 122% · CNXN 79%
Semiconductor Materials & Equipment 28 37.5%48.1%42.4% AXTI 350% · KLAC 297% · LRCX 286%
Communications Equipment 36 6.5%99.5%38.9% AAOI 740% · LITE 541% · ANET 467%
Electronic Components 24 18.4%82.4%33.7% CLS 1885% · BELFA 1079% · APH 306%
Electronic Equipment & Instruments 27 -4.5%31.5%0.9% PI 135% · OSIS 106% · MIR 64%
Semiconductors 55 11.2%41.5%-4.2% MU 912% · AVGO 561% · NVDA 476%
Technology Hardware, Storage & Peripherals 21 9.7%81.0%-11.6% WDC 603% · DELL 551% · SMCI 534%
IT Consulting & Other Services 30 -14.4%0.2%-23.1% APLD 307% · IBM 145% · GIB -5%
Internet Services & Infrastructure 6 -8.9%41.0%-25.0% GDDY 59% · VRSN 37% · AKAM -24%
Application Software 126 -12.6%-11.4%-54.8% PLTR 650% · FROG 178% · AGYS 151%
Systems Software ← 71 -9.6%12.4%-59.8% ZETA 254% · CRWD 221% · CVLT 151%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AIPLTRSNOWDDOGNOWCRMMedian
NameC3.ai Palantir.SnowflakeDatadog ServiceN.Salesfor. 
Mkt Price11.83170.37296.89178.99100.15213.83174.68
Mkt Cap1.8409.9103.764.2103.6175.3103.7
Rev LTM2327,2885,4354,27815,43143,9386,361
Op Inc LTM-4603,326-1,237991,4939,455796
FCF LTM-1564,0541,1931,1094,75015,1542,624
FCF 3Y Avg-1052,2769149034,00113,0371,595
CFO LTM-1554,0971,2531,2685,33415,7502,682
CFO 3Y Avg-992,3039941,0274,80413,6641,665

Growth & Margins

AIPLTRSNOWDDOGNOWCRMMedian
NameC3.ai Palantir.SnowflakeDatadog ServiceN.Salesfor. 
Rev Chg LTM-37.5%87.1%32.0%33.2%21.8%11.2%26.9%
Rev Chg 3Y Avg-1.5%52.9%30.5%28.7%22.1%9.9%25.4%
Rev Chg Q-25.5%95.9%35.1%35.2%20.5%10.8%27.8%
QoQ Delta Rev Chg LTM-7.1%18.4%8.0%7.9%4.7%2.6%6.3%
Op Inc Chg LTM-22.2%291.5%19.7%329.5%-14.9%12.8%16.2%
Op Inc Chg 3Y Avg-16.6%442.9%-9.3%115.4%39.7%31.8%35.7%
Op Mgn LTM-198.1%45.6%-22.8%2.3%9.7%21.5%6.0%
Op Mgn 3Y Avg-132.2%27.1%-32.9%1.3%11.9%20.6%6.6%
QoQ Delta Op Mgn LTM-3.3%2.8%3.4%1.9%-1.7%-0.3%0.8%
CFO/Rev LTM-66.5%56.2%23.1%29.6%34.6%35.8%32.1%
CFO/Rev 3Y Avg-35.6%46.8%23.7%31.0%37.8%34.1%32.5%
FCF/Rev LTM-67.0%55.6%22.0%25.9%30.8%34.5%28.4%
FCF/Rev 3Y Avg-37.7%46.2%21.7%27.3%31.2%32.5%29.2%

Valuation

AIPLTRSNOWDDOGNOWCRMMedian
NameC3.ai Palantir.SnowflakeDatadog ServiceN.Salesfor. 
Mkt Cap1.8409.9103.764.2103.6175.3103.7
P/S7.956.219.115.06.74.011.4
P/Op Inc-4.0123.2-83.8651.069.418.544.0
P/EBIT-4.0123.2-97.2212.347.513.830.7
P/E-4.1111.7-95.1245.071.718.144.9
P/CFO-11.9100.082.750.619.411.135.0
Total Yield-24.3%0.9%-1.1%0.4%1.4%6.4%0.7%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.9%0.0%
FCF Yield 3Y Avg-5.1%0.8%1.4%1.6%2.4%6.0%1.5%
D/E0.00.00.00.00.10.20.0
Net D/E-0.4-0.00.0-0.10.00.2-0.0

