diff --git a/app/models/concerns/cache_markdown_field.rb b/app/models/concerns/cache_markdown_field.rb
index f033028c4e53ea48e8e6d9ebaf6baf91619324ae..eb32bf3d32a74695ed748bf388a61289532ad84b 100644
--- a/app/models/concerns/cache_markdown_field.rb
+++ b/app/models/concerns/cache_markdown_field.rb
@@ -78,6 +78,9 @@ module CacheMarkdownField
   def cached_html_up_to_date?(markdown_field)
     html_field = cached_markdown_fields.html_field(markdown_field)
 
+    cached = !cached_html_for(markdown_field).nil? && !__send__(markdown_field).nil?
+    return false unless cached
+
     markdown_changed = attribute_changed?(markdown_field) || false
     html_changed = attribute_changed?(html_field) || false
 
diff --git a/spec/models/concerns/cache_markdown_field_spec.rb b/spec/models/concerns/cache_markdown_field_spec.rb
index 4edafbc4e32495234b5cf53eb61b3c77a9ca06c7..40bbb10eaac45f54ad2fa30c111851bd453226f9 100644
--- a/spec/models/concerns/cache_markdown_field_spec.rb
+++ b/spec/models/concerns/cache_markdown_field_spec.rb
@@ -170,6 +170,12 @@ describe CacheMarkdownField do
 
       is_expected.to be_truthy
     end
+
+    it 'returns false if the markdown field is set but the html is not' do
+      thing.foo_html = nil
+
+      is_expected.to be_falsy
+    end
   end
 
   describe '#refresh_markdown_cache!' do