The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Kaiser Permanente

Capital · operating

~$127.7B 2025 operating revenue; operating income only ~$1.4B (~1.1% margin — thin, integrated payer+provider consumes nearly all revenue as care delivery)

med confidence · as of 2026-07-26 · about Kaiser Permanente

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