Returns

AIPLTRSNOWDDOGNOWCRMMedian
NameC3.ai Palantir.SnowflakeDatadog ServiceN.Salesfor. 
1M Rtn2.6%-18.5%-19.5%-39.0%-28.9%-6.7%-19.0%
3M Rtn11.3%-2.6%-11.1%-27.5%-21.5%8.5%-6.9%
6M Rtn34.6%25.3%95.3%-10.5%12.5%25.4%25.3%
12M Rtn-26.4%-12.0%10.6%-10.4%-42.2%-10.8%-11.4%
3Y Rtn-55.7%766.1%85.1%72.7%-21.1%2.0%37.3%
1M Excs Rtn5.2%-15.2%-14.3%-34.4%-25.3%-5.3%-14.7%
3M Excs Rtn19.9%2.2%-8.1%-23.1%-17.3%13.4%-2.9%
6M Excs Rtn32.6%23.2%93.3%-12.5%10.5%23.3%23.3%
12M Excs Rtn-36.0%-16.6%0.7%-18.6%-54.2%-22.3%-20.5%
3Y Excs Rtn-131.8%728.0%24.4%44.7%-91.1%-68.3%-21.9%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Subscriptions227328278230 
Prioritized engineering services184326  
Service fees5187  
Professional services   3646
Subscription    207
Total250389311267253


Price Behavior

Price Behavior
Market Price$11.84 
Market Cap ($ Bil)1.8 
First Trading Date12/09/2020 
Distance from 52W High-26.4% 
   50 Days200 Days
DMA Price$11.27$10.00
DMA Trendupdown
Distance from DMA5.0%18.4%
 3M1YR
Volatility45.0%58.3%
Downside Capture89.92254.07
Upside Capture197.56192.36
Correlation (S&P 500)45.6%44.9%
AI Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.451.651.811.552.071.96
Up Beta-3.711.332.621.682.001.73
Down Beta3.032.482.280.811.501.45
Up Capture192%197%228%245%305%1421%
Bmk +ve Days12182862130427
Stock +ve Days14253665125361
Down Capture52%95%69%140%167%113%
Bmk -ve Days10253664121325
Stock -ve Days8182859124383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AI
AI-23.8%58.3%-0.25-
Sector ETF (XLK)17.8%28.5%0.5641.1%
Equity (SPY)12.7%13.7%0.6244.6%
Gold (GLD)0.3%28.9%0.0017.3%
Commodities (DBC)34.5%21.3%1.28-3.8%
Real Estate (VNQ)11.7%14.2%0.539.2%
Bitcoin (BTCUSD)-27.7%43.5%-0.6340.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AI
AI-23.6%77.6%-0.02-
Sector ETF (XLK)16.6%26.5%0.5745.9%
Equity (SPY)11.6%17.3%0.5046.7%
Gold (GLD)17.2%19.1%0.728.0%
Commodities (DBC)7.4%19.6%0.266.4%
Real Estate (VNQ)1.4%18.9%-0.0434.5%
Bitcoin (BTCUSD)3.4%51.5%0.2528.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AI
AI-18.5%80.1%-0.09-
Sector ETF (XLK)22.9%25.3%0.8343.1%
Equity (SPY)15.2%18.0%0.7142.9%
Gold (GLD)11.7%16.6%0.586.5%
Commodities (DBC)7.5%18.1%0.337.5%
Real Estate (VNQ)5.9%20.7%0.2431.1%
Bitcoin (BTCUSD)59.5%66.3%0.9923.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity42.1 Mil
Short Interest: % Change Since 10152026-0.0%
Average Daily Volume5.0 Mil
Days-to-Cover Short Interest8.5 days
Basic Shares Quantity155.0 Mil
Short % of Basic Shares27.2%

