diff --git a/lib/enumerize/attribute.rb b/lib/enumerize/attribute.rb
index b22bb7c..707fe55 100644
--- a/lib/enumerize/attribute.rb
+++ b/lib/enumerize/attribute.rb
@@ -27,6 +27,11 @@ def initialize(klass, name, options={})
       end
 
       @skip_validations_value = options.fetch(:skip_validations, false)
+
+      # Lazily populated cache of i18n lookup keys, keyed by value name. Values
+      # whose #text is never rendered never build (or retain) their keys, while
+      # rendered values build them once and reuse them on subsequent calls.
+      @i18n_keys_cache = {}
     end
 
     def find_default_value(value)
@@ -63,6 +68,26 @@ def i18n_scopes
       end
     end
 
+    # Returns the cached i18n lookup keys for +value+, building them via the
+    # given block on a miss. Memoizing here (rather than on the frozen Value)
+    # means a value's keys are composed at most once, recovering the cost of
+    # rebuilding them on every #text call, while values whose #text is never
+    # rendered never build or retain any keys.
+    #
+    # The cache is updated copy-on-write: readers always see a fully built hash
+    # and never a half-mutated one, so concurrent #text calls stay safe without
+    # locking. A race between two builds is last-writer-wins — the result is
+    # always correct; at worst a clobbered entry is rebuilt on its next call.
+    def i18n_keys(value)
+      key = value.to_s
+      cache = @i18n_keys_cache
+      cache[key] || begin
+        keys = yield
+        @i18n_keys_cache = cache.merge(key => keys)
+        keys
+      end
+    end
+
     def options(options = {})
       values = if options.empty?
         @values
diff --git a/lib/enumerize/value.rb b/lib/enumerize/value.rb
index a9672fc..0ff6eb4 100644
--- a/lib/enumerize/value.rb
+++ b/lib/enumerize/value.rb
@@ -14,20 +14,11 @@ def initialize(attr, name, value=nil)
       @value = value.nil? ? name.to_s : value
 
       super(name.to_s)
-
-      @i18n_keys = @attr.i18n_scopes.map do |s|
-        scope = Utils.call_if_callable(s, @value)
-
-        :"#{scope}.#{self}"
-      end
-      @i18n_keys << :"enumerize.defaults.#{@attr.name}.#{self}"
-      @i18n_keys << :"enumerize.#{@attr.name}.#{self}"
-      @i18n_keys << ActiveSupport::Inflector.humanize(ActiveSupport::Inflector.underscore(self)) # humanize value if there are no translations
-      @i18n_keys
     end
 
     def text
-      I18n.t(@i18n_keys[0], :default => @i18n_keys[1..-1]) if @i18n_keys
+      keys = @attr.i18n_keys(self) { build_i18n_keys }
+      I18n.t(keys[0], :default => keys[1..-1])
     end
 
     def ==(other)
@@ -44,6 +35,21 @@ def as_json(*)
 
     private
 
+    # Composes the ordered i18n lookup keys for this value. Invoked by the
+    # attribute only on a cache miss (see Attribute#i18n_keys), so values whose
+    # +text+ is never rendered never build or retain their keys.
+    def build_i18n_keys
+      keys = @attr.i18n_scopes.map do |s|
+        scope = Utils.call_if_callable(s, @value)
+
+        :"#{scope}.#{self}"
+      end
+      keys << :"enumerize.defaults.#{@attr.name}.#{self}"
+      keys << :"enumerize.#{@attr.name}.#{self}"
+      keys << ActiveSupport::Inflector.humanize(ActiveSupport::Inflector.underscore(self)) # humanize value if there are no translations
+      keys
+    end
+
     def predicate_call(value)
       value == self
     end
diff --git a/test/attribute_test.rb b/test/attribute_test.rb
index 6664442..8e782a1 100644
--- a/test/attribute_test.rb
+++ b/test/attribute_test.rb
@@ -39,6 +39,29 @@ def build_attr(*args, &block)
     end
   end
 
+  describe 'i18n keys' do
+    it 'builds the keys via the block on a miss' do
+      build_attr nil, 'foo', :in => %w[a b]
+      keys = attr.i18n_keys(attr.find_value('a')) { [:built] }
+      expect(keys).must_equal [:built]
+    end
+
+    it 'memoizes per value and does not rebuild on a hit' do
+      build_attr nil, 'foo', :in => %w[a b]
+      first = attr.i18n_keys(attr.find_value('a')) { [:built] }
+      second = attr.i18n_keys(attr.find_value('a')) { raise 'should not rebuild' }
+      expect(second).must_be_same_as first
+    end
+
+    it 'caches each value independently' do
+      build_attr nil, 'foo', :in => %w[a b]
+      a_keys = attr.i18n_keys(attr.find_value('a')) { [:a] }
+      b_keys = attr.i18n_keys(attr.find_value('b')) { [:b] }
+      expect(a_keys).must_equal [:a]
+      expect(b_keys).must_equal [:b]
+    end
+  end
+
   describe 'arguments' do
     it 'returns arguments' do
       build_attr nil, :foo, :in => [:a, :b], :scope => true
diff --git a/test/value_test.rb b/test/value_test.rb
index 467a3e5..a9b36ea 100644
--- a/test/value_test.rb
+++ b/test/value_test.rb
@@ -11,6 +11,11 @@ class Attr < Struct.new(:values, :name, :i18n_scopes, :klass)
     def value?(value)
       values.include?(value)
     end
+
+    # Caching is the real Attribute's concern; the double just composes.
+    def i18n_keys(_value)
+      yield
+    end
   end
 
   let(:attr) { Attr.new([], "attribute_name", [], Model) }