The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Health

Capital · deployed

across 7 members — open each for the figure + sources

about Health

aggregate of member nodes

Aggregate of 7 member claims — each member's sourced figures are below.


the working

Basis

aggregate of member nodes

Member claims 7

This is an aggregate — its evidence is the members' own claims.

  • Kaiser Permanente no buybacks/dividends (non-profit); surplus recycled into facility capex + Risant Health …
  • Unitedhealth Group ~$3.6B capex + ~$4.5B acquisitions + ~$5.5B buybacks committed FY25 (buybacks cut to …
  • Cvs Health ~$2.8B capex + ~$0.4B small acquisitions FY25; buybacks essentially halted (~$158M)
  • Cigna ~$1.2B capex + ~$3.6B buybacks committed FY25 — capital returned, not reinvested in …
  • Elevance Health ~$1.1B capex + ~$2.6B buybacks committed FY25; near-zero M&A (~$88M) — capital held back …
  • Humana ~$0.5B capex + ~$0.15B buybacks FY25 — capital deployment frozen; CenterWell care-delivery …
  • Hca Healthcare ~$4.9B capex + ~$10.1B buybacks committed FY25 — capex builds capacity, buybacks are …

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Health.