diff --git a/horde/model_reference.py b/horde/model_reference.py
index 37ba0ef8..06cdbfd4 100644
--- a/horde/model_reference.py
+++ b/horde/model_reference.py
@@ -96,6 +96,20 @@ class _ImageReferenceState:
     degraded: bool = False
 
 
+@dataclass(frozen=True)
+class _LoadedSnapshotDocument:
+    """Represents the last fleet snapshot document parsed from Redis, so an unchanged one is not parsed again."""
+
+    encoded: str | bytes
+    """The document as read from Redis, compared byte for byte with the next read."""
+
+    revision: str
+    """The revision the document produced, compared with the served state's."""
+
+    degraded: bool
+    """Whether the document was degraded, compared with the served state's flag."""
+
+
 @dataclass(frozen=True)
 class _TextReferenceState:
     models: dict[str, dict[str, object]]
@@ -204,6 +218,7 @@ class ModelReference:
     def __init__(self) -> None:
         """Start with HMR's packaged policy until production initialization loads Redis."""
         self._last_stale_warning: float | None = None
+        self._last_loaded_document: _LoadedSnapshotDocument | None = None
         self._image_state = _ImageReferenceState(
             models={},
             baselines=dict(_packaged_baseline_catalog().baselines),
@@ -324,20 +339,50 @@ class ModelReference:
             )
 
     def refresh_from_redis(self, *, log_missing: bool = True) -> bool:
-        """Load the central fleet snapshot, retaining local state on any Redis failure."""
+        """Load the central fleet snapshot, retaining local state on any Redis failure.
+
+        Every process refreshes every few seconds while the document rarely changes, so a document
+        byte-identical to the last one parsed is not parsed or hash-verified again when the served state
+        still carries the revision it produced.
+        """
         try:
-            snapshot = redis_image_reference_snapshots.load()
+            encoded = redis_image_reference_snapshots.load_encoded()
         except Exception as err:
             logger.error(f"Failed to load the fleet image-reference snapshot from Redis: {err}")
             return False
-        if snapshot is None:
+        if encoded is None:
             if log_missing:
                 logger.warning("The fleet image-reference snapshot is absent from central Redis.")
             return False
+        if self._serves_loaded_document(encoded):
+            self._report_snapshot_health()
+            return False
+        try:
+            snapshot = redis_image_reference_snapshots.parse(encoded)
+        except Exception as err:
+            logger.error(f"Failed to load the fleet image-reference snapshot from Redis: {err}")
+            return False
         changed = self._apply_snapshot(snapshot)
+        self._last_loaded_document = _LoadedSnapshotDocument(
+            encoded=encoded,
+            revision=snapshot.revision,
+            degraded=snapshot.degraded,
+        )
         self._report_snapshot_health()
         return changed
 
+    def _serves_loaded_document(self, encoded: str | bytes) -> bool:
+        """Return whether applying this document would leave the served state unchanged.
+
+        The served state is compared as well as the bytes because other paths, such as a local
+        publication, replace the state without going through Redis.
+        """
+        loaded_document = self._last_loaded_document
+        if loaded_document is None or loaded_document.encoded != encoded:
+            return False
+        state = self._image_state
+        return state.revision == loaded_document.revision and state.degraded == loaded_document.degraded
+
     @staticmethod
     def _records_from_payload(payload: dict[str, object]) -> dict[str, ImageGenerationModelRecord]:
         """Validate a PRIMARY category response into its typed HMR records."""
diff --git a/horde/model_reference_snapshot.py b/horde/model_reference_snapshot.py
index 72bcd2fa..9493282f 100644
--- a/horde/model_reference_snapshot.py
+++ b/horde/model_reference_snapshot.py
@@ -133,13 +133,28 @@ class RedisImageReferenceSnapshots:
 
     def load(self) -> ImageReferenceSnapshot | None:
         """Read directly from central Redis, deliberately bypassing the per-host cache."""
+        encoded = self.load_encoded()
+        if encoded is None:
+            return None
+        return self.parse(encoded)
+
+    @staticmethod
+    def load_encoded() -> str | bytes | None:
+        """Return the stored snapshot document unparsed, read directly from central Redis."""
         redis_backend = hr.horde_r
         if redis_backend is None:
             return None
-        raw = redis_backend.get(SNAPSHOT_KEY)
-        if raw is None:
-            return None
-        snapshot = ImageReferenceSnapshot.model_validate_json(raw)
+        return redis_backend.get(SNAPSHOT_KEY)
+
+    @staticmethod
+    def parse(encoded: str | bytes) -> ImageReferenceSnapshot:
+        """Parse a stored snapshot document and verify its content against its revision hash.
+
+        Raises:
+            pydantic.ValidationError: If the document is not a valid snapshot.
+            ValueError: If the content does not match the revision hash.
+        """
+        snapshot = ImageReferenceSnapshot.model_validate_json(encoded)
         snapshot.verify_revision()
         return snapshot
 
diff --git a/tests/unit/test_model_reference_snapshot.py b/tests/unit/test_model_reference_snapshot.py
index 2f15d481..3dc700fb 100644
--- a/tests/unit/test_model_reference_snapshot.py
+++ b/tests/unit/test_model_reference_snapshot.py
@@ -309,6 +309,45 @@ def test_missing_or_malformed_redis_value_does_not_clear_local_state(fake_redis,
     assert process.reference == previous.models
 
 
+def test_unchanged_redis_document_is_not_parsed_again(fake_redis, monkeypatch) -> None:
+    process = ModelReference()
+    served = _snapshot("unchanged-model")
+    fake_redis.horde_r.set(SNAPSHOT_KEY, served.model_dump_json())
+    assert process.refresh_from_redis() is True
+
+    def fail_parse(_encoded: str | bytes) -> ImageReferenceSnapshot:
+        raise AssertionError("an unchanged snapshot document was parsed again")
+
+    monkeypatch.setattr(model_reference_module.redis_image_reference_snapshots, "parse", fail_parse)
+
+    assert process.refresh_from_redis() is False
+    assert process._snapshot_revision == served.revision
+
+
+def test_changed_redis_document_is_parsed_and_applied(fake_redis) -> None:
+    process = ModelReference()
+    fake_redis.horde_r.set(SNAPSHOT_KEY, _snapshot("first-model").model_dump_json())
+    assert process.refresh_from_redis() is True
+    replacement = _snapshot("second-model")
+    fake_redis.horde_r.set(SNAPSHOT_KEY, replacement.model_dump_json())
+
+    assert process.refresh_from_redis() is True
+    assert process._snapshot_revision == replacement.revision
+
+
+def test_unchanged_redis_document_is_reapplied_once_local_state_diverges(fake_redis) -> None:
+    process = ModelReference()
+    served = _snapshot("redis-model")
+    fake_redis.horde_r.set(SNAPSHOT_KEY, served.model_dump_json())
+    assert process.refresh_from_redis() is True
+    process._apply_snapshot(_snapshot("locally-applied-model").model_copy(update={"degraded": True}))
+
+    assert process.refresh_from_redis() is True
+    assert process._snapshot_revision == served.revision
+    assert process._image_state.degraded is False
+    assert set(process.reference or {}) == {"redis-model"}
+
+
 class _PrimaryBackend:
     def __init__(self, *, fallback: bool = False) -> None:
         self.fallback = fallback