Earnings Returns History

Updated 10/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/20263.6%-0.5%4.7%
6/3/2026-1.2%0.8%-13.4%
2/25/20261.9%-10.1%-18.2%
12/3/20254.5%11.6%-3.3%
9/3/2025-7.3%-6.4%9.4%
5/28/202520.8%14.1%5.3%
2/26/20250.4%-16.1%-12.5%
12/9/20242.9%-2.6%-17.8%
...
SUMMARY STATS   
# Positive988
# Negative131414
Median Positive2.9%11.7%5.0%
Median Negative-8.2%-9.2%-12.9%
Max Positive20.8%27.8%33.3%
Max Negative-19.3%-19.0%-30.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/20263.6%-0.5%4.7%
6/3/2026-1.2%0.8%-13.4%
2/25/20261.9%-10.1%-18.2%
12/3/20254.5%11.6%-3.3%
9/3/2025-7.3%-6.4%9.4%
5/28/202520.8%14.1%5.3%
2/26/20250.4%-16.1%-12.5%
12/9/20242.9%-2.6%-17.8%
9/4/2024-8.2%-7.0%0.1%
5/29/202419.4%27.8%21.1%
2/28/2024-1.4%3.9%-9.4%
12/6/2023-3.0%-7.7%-9.3%
9/6/2023-12.2%-11.7%-23.0%
5/31/2023-13.2%-9.0%-8.9%
3/2/20232.8%19.7%33.3%
12/7/2022-0.1%10.2%-8.7%
8/31/2022-19.3%-19.0%-30.6%
6/1/2022-5.0%11.8%3.2%
3/2/20222.7%-9.4%4.6%
12/1/2021-8.5%-13.3%-11.9%
9/1/2021-10.2%-4.7%-13.6%
6/2/2021-10.4%-18.5%-16.2%
SUMMARY STATS   
# Positive988
# Negative131414
Median Positive2.9%11.7%5.0%
Median Negative-8.2%-9.2%-12.9%
Max Positive20.8%27.8%33.3%
Max Negative-19.3%-19.0%-30.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202609/09/202610-Q
04/30/202606/24/202610-K
01/31/202603/11/202610-Q
10/31/202512/09/202510-Q
07/31/202509/09/202510-Q
04/30/202506/23/202510-K
01/31/202503/07/202510-Q
10/31/202412/10/202410-Q
07/31/202409/05/202410-Q
04/30/202406/18/202410-K
01/31/202402/29/202410-Q
10/31/202312/07/202310-Q
07/31/202309/07/202310-Q
04/30/202306/22/202310-K
01/31/202303/03/202310-Q
10/31/202212/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202609/09/202610-Q
04/30/202606/24/202610-K
01/31/202603/11/202610-Q
10/31/202512/09/202510-Q
07/31/202509/09/202510-Q
04/30/202506/23/202510-K
01/31/202503/07/202510-Q
10/31/202412/10/202410-Q
07/31/202409/05/202410-Q
04/30/202406/18/202410-K
01/31/202402/29/202410-Q
10/31/202312/07/202310-Q
07/31/202309/07/202310-Q
04/30/202306/22/202310-K
01/31/202303/03/202310-Q
10/31/202212/08/202210-Q
07/31/202209/01/202210-Q
04/30/202206/23/202210-K
01/31/202203/03/202210-Q
10/31/202112/02/202110-Q
07/31/202109/02/202110-Q
04/30/202106/25/202110-K
01/31/202103/02/202110-Q
10/31/202012/09/2020424B4
07/31/202011/13/2020S-1
10/31/201912/07/2020S-1/A

