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Side-by-side financial comparison of C3.ai, Inc. (AI) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $57.2M, roughly 1.3× Vanda Pharmaceuticals Inc.). C3.ai, Inc. runs the higher net margin — -139.3% vs -246.8%, a 107.5% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs -20.3%). Vanda Pharmaceuticals Inc. produced more free cash flow last quarter ($-29.5M vs $-46.9M). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% CAGR vs -2.1%).
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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
AI vs VNDA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $57.2M |
| Net Profit | $-104.7M | $-141.2M |
| Gross Margin | 40.4% | — |
| Operating Margin | -149.2% | -70.5% |
| Net Margin | -139.3% | -246.8% |
| Revenue YoY | -20.3% | 7.6% |
| Net Profit YoY | -58.7% | -2774.3% |
| EPS (diluted) | $-0.75 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $70.3M | $56.3M | ||
| Q2 25 | $108.7M | $52.6M | ||
| Q1 25 | $98.8M | $50.0M | ||
| Q4 24 | $94.3M | $53.2M | ||
| Q3 24 | $87.2M | $47.7M | ||
| Q2 24 | $86.6M | $50.5M | ||
| Q1 24 | $78.4M | $47.5M |
| Q4 25 | $-104.7M | $-141.2M | ||
| Q3 25 | $-116.8M | $-22.6M | ||
| Q2 25 | $-79.7M | $-27.2M | ||
| Q1 25 | $-80.2M | $-29.5M | ||
| Q4 24 | $-66.0M | $-4.9M | ||
| Q3 24 | $-62.8M | $-5.3M | ||
| Q2 24 | $-72.9M | $-4.5M | ||
| Q1 24 | $-72.6M | $-4.1M |
| Q4 25 | 40.4% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 62.1% | — | ||
| Q1 25 | 59.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 59.8% | — | ||
| Q2 24 | 59.6% | — | ||
| Q1 24 | 57.8% | — |
| Q4 25 | -149.2% | -70.5% | ||
| Q3 25 | -177.7% | -55.6% | ||
| Q2 25 | -81.8% | -73.2% | ||
| Q1 25 | -88.7% | -82.0% | ||
| Q4 24 | -79.8% | -19.3% | ||
| Q3 24 | -83.2% | -23.1% | ||
| Q2 24 | -95.1% | -20.1% | ||
| Q1 24 | -105.3% | -19.5% |
| Q4 25 | -139.3% | -246.8% | ||
| Q3 25 | -166.2% | -40.1% | ||
| Q2 25 | -73.3% | -51.7% | ||
| Q1 25 | -81.2% | -58.9% | ||
| Q4 24 | -69.9% | -9.2% | ||
| Q3 24 | -72.0% | -11.2% | ||
| Q2 24 | -84.2% | -9.0% | ||
| Q1 24 | -92.6% | -8.7% |
| Q4 25 | $-0.75 | $-2.40 | ||
| Q3 25 | $-0.86 | $-0.38 | ||
| Q2 25 | $-0.60 | $-0.46 | ||
| Q1 25 | $-0.62 | $-0.50 | ||
| Q4 24 | $-0.52 | $-0.09 | ||
| Q3 24 | $-0.50 | $-0.09 | ||
| Q2 24 | $-0.59 | $-0.08 | ||
| Q1 24 | $-0.60 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $327.2M |
| Total Assets | $961.3M | $488.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $84.9M | ||
| Q3 25 | $711.9M | $70.0M | ||
| Q2 25 | $742.7M | $81.0M | ||
| Q1 25 | $724.3M | $111.8M | ||
| Q4 24 | $730.4M | $102.3M | ||
| Q3 24 | $762.5M | $100.5M | ||
| Q2 24 | $750.4M | $103.0M | ||
| Q1 24 | $723.3M | $125.2M |
| Q4 25 | $771.9M | $327.2M | ||
| Q3 25 | $798.8M | $466.0M | ||
| Q2 25 | $838.3M | $486.3M | ||
| Q1 25 | $860.2M | $511.4M | ||
| Q4 24 | $859.0M | $538.5M | ||
| Q3 24 | $874.9M | $541.2M | ||
| Q2 24 | $873.4M | $542.5M | ||
| Q1 24 | $898.0M | $544.0M |
| Q4 25 | $961.3M | $488.9M | ||
| Q3 25 | $968.7M | $601.1M | ||
| Q2 25 | $1.0B | $624.7M | ||
| Q1 25 | $1.1B | $631.9M | ||
| Q4 24 | $1.0B | $656.2M | ||
| Q3 24 | $1.1B | $645.1M | ||
| Q2 24 | $1.0B | $651.4M | ||
| Q1 24 | $1.1B | $652.7M |
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 | $-29.4M |
| Free Cash FlowOCF − Capex | $-46.9M | $-29.5M |
| FCF MarginFCF / Revenue | -62.4% | -51.6% |
| Capex IntensityCapex / Revenue | 0.5% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $-29.4M | ||
| Q3 25 | $-33.5M | $-31.6M | ||
| Q2 25 | $11.3M | $-15.3M | ||
| Q1 25 | $-22.0M | $-33.1M | ||
| Q4 24 | $-38.7M | $-1.8M | ||
| Q3 24 | $8.0M | $-14.6M | ||
| Q2 24 | $21.3M | $-6.9M | ||
| Q1 24 | $-39.1M | $7.6M |
| Q4 25 | $-46.9M | $-29.5M | ||
| Q3 25 | $-34.3M | $-31.8M | ||
| Q2 25 | $10.3M | $-15.6M | ||
| Q1 25 | $-22.4M | $-33.6M | ||
| Q4 24 | $-39.5M | $-2.0M | ||
| Q3 24 | $7.1M | $-14.7M | ||
| Q2 24 | $18.8M | $-7.0M | ||
| Q1 24 | $-45.1M | $7.6M |
| Q4 25 | -62.4% | -51.6% | ||
| Q3 25 | -48.8% | -56.5% | ||
| Q2 25 | 9.5% | -29.6% | ||
| Q1 25 | -22.7% | -67.1% | ||
| Q4 24 | -41.9% | -3.8% | ||
| Q3 24 | 8.2% | -30.9% | ||
| Q2 24 | 21.7% | -13.9% | ||
| Q1 24 | -57.6% | 15.9% |
| Q4 25 | 0.5% | 0.2% | ||
| Q3 25 | 1.1% | 0.3% | ||
| Q2 25 | 0.9% | 0.6% | ||
| Q1 25 | 0.4% | 0.9% | ||
| Q4 24 | 0.9% | 0.4% | ||
| Q3 24 | 1.1% | 0.3% | ||
| Q2 24 | 2.9% | 0.2% | ||
| Q1 24 | 7.8% | 0.0% |
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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
