A devastating new McKinsey & Co. report finds that Obamacare’s purported purpose – providing coverage for the previously uninsured – has failed.

The report concludes that 74% of Obamacare enrollees at the end of the first open enrollment period already had insurance; just 26% reported being previously uninsured. Of those who were previously uninsured, the figure drops to only 22% when considered alongside whether the individual has activated his plan by paying his first month’s premium.

According to the Associated Press, at least 4.7 million Americans had their health insurance plans canceled due to Obamacare. Many of those individuals simply went through the Obamacare exchanges to buy policies to replace the ones President Barack Obama’s healthcare program outlawed.

The McKinsey & Co. study also revealed that nearly half (48%) of individuals who said they do not plan to enroll in 2015 were “unaware of the penalty for lack of coverage.” The so-called “individual mandate” imposes graduated penalties on individuals who choose not to purchase care. Even after respondents were informed of the penalty, only 29% of those currently uninsured said they plan to enroll in 2015.

Obamacare remains deeply unpopular nationally. According to the latest Pew/USA Today poll, Obamacare’s approval rating now stands at a record-low 41%.