Recent Forward Guidance

Updated 11/2/2026

Latest: Q1 2027 Earnings Reported 9/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2027 Non-GAAP loss from operationsReported-42.50 Mil-38.50 Mil-34.50 Mil-13.5% Higher NewGuidance: -44.50 Mil for Q1 2027
Q2 2027 Total RevenueReported51.00 Mil53.00 Mil55.00 Mil1.9% Higher NewGuidance: 52.00 Mil for Q1 2027
2027 Non-GAAP loss from operationsReported-155.00 Mil-139.00 Mil-123.00 Mil-3.5% RaisedGuidance: -144.00 Mil for 2027
2027 Total RevenueReported210.00 Mil225.00 Mil240.00 Mil0 AffirmedGuidance: 225.00 Mil for 2027


Prior: Q4 2026 Earnings Reported 6/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 Non-GAAP loss from operationsReported-48.50 Mil-44.50 Mil-40.50 Mil-25.8% Higher NewActual: -60.00 Mil for Q4 2026
Q1 2027 Total RevenueReported50.00 Mil52.00 Mil54.00 Mil4.0% Higher NewActual: 50.00 Mil for Q4 2026
2027 Non-GAAP loss from operationsReported-160.00 Mil-144.00 Mil-128.00 Mil-35.6% Higher NewActual: -223.50 Mil for 2026
2027 Total RevenueReported210.00 Mil225.00 Mil240.00 Mil-9.5% Lower NewActual: 248.70 Mil for 2026

Q3 2026 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Non-GAAP loss from operationsReported-64.00 Mil-60.00 Mil-56.00 Mil25.0% Lower NewGuidance: -48.00 Mil for Q3 2026
Q4 2026 Total RevenueReported48.00 Mil50.00 Mil52.00 Mil-34.2% Lower NewGuidance: 76.00 Mil for Q3 2026
2026 Non-GAAP loss from operationsReported-227.50 Mil-223.50 Mil-219.50 Mil14.3% LoweredGuidance: -195.50 Mil for 2026
2026 Annual cost savingsReported 135.00 Mil    
2026 Total RevenueReported246.70 Mil248.70 Mil250.70 Mil-17.0% LoweredGuidance: 299.50 Mil for 2026

Q2 2026 Earnings Reported 12/3/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Non-GAAP loss from operationsReported-52.00 Mil-48.00 Mil-44.00 Mil-10.3% Higher NewActual: -53.50 Mil for Q2 2026
Q3 2026 Total RevenueReported72.00 Mil76.00 Mil80.00 Mil0 Same NewActual: 76.00 Mil for Q2 2026
2026 Non-GAAP loss from operationsReported-210.50 Mil-195.50 Mil-180.50 Mil   
2026 Total RevenueReported289.50 Mil299.50 Mil309.50 Mil   

