The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Kaiser Permanente

Capital · out

outflows — care delivery consumes ~99% of revenue (only ~$1.4B operating income); the rest is facility capex + Risant M&A. No shareholder outflows (non-profit)

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

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the working

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