diff --git a/docs/CHANGELOG.md b/docs/CHANGELOG.md
index dfac93bd3..1922e6a0e 100644
--- a/docs/CHANGELOG.md
+++ b/docs/CHANGELOG.md
@@ -10,6 +10,10 @@ nav_order: 6
 
 ## main
 
+* Reduce source-file reads and dependency-scanning allocations during cold cache digests and boot-time precomputation.
+
+    *Joel Hawksley*
+
 * Share sidecar directory listings and source reads during cold cache digests, and hash shared Ruby and sidecar files once per digest computation or boot-time precomputation.
 
     *Joel Hawksley*
diff --git a/lib/view_component/cache_digest.rb b/lib/view_component/cache_digest.rb
index 3700c91a8..ba6752b6b 100644
--- a/lib/view_component/cache_digest.rb
+++ b/lib/view_component/cache_digest.rb
@@ -368,7 +368,8 @@ def partition_render_calls(program, nesting = [])
 
         each_node(program, nesting) do |node, scope|
           if node.is_a?(Prism::ConstantReadNode) || node.is_a?(Prism::ConstantPathNode)
-            names << [node.slice, scope] if CONSTANT_NAME.match?(node.slice)
+            name = node.slice
+            names << [name, scope] if CONSTANT_NAME.match?(name)
           elsif render_call?(node)
             if rendered_component(node, scope)
               component_calls << node
@@ -389,9 +390,10 @@ def render_call?(node)
       # Class/module bodies add one lexical scope, even for qualified names:
       # `class UI::Card` adds Card, not UI, to Module.nesting.
       def each_node(program, nesting = [])
-        nodes = [[program, nesting]]
-        while (entry = nodes.pop)
-          node, scope = entry
+        # Keep scopes and nodes in one stack rather than allocating a pair per node.
+        nodes = [nesting, program]
+        while (node = nodes.pop)
+          scope = nodes.pop
           yield node, scope
 
           body = nil
@@ -403,7 +405,7 @@ def each_node(program, nesting = [])
           end
 
           node.compact_child_nodes.reverse_each do |child|
-            nodes << [child, child.equal?(body) ? body_scope : scope]
+            nodes.push(child.equal?(body) ? body_scope : scope, child)
           end
         end
       end
diff --git a/lib/view_component/cache_digest/resolver.rb b/lib/view_component/cache_digest/resolver.rb
index 5b03b8bb2..d8654936e 100644
--- a/lib/view_component/cache_digest/resolver.rb
+++ b/lib/view_component/cache_digest/resolver.rb
@@ -245,7 +245,16 @@ def ruby_sources(component)
       end
 
       def file_digest(path)
-        CacheDigest.memoize([:file_digest, path]) { ActiveSupport::Digest.hexdigest(::File.binread(path)) }
+        CacheDigest.memoize([:file_digest, path]) do
+          # Reuse source reads unless text mode can transcode or translate newlines.
+          source = if ::File::ALT_SEPARATOR.nil? &&
+              (Encoding.default_internal.nil? || Encoding.default_internal == Encoding.default_external)
+            CompileCache.read_file(path)
+          else
+            ::File.binread(path)
+          end
+          ActiveSupport::Digest.hexdigest(source)
+        end
       end
 
       # Built once at load time rather than memoized, so no class-level state
diff --git a/test/sandbox/test/cacheable_test.rb b/test/sandbox/test/cacheable_test.rb
index dcc0d56b6..0fd9b23d6 100644
--- a/test/sandbox/test/cacheable_test.rb
+++ b/test/sandbox/test/cacheable_test.rb
@@ -175,6 +175,26 @@ def test_absolute_dependencies_ignore_lexical_nesting
     assert_equal ["view_component/cache_digest/child_component"], dependencies
   end
 
