diff --git a/src/commands/contributions.zig b/src/commands/contributions.zig
index c062b34..02b673b 100644
--- a/src/commands/contributions.zig
+++ b/src/commands/contributions.zig
@@ -1482,9 +1482,14 @@ fn detectEdits(
 
         const unit_value: f64 = blk: {
             if (rep_lot.security_type == .stock) {
-                if (prices.get(rep_lot.priceSymbol())) |p| break :blk p * rep_lot.price_ratio;
-                if (rep_lot.price) |p| break :blk p * rep_lot.price_ratio;
-                break :blk rep_lot.open_price * rep_lot.price_ratio;
+                // `prices.get` is the raw retail-class API price → ratio applies.
+                // `lot.price` (manual override) and `lot.open_price` are both
+                // in the lot's own share-class terms (preadjusted) → ratio
+                // must NOT be applied. See the "Pricing model" doc-block in
+                // models/portfolio.zig.
+                if (prices.get(rep_lot.priceSymbol())) |p| break :blk rep_lot.effectivePrice(p, false);
+                if (rep_lot.price) |p| break :blk rep_lot.effectivePrice(p, true);
+                break :blk rep_lot.effectivePrice(rep_lot.open_price, true);
             }
             break :blk 1.0;
         };
@@ -1631,11 +1636,17 @@ fn computeReport(
                 } else base_kind;
                 // Determine unit_value for stocks: prefer current cached price;
                 // fall back to manual price::; fall back to open_price.
+                //
+                // `prices.get` is the raw retail-class API price → ratio applies.
+                // `lot.price` (manual override) and `lot.open_price` are both
+                // in the lot's own share-class terms (preadjusted) → ratio
+                // must NOT be applied. See the "Pricing model" doc-block in
+                // models/portfolio.zig.
                 const unit_value: f64 = blk: {
                     if (lot.security_type == .stock) {
-                        if (prices.get(lot.priceSymbol())) |p| break :blk p * lot.price_ratio;
-                        if (lot.price) |p| break :blk p * lot.price_ratio;
-                        break :blk lot.open_price * lot.price_ratio;
+                        if (prices.get(lot.priceSymbol())) |p| break :blk lot.effectivePrice(p, false);
+                        if (lot.price) |p| break :blk lot.effectivePrice(p, true);
+                        break :blk lot.effectivePrice(lot.open_price, true);
                     }
                     // cash/cd: 1:1 with shares
                     break :blk 1.0;
@@ -1699,8 +1710,13 @@ fn computeReport(
             // For fresh stock lots: value at open_price (that's literally the
             // money that went in). For cash: shares == dollars. For CDs:
             // face = shares × open_price.
+            //
+            // open_price is in the lot's own share-class terms (preadjusted),
+            // so route it through effectivePrice with is_preadjusted=true to
+            // avoid double-applying price_ratio. See the "Pricing model"
+            // doc-block in models/portfolio.zig.
             const unit_value: f64 = switch (lot.security_type) {
-                .stock => lot.open_price * lot.price_ratio,
+                .stock => lot.effectivePrice(lot.open_price, true),
                 .cash => 1.0,
                 .cd => lot.open_price,
                 .option => lot.open_price * lot.multiplier,
@@ -3024,6 +3040,177 @@ test "computeReport: manual-priced lot (price:: no ticker) uses manual price" {
     try std.testing.expectApproxEqAbs(@as(f64, 711.96), report.changes[0].value(), 0.5);
 }
 