Insider Activity

Updated 10/28/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Siebel, Thomas MCEO and Chairman of the BoardDirectSell1014202611.82435,3635,145,0768,536,802Form
2Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell1014202612.3720,000247,4003,775,942Form
3Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell917202610.4821,077220,8873,888,457Form
4Siebel, Thomas MCEO and Chairman of the BoardDirectSell917202610.54162,2471,710,0837,613,695Form
5Siebel, Thomas MCEO and Chairman of the BoardDirectSell917202610.90282,0013,073,8117,873,746Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Siebel, Thomas MCEO and Chairman of the BoardDirectSell1014202611.82435,3635,145,0768,536,802Form
2Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell1014202612.3720,000247,4003,775,942Form
3Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell917202610.4821,077220,8873,888,457Form
4Siebel, Thomas MCEO and Chairman of the BoardDirectSell917202610.54162,2471,710,0837,613,695Form
5Siebel, Thomas MCEO and Chairman of the BoardDirectSell917202610.90282,0013,073,8117,873,746Form
6Siebel, Thomas MCEO and Chairman of the BoardDirectSell915202610.5622,780240,5577,860,315Form
7Siebel, Thomas MCEO and Chairman of the BoardDirectSell903202610.3016,890173,9677,603,542Form
8Siebel, Thomas MCEO and Chairman of the BoardDirectSell813202610.51453,3144,764,3307,592,025Form
9Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell806202610.0020,000200,0003,631,060Form
10Siebel, Thomas MCEO and Chairman of the BoardDirectSell80420269.61139,5001,340,5958,324,144Form
11Siebel, Thomas MCEO and Chairman of the BoardDirectSell71620269.32198,4651,849,0446,730,049Form
12Siebel, Thomas MCEO and Chairman of the BoardDirectSell71620269.07264,1002,395,3876,551,823Form
13Ehikian, Stephen BradleyChief Executive OfficerDirectSell70220269.4550,542477,6226,153,178Form
14Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell70120268.7748,619426,3893,359,840Form
15Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell617202610.9534,210374,6002,552,511Form
16Siebel, Thomas MCEO and Chairman of the BoardDirectSell615202611.11472,0055,243,9768,025,442Form
17Siebel, Thomas MCEO and Chairman of the BoardDirectSell615202610.9223,570257,3848,119,664Form
18Siebel, Thomas MCEO and Chairman of the BoardDirectSell603202611.3217,350196,40278,157,978Form
19Siebel, Thomas MCEO and Chairman of the BoardDirectSell51920268.65112,014968,9216,248,431Form
20Siebel, Thomas MCEO and Chairman of the BoardDirectSell51920268.72369,6243,223,1216,298,997Form
21Siebel, Thomas MExecutive ChairmanDirectSell50520269.2727,210252,2376,936,528Form
22Siebel, Thomas MExecutive ChairmanDirectSell41520268.49165,2781,403,2106,132,853Form
23Siebel, Thomas MExecutive ChairmanDirectSell41520268.31326,1892,710,6316,002,828Form
24Snabe, Jim H DirectSell33120268.0810,00080,8003,110,800Form
25Snabe, Jim H DirectBuy33120267.7310,00077,3003,053,350Form
26Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell31720268.9815,248136,9272,140,006Form
27Siebel, Thomas MExecutive ChairmanDirectSell31320269.1123,435213,4936,775,043Form
28Snabe, Jim H DirectBuy31020269.0025,000225,0003,555,000Form
29Siebel, Thomas MExecutive ChairmanDirectSell30320267.7917,655137,5325,744,681Form
30Siebel, Thomas MExecutive ChairmanDirectSell212202611.66511,7325,966,7958,422,741Form
31Siebel, Thomas MExecutive ChairmanDirectSell203202610.8127,605298,4108,084,604Form
32Siebel, Thomas MExecutive ChairmanDirectSell114202613.52212,5862,874,1639,766,334Form
33Siebel, Thomas MExecutive ChairmanSee FootnoteSell114202613.52309,5894,185,6438,548,101Form
34Ehikian, Stephen BradleyChief Executive OfficerDirectSell102202613.56234,9183,185,48812,530,443Form
35Siebel, Thomas MExecutive ChairmanSee FootnoteSell1218202514.22140,7682,001,72113,393,036Form
36Siebel, Thomas MExecutive ChairmanSee FootnoteSell1218202514.37392,0645,633,96015,557,149Form
37Lath, HiteshCHIEF FINANCIAL OFFICERDirectSell1217202514.3815,042216,3043,208,466Form
38Siebel, Thomas MExecutive ChairmanDirectSell1215202515.9423,000366,62011,861,416Form
39Siebel, Thomas MExecutive ChairmanDirectSell1203202514.2117,000241,570223,609Form
40Siebel, Thomas MExecutive ChairmanSee FootnoteSell1112202515.24543,7068,286,07921,902,532Form
41Siebel, Thomas MExecutive ChairmanDirectSell1104202517.3027,545476,528442,534Form
42Siebel, Thomas MExecutive ChairmanSee FootnoteSell1015202518.82554,80210,441,37436,798,746Form
43Schilling, Robert DavidEVP & Chief Commercial OfficerDirectSell1002202517.29470,4208,133,51517,485,743Form
Core Cache Last Updated: 11/10/2026