+  def test_dependency_discovery_restores_lexical_scope_after_nested_bodies
+    source = <<~RUBY
+      module CacheDigestNamespace
+        class ParentComponent
+          ChildComponent
+        end
+        ChildComponent
+      end
+      ChildComponent
+    RUBY
+    dependencies, partials = ViewComponent::CacheDigest.renders_in(source, "test/template")
+
+    assert_equal [
+      "view_component/cache_digest/cache_digest_namespace/parent_component",
+      "view_component/cache_digest/cache_digest_namespace/child_component",
+      "view_component/cache_digest/child_component"
+    ], dependencies
+    assert_empty partials
+  end
+
   def test_qualified_class_declarations_do_not_add_enclosing_namespaces_to_nesting
     source = "class CacheDigestNamespace::ParentComponent; render ChildComponent.new; end"
     dependencies, = ViewComponent::CacheDigest.renders_in(source, "test/template")
@@ -507,24 +527,77 @@ def test_file_caching_preserves_the_digest
 
   def test_shared_source_files_are_hashed_once_per_computation
     resolver = ViewComponent::CacheDigest::Resolver.instance
-    path = CacheableComponent.identifier
-    reads = 0
-    binread = File.method(:binread)
-    read = lambda do |filename, *args|
-      reads += 1 if filename == path
-      binread.call(filename, *args)
+    source = File.binread(CacheableComponent.identifier)
+    hashes = 0
+    hexdigest = ActiveSupport::Digest.method(:hexdigest)
+    hash_source = lambda do |content|
+      hashes += 1 if content.b == source
+      hexdigest.call(content)
     end
     expected = resolver.source_for(CacheableComponent)
 
-    File.stub(:binread, read) do
+    ActiveSupport::Digest.stub(:hexdigest, hash_source) do
       ViewComponent::CacheDigest.memoizing do
         assert_equal expected, resolver.source_for(CacheableComponent)
         resolver.source_for(CacheableSubclassComponent)
-        assert_equal 1, reads
+        assert_equal 1, hashes
       end
 
       assert_equal expected, resolver.source_for(CacheableComponent)
-      assert_equal 2, reads
+      assert_equal 2, hashes
+    end
+  end
+
+  def test_cold_digests_share_ruby_reads_between_hashing_and_dependency_discovery
+    skip "Text reads can change source bytes" if File::ALT_SEPARATOR ||
+      (Encoding.default_internal && Encoding.default_internal != Encoding.default_external)
+
+    clear_digest_cache
+    path = CacheableComponent.identifier
+    reads = 0
+    read = File.method(:read)
+    binread = File.method(:binread)
+
+    File.stub(:read, lambda { |filename, *args|
+      reads += 1 if filename == path
+      read.call(filename, *args)
+    }) do
+      File.stub(:binread, lambda { |filename, *args|
+        reads += 1 if filename == path
+        binread.call(filename, *args)
+      }) do
+        CacheableComponent.cache_digest
+        assert_equal 1, reads
+
+        clear_digest_cache
+        CacheableComponent.cache_digest
+        assert_equal 2, reads
+      end
+    end
+  ensure
+    clear_digest_cache
+  end
+
+  def test_source_hashes_use_binary_reads_when_text_reads_transcode
+    path = CacheableComponent.identifier
+    expected = ActiveSupport::Digest.hexdigest(File.binread(path))
+
+    Encoding.stub(:default_internal, Encoding::UTF_16LE) do
+      File.stub(:read, ->(*) { flunk "read transcoded source" }) do
+        assert_equal expected, ViewComponent::CacheDigest::Resolver.instance.send(:file_digest, path)
+      end
+    end
+  end
+
+  def test_shared_source_reads_preserve_encoded_bytes_and_line_endings
+    Dir.mktmpdir do |directory|
+      path = File.join(directory, "source.rb")
+      File.binwrite(path, "# caf\u00e9\r\n")
+      expected = ActiveSupport::Digest.hexdigest(File.binread(path))
+
+      ViewComponent::CompileCache.with_sidecar_files_cache do
+        assert_equal expected, ViewComponent::CacheDigest::Resolver.instance.send(:file_digest, path)
+      end
     end
   end