+// ── price_ratio regression tests ─────────────────────────────
+//
+// `lot.open_price` and `lot.price` (manual override) are both in the
+// LOT's own share-class terms — i.e. preadjusted. Multiplying either
+// by `lot.price_ratio` would double-apply the ratio. Only API-fetched
+// prices from `prices.get(...)` (retail share class) need the ratio.
+// See the "Pricing model" doc-block at the top of `models/portfolio.zig`.
+//
+// These four tests cover each of the three unit_value branches in
+// `computeReport`'s new-lot and same-key-share-delta paths. Without
+// the fix, the new-lot, manual-price, and open-price fallback tests
+// inflate value by `price_ratio`× while the live-price test stays
+// correct.
+
+test "computeReport: new institutional stock lot uses preadjusted open_price (no double-ratio)" {
+    var arena_state = std.heap.ArenaAllocator.init(std.testing.allocator);
+    defer arena_state.deinit();
+    const allocator = arena_state.allocator();
+    var prices = std.StringHashMap(f64).init(allocator);
+    defer prices.deinit();
+    // No live price — exercises the open_price fallback branch in
+    // the new-lot path. open_price is in the LOT's institutional
+    // share class, so the ratio must NOT be applied.
+
+    const before = [_]Lot{};
+    const after = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 39.249,
+            .open_date = Date.fromYmd(2026, 2, 26),
+            .open_price = 140.92,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+
+    const report = try computeReport(allocator, &before, &after, &prices, Date.fromYmd(2026, 4, 18), .{});
+
+    try std.testing.expectEqual(@as(usize, 1), report.changes.len);
+    try std.testing.expectEqual(ChangeKind.new_stock, report.changes[0].kind);
+    // 39.249 × 140.92 = 5,531.18 (institutional value).
+    // Buggy version produces 39.249 × 140.92 × 6.6139 ≈ 36,581.
+    try std.testing.expectApproxEqAbs(@as(f64, 5531.18), report.changes[0].value(), 0.5);
+}
+
+test "computeReport: same-key share delta with no live price uses preadjusted open_price" {
+    var arena_state = std.heap.ArenaAllocator.init(std.testing.allocator);
+    defer arena_state.deinit();
+    const allocator = arena_state.allocator();
+    var prices = std.StringHashMap(f64).init(allocator);
+    defer prices.deinit();
+    // No price in the map — open_price fallback should fire.
+
+    const before = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 100,
+            .open_date = Date.fromYmd(2026, 2, 26),
+            .open_price = 140.92,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+    const after = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 110,
+            .open_date = Date.fromYmd(2026, 2, 26),
+            .open_price = 140.92,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+
+    const report = try computeReport(allocator, &before, &after, &prices, Date.fromYmd(2026, 4, 18), .{});
+
+    try std.testing.expectEqual(@as(usize, 1), report.changes.len);
+    try std.testing.expectEqual(ChangeKind.rollup_delta, report.changes[0].kind);
+    // 10 × 140.92 = 1,409.20 (institutional value of the share delta).
+    // Buggy version produces 10 × 140.92 × 6.6139 ≈ 9,322.
+    try std.testing.expectApproxEqAbs(@as(f64, 1409.20), report.changes[0].value(), 0.5);
+}
+
+test "computeReport: same-key share delta with manual price:: uses preadjusted manual price" {
+    var arena_state = std.heap.ArenaAllocator.init(std.testing.allocator);
+    defer arena_state.deinit();
+    const allocator = arena_state.allocator();
+    var prices = std.StringHashMap(f64).init(allocator);
+    defer prices.deinit();
+    // No price in the map — manual `price::` override should fire.
+    // Manual prices are entered in the LOT's share class (what the
+    // user sees on their statement), so they're preadjusted.
+
+    const before = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 100,
+            .open_date = Date.fromYmd(2026, 2, 26),
+            .open_price = 140.92,
+            .price = 145.00,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+    const after = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 110,
+            .open_date = Date.fromYmd(2026, 2, 26),
+            .open_price = 140.92,
+            .price = 145.00,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+
+    const report = try computeReport(allocator, &before, &after, &prices, Date.fromYmd(2026, 4, 18), .{});
+
+    try std.testing.expectEqual(@as(usize, 1), report.changes.len);
+    try std.testing.expectEqual(ChangeKind.rollup_delta, report.changes[0].kind);
+    // 10 × 145.00 = 1,450.00. Buggy version: 10 × 145.00 × 6.6139 ≈ 9,590.
+    try std.testing.expectApproxEqAbs(@as(f64, 1450.00), report.changes[0].value(), 0.5);
+}
+
+test "computeReport: same-key share delta with live price applies ratio" {
+    var arena_state = std.heap.ArenaAllocator.init(std.testing.allocator);
+    defer arena_state.deinit();
+    const allocator = arena_state.allocator();
+    var prices = std.StringHashMap(f64).init(allocator);
+    defer prices.deinit();
+    // Live retail-class price — ratio MUST be applied to convert
+    // to institutional NAV. This is the only branch that's correct
+    // in the buggy code; lock it in so the fix doesn't regress.
+    try prices.put("VTTVX", 21.30);
+
+    const before = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 100,
+            .open_date = Date.fromYmd(2026, 2, 26),
+            .open_price = 140.92,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+    const after = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 110,
+            .open_date = Date.fromYmd(2026, 2, 26),
+            .open_price = 140.92,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+
+    const report = try computeReport(allocator, &before, &after, &prices, Date.fromYmd(2026, 4, 18), .{});
+
+    try std.testing.expectEqual(@as(usize, 1), report.changes.len);
+    try std.testing.expectEqual(ChangeKind.rollup_delta, report.changes[0].kind);
+    // 10 × 21.30 × 6.6139 = 1,408.76 (institutional value).
+    try std.testing.expectApproxEqAbs(@as(f64, 1408.76), report.changes[0].value(), 0.5);
+}
+
 test "computeReport: maturity_date change on same CD is flagged" {
     var arena_state = std.heap.ArenaAllocator.init(std.testing.allocator);
     defer arena_state.deinit();
diff --git a/src/models/portfolio.zig b/src/models/portfolio.zig
index 6de0fab..b61c2ef 100644
--- a/src/models/portfolio.zig
+++ b/src/models/portfolio.zig
@@ -596,8 +596,14 @@ pub const Portfolio = struct {
         defer allocator.free(acct_positions);
 
