C3.ai, Inc. — Earnings Quality Grade F
AI · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 129 days, change -24 days YoY
AR growth 5.5% vs revenue growth 25.3%
Revenue 25.3%, CFFO 33.6%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -89.1% vs revenue 25.3%. Normal
SG&A/Gross Profit = 141.6%, exceeds 70%
Gross margin 60.6%, change +3.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -24.1%. Low accruals
Cash $0.7B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Debt/EBITDA = -0.0x. Healthy
Other assets -6.4% vs revenue 25.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -3.67 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25