The market's circling back to hospital margin compression again, and everyone's treating Medicare's inpatient cuts like they just happened. They didn't. These cuts were telegraphed in the seven-year CMS forecast—they've been *known risk* since 2024. HUM trades at 5.5x invested capital with 0.9% net margins and 0.3% FCF conversion—those multiples are already *depressed* because the market priced in the hospital renegotiation risk years ago.

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