The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Health

Capital · operating

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 ~$127.7B 2025 operating revenue; operating income only ~$1.4B (~1.1% margin — thin, …
  • Unitedhealth Group ~$447.6B FY25 revenue (~$450B TTM); operating cash flow ~$19.7B FY25 / ~$27.0B TTM
  • Cvs Health ~$402B FY25 revenue (~$408B TTM); operating cash flow ~$10.6B FY25 / ~$10.3B TTM
  • Cigna ~$274.9B FY25 revenue (~$277.9B TTM); operating cash flow ~$9.6B FY25 / ~$8.8B TTM
  • Elevance Health ~$197.6B FY25 revenue (~$198.7B TTM); operating cash flow ~$4.3B FY25 (shock) / ~$7.5B TTM …
  • Humana ~$129.7B FY25 revenue (~$137.2B TTM); operating cash flow only ~$0.9B FY25 / ~$1.8B TTM …
  • Hca Healthcare ~$75.6B FY25 revenue (~$78.0B TTM); operating cash flow ~$12.6B FY25 (strongest cash …

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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.