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Side-by-side financial comparison of C3.ai, Inc. (AI) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $75.1M, roughly 1.8× C3.ai, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -139.3%, a 136.0% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -20.3%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-46.9M). Over the past eight quarters, C3.ai, Inc.'s revenue compounded faster (-2.1% CAGR vs -8.8%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
AI vs MEC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $134.3M |
| Net Profit | $-104.7M | $-4.4M |
| Gross Margin | 40.4% | 6.8% |
| Operating Margin | -149.2% | -4.1% |
| Net Margin | -139.3% | -3.2% |
| Revenue YoY | -20.3% | 10.7% |
| Net Profit YoY | -58.7% | -127.3% |
| EPS (diluted) | $-0.75 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $134.3M | ||
| Q3 25 | $70.3M | $144.3M | ||
| Q2 25 | $108.7M | $132.3M | ||
| Q1 25 | $98.8M | $135.6M | ||
| Q4 24 | $94.3M | $121.3M | ||
| Q3 24 | $87.2M | $135.4M | ||
| Q2 24 | $86.6M | $163.6M | ||
| Q1 24 | $78.4M | $161.3M |
| Q4 25 | $-104.7M | $-4.4M | ||
| Q3 25 | $-116.8M | $-2.7M | ||
| Q2 25 | $-79.7M | $-1.1M | ||
| Q1 25 | $-80.2M | $20.0K | ||
| Q4 24 | $-66.0M | $16.0M | ||
| Q3 24 | $-62.8M | $3.0M | ||
| Q2 24 | $-72.9M | $3.8M | ||
| Q1 24 | $-72.6M | $3.2M |
| Q4 25 | 40.4% | 6.8% | ||
| Q3 25 | 37.6% | 11.0% | ||
| Q2 25 | 62.1% | 10.3% | ||
| Q1 25 | 59.1% | 11.3% | ||
| Q4 24 | 61.3% | 8.9% | ||
| Q3 24 | 59.8% | 12.6% | ||
| Q2 24 | 59.6% | 13.6% | ||
| Q1 24 | 57.8% | 13.0% |
| Q4 25 | -149.2% | -4.1% | ||
| Q3 25 | -177.7% | 0.0% | ||
| Q2 25 | -81.8% | 0.1% | ||
| Q1 25 | -88.7% | 1.2% | ||
| Q4 24 | -79.8% | 19.0% | ||
| Q3 24 | -83.2% | 4.2% | ||
| Q2 24 | -95.1% | 5.0% | ||
| Q1 24 | -105.3% | 4.7% |
| Q4 25 | -139.3% | -3.2% | ||
| Q3 25 | -166.2% | -1.9% | ||
| Q2 25 | -73.3% | -0.8% | ||
| Q1 25 | -81.2% | 0.0% | ||
| Q4 24 | -69.9% | 13.2% | ||
| Q3 24 | -72.0% | 2.2% | ||
| Q2 24 | -84.2% | 2.3% | ||
| Q1 24 | -92.6% | 2.0% |
| Q4 25 | $-0.75 | $-0.22 | ||
| Q3 25 | $-0.86 | $-0.13 | ||
| Q2 25 | $-0.60 | $-0.05 | ||
| Q1 25 | $-0.62 | $0.00 | ||
| Q4 24 | $-0.52 | $0.76 | ||
| Q3 24 | $-0.50 | $0.14 | ||
| Q2 24 | $-0.59 | $0.18 | ||
| Q1 24 | $-0.60 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $240.7M |
| Total Assets | $961.3M | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $1.5M | ||
| Q3 25 | $711.9M | $1.2M | ||
| Q2 25 | $742.7M | $206.0K | ||
| Q1 25 | $724.3M | $183.0K | ||
| Q4 24 | $730.4M | $206.0K | ||
| Q3 24 | $762.5M | $178.0K | ||
| Q2 24 | $750.4M | $314.0K | ||
| Q1 24 | $723.3M | $314.0K |
| Q4 25 | $771.9M | $240.7M | ||
| Q3 25 | $798.8M | $244.8M | ||
| Q2 25 | $838.3M | $246.8M | ||
| Q1 25 | $860.2M | $250.0M | ||
| Q4 24 | $859.0M | $251.8M | ||
| Q3 24 | $874.9M | $238.4M | ||
| Q2 24 | $873.4M | $238.1M | ||
| Q1 24 | $898.0M | $234.0M |
| Q4 25 | $961.3M | $563.6M | ||
| Q3 25 | $968.7M | $585.6M | ||
| Q2 25 | $1.0B | $433.7M | ||
| Q1 25 | $1.1B | $447.7M | ||
| Q4 24 | $1.0B | $445.6M | ||
| Q3 24 | $1.1B | $466.0M | ||
| Q2 24 | $1.0B | $488.2M | ||
| Q1 24 | $1.1B | $499.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $13.4M |
| Free Cash FlowOCF − Capex | $-46.9M | $10.2M |
| FCF MarginFCF / Revenue | -62.4% | 7.6% |
| Capex IntensityCapex / Revenue | 0.5% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $13.4M | ||
| Q3 25 | $-33.5M | $1.9M | ||
| Q2 25 | $11.3M | $15.0M | ||
| Q1 25 | $-22.0M | $8.3M | ||
| Q4 24 | $-38.7M | $38.0M | ||
| Q3 24 | $8.0M | $17.9M | ||
| Q2 24 | $21.3M | $23.3M | ||
| Q1 24 | $-39.1M | $10.6M |
| Q4 25 | $-46.9M | $10.2M | ||
| Q3 25 | $-34.3M | $-1.1M | ||
| Q2 25 | $10.3M | $12.5M | ||
| Q1 25 | $-22.4M | $5.4M | ||
| Q4 24 | $-39.5M | $35.6M | ||
| Q3 24 | $7.1M | $15.1M | ||
| Q2 24 | $18.8M | $19.2M | ||
| Q1 24 | $-45.1M | $7.8M |
| Q4 25 | -62.4% | 7.6% | ||
| Q3 25 | -48.8% | -0.8% | ||
| Q2 25 | 9.5% | 9.5% | ||
| Q1 25 | -22.7% | 4.0% | ||
| Q4 24 | -41.9% | 29.4% | ||
| Q3 24 | 8.2% | 11.1% | ||
| Q2 24 | 21.7% | 11.7% | ||
| Q1 24 | -57.6% | 4.9% |
| Q4 25 | 0.5% | 2.4% | ||
| Q3 25 | 1.1% | 2.1% | ||
| Q2 25 | 0.9% | 1.8% | ||
| Q1 25 | 0.4% | 2.2% | ||
| Q4 24 | 0.9% | 1.9% | ||
| Q3 24 | 1.1% | 2.1% | ||
| Q2 24 | 2.9% | 2.5% | ||
| Q1 24 | 7.8% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
