diff --git a/src/docx/shared.py b/src/docx/shared.py
index 6c12dc91e..3236274fe 100644
--- a/src/docx/shared.py
+++ b/src/docx/shared.py
@@ -231,15 +231,17 @@ def __get__(self, obj: Any, type: Any = None) -> T:
             return self  # type: ignore
 
         # --- when accessed on instance, start by checking instance __dict__ for
-        # --- item with key matching the wrapped function's name
-        value = obj.__dict__.get(self._name)
-        if value is None:
+        # --- item with key matching the wrapped function's name. Checked by key
+        # --- presence rather than by comparing the stored value to None, since a
+        # --- getter that legitimately computes None on first access would
+        # --- otherwise look exactly like one that hasn't been evaluated yet, and
+        # --- get re-evaluated on every later access instead of cached.
+        if self._name not in obj.__dict__:
             # --- on first access, the __dict__ item will be absent. Evaluate fget()
             # --- and store that value in the (otherwise unused) host-object
             # --- __dict__ value of same name ('fget' nominally)
-            value = self._fget(obj)
-            obj.__dict__[self._name] = value
-        return cast(T, value)
+            obj.__dict__[self._name] = self._fget(obj)
+        return cast(T, obj.__dict__[self._name])
 
     def __set__(self, obj: Any, value: Any) -> None:
         """Raises unconditionally, to preserve read-only behavior.
diff --git a/tests/test_shared.py b/tests/test_shared.py
index fb6c273cb..5fca42047 100644
--- a/tests/test_shared.py
+++ b/tests/test_shared.py
@@ -5,7 +5,18 @@
 import pytest
 
 from docx.opc.part import XmlPart
-from docx.shared import Cm, ElementProxy, Emu, Inches, Length, Mm, Pt, RGBColor, Twips
+from docx.shared import (
+    Cm,
+    ElementProxy,
+    Emu,
+    Inches,
+    Length,
+    Mm,
+    Pt,
+    RGBColor,
+    Twips,
+    lazyproperty,
+)
 
 from .unitutil.cxml import element
 from .unitutil.mock import FixtureRequest, Mock, instance_mock
@@ -119,3 +130,40 @@ def it_can_provide_a_hex_string_rgb_value(self):
     def it_has_a_custom_repr(self):
         rgb_color = RGBColor(0x42, 0xF0, 0xBA)
         assert repr(rgb_color) == "RGBColor(0x42, 0xf0, 0xba)"
+
+
+class DescribeLazyproperty:
+    """Unit-test suite for `docx.shared.lazyproperty` objects."""
+
+    def it_evaluates_the_getter_only_once_when_it_returns_None(self):
+        class Widget:
+            def __init__(self):
+                self.call_count = 0
+
+            @lazyproperty
+            def maybe_missing_child(self):
+                self.call_count += 1
+                return None
+
+        widget = Widget()
+
+        assert widget.maybe_missing_child is None
+        assert widget.maybe_missing_child is None
+        assert widget.maybe_missing_child is None
+        assert widget.call_count == 1
+
+    def it_still_evaluates_the_getter_only_once_for_a_non_None_value(self):
+        class Widget:
+            def __init__(self):
+                self.call_count = 0
+
+            @lazyproperty
+            def value(self):
+                self.call_count += 1
+                return "some result"
+
+        widget = Widget()
+
+        assert widget.value == "some result"
+        assert widget.value == "some result"
+        assert widget.call_count == 1