         for (acct_positions) |pos| {
-            const price = prices.get(pos.symbol) orelse pos.avg_cost;
-            total += pos.shares * price * pos.price_ratio;
+            // Live API price is in the retail share class → ratio applies
+            // (is_preadjusted=false). avg_cost fallback is in the lot's own
+            // share-class terms → ratio must NOT be applied
+            // (is_preadjusted=true). See the "Pricing model" doc-block above.
+            total += if (prices.get(pos.symbol)) |p|
+                pos.marketValue(p, false)
+            else
+                pos.marketValue(pos.avg_cost, true);
         }
 
         total += self.nonStockValueForAccount(as_of, account_name);
@@ -1357,6 +1363,38 @@ test "totalForAccount" {
     try std.testing.expectApproxEqAbs(@as(f64, 44500.0), total, 0.01);
 }
 
+test "totalForAccount: institutional lot missing from prices map uses preadjusted avg_cost" {
+    // Regression test for the price_ratio double-application bug in
+    // Portfolio.totalForAccount. When a position misses the prices
+    // map, the avg_cost fallback is in the LOT's share-class terms
+    // (preadjusted) — multiplying by price_ratio would inflate the
+    // value by the ratio. See the "Pricing model" doc-block above.
+    const allocator = std.testing.allocator;
+
+    var lots = [_]Lot{
+        .{
+            .symbol = "02315N402",
+            .ticker = "VTTVX",
+            .shares = 100,
+            .open_date = Date.fromYmd(2024, 1, 1),
+            .open_price = 140.92,
+            .price_ratio = 6.6139,
+            .account = "Sample 401(k)",
+        },
+    };
+
+    const portfolio = Portfolio{ .lots = &lots, .allocator = allocator };
+
+    var prices = std.StringHashMap(f64).init(allocator);
+    defer prices.deinit();
+    // Empty prices map — avg_cost (= 140.92, institutional) fallback fires.
+
+    // Correct: 100 × 140.92 = 14,092 (institutional value).
+    // Buggy: 100 × 140.92 × 6.6139 ≈ 93,213.
+    const total = portfolio.totalForAccount(Date.fromYmd(2026, 5, 8), allocator, "Sample 401(k)", prices);
+    try std.testing.expectApproxEqAbs(@as(f64, 14092.0), total, 0.5);
+}
+
 // ── Money-market predicate tests ─────────────────────────────
 
 test "isMoneyMarketSymbol: known Schwab and Fidelity tickers" {