C3.ai

Capital allocation has been shareholder‑unfriendly recently. Stock‑based compensation was 263.7 million in FY26 versus 250.3 million of revenue. Weighted‑average shares rose from 129.1 million (FY25) to 140.5 million (FY26) and 155.0 million in Q1 FY27, reflecting SBC and new issuance.

R&D at 229.1 million in FY26 underscores long‑term investment, but with little margin or growth payoff to date. Positive: Tom Siebel’s primary purchase of 6.17 million newly issued shares (raising cash) signals alignment, and cash is conserved rather than spent on acquisitions. Overall, dilution and weak ROI on spend drive a low score.