diff --git a/.verchew.ini b/.verchew.ini
index 5ed9c9a..9e50349 100644
--- a/.verchew.ini
+++ b/.verchew.ini
@@ -17,6 +17,6 @@ version = 1
 
 cli = dot
 cli_version_arg = -V
-version = 7 || 8 || 9 || 10
+version = graphviz
 optional = true
 message = This is only needed to generate UML diagrams for documentation.
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 73989a0..00779ad 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,9 @@
 # Release Notes
 
+## 2.2.3 (2024-05-26)
+
+- Added caching to default factory calls.
+
 ## 2.2.2 (2024-01-06)
 
 - Fixed `Manager.all()` behavior for patterns with default vales.
diff --git a/datafiles/tests/files/1.yml b/datafiles/tests/files/1.yml
new file mode 100644
index 0000000..6540615
--- /dev/null
+++ b/datafiles/tests/files/1.yml
@@ -0,0 +1,2 @@
+bar: 2
+nested:
diff --git a/datafiles/utils.py b/datafiles/utils.py
index d7b310f..b1f8b54 100644
--- a/datafiles/utils.py
+++ b/datafiles/utils.py
@@ -3,6 +3,7 @@
 import dataclasses
 import time
 from contextlib import suppress
+from dataclasses import Field
 from functools import lru_cache
 from pathlib import Path
 from pprint import pformat
@@ -30,7 +31,7 @@ def get_default_field_value(instance, name):
                 return field.default
 
             if not isinstance(field.default_factory, Missing):  # type: ignore
-                return field.default_factory()  # type: ignore
+                return _call_default_factory(field)
 
             if not field.init and hasattr(instance, "__post_init__"):
                 return getattr(instance, name)
@@ -38,6 +39,11 @@ def get_default_field_value(instance, name):
     return Missing
 
 
+@cached
+def _call_default_factory(field: Field):
+    return field.default_factory()  # type: ignore
+
+
 def prettify(value) -> str:
     """Ensure value is a dictionary pretty-format it."""
     return pformat(dictify(value))
diff --git a/poetry.lock b/poetry.lock
index 09ef320..de5b2ab 100644
--- a/poetry.lock
+++ b/poetry.lock
@@ -2259,6 +2259,7 @@ files = [
     {file = "PyYAML-6.0.1-cp311-cp311-win_amd64.whl", hash = "sha256:bf07ee2fef7014951eeb99f56f39c9bb4af143d8aa3c21b1677805985307da34"},
     {file = "PyYAML-6.0.1-cp312-cp312-macosx_10_9_x86_64.whl", hash = "sha256:855fb52b0dc35af121542a76b9a84f8d1cd886ea97c84703eaa6d88e37a2ad28"},
     {file = "PyYAML-6.0.1-cp312-cp312-macosx_11_0_arm64.whl", hash = "sha256:40df9b996c2b73138957fe23a16a4f0ba614f4c0efce1e9406a184b6d07fa3a9"},
+    {file = "PyYAML-6.0.1-cp312-cp312-manylinux_2_17_aarch64.manylinux2014_aarch64.whl", hash = "sha256:a08c6f0fe150303c1c6b71ebcd7213c2858041a7e01975da3a99aed1e7a378ef"},
     {file = "PyYAML-6.0.1-cp312-cp312-manylinux_2_17_x86_64.manylinux2014_x86_64.whl", hash = "sha256:6c22bec3fbe2524cde73d7ada88f6566758a8f7227bfbf93a408a9d86bcc12a0"},
     {file = "PyYAML-6.0.1-cp312-cp312-musllinux_1_1_x86_64.whl", hash = "sha256:8d4e9c88387b0f5c7d5f281e55304de64cf7f9c0021a3525bd3b1c542da3b0e4"},
     {file = "PyYAML-6.0.1-cp312-cp312-win32.whl", hash = "sha256:d483d2cdf104e7c9fa60c544d92981f12ad66a457afae824d146093b8c294c54"},
diff --git a/pyproject.toml b/pyproject.toml
index 8f60a6b..ce14453 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,7 +1,7 @@
 [tool.poetry]
 
 name = "datafiles"
-version = "2.2.2"
+version = "2.2.3"
 description = "File-based ORM for dataclasses."
 
 license = "MIT"
diff --git a/tests/test_instantiation.py b/tests/test_instantiation.py
index 1a58a75..23999c8 100644
--- a/tests/test_instantiation.py
+++ b/tests/test_instantiation.py
@@ -10,6 +10,8 @@
 
 from . import xfail_with_pep_563
 
+counter = 0
+
 
 @datafile("../tmp/sample.yml", manual=True)
 class SampleWithDefaults:
@@ -150,6 +152,25 @@ def when_file_exists(expect):
         expect(sample.b) == 3.4
         expect(sample.c) == 9.9
 
+    def it_only_calls_factory_when_needed(expect):
+
+        def default_factory():
+            global counter
+            counter += 1
+            logbreak(f"Called default factory: {counter}")
+            return "a"
+
+        @datafile("../tmp/sample.yml")
+        class Sample:
+            value: str = field(default_factory=default_factory)
+
+        sample = Sample()
+
+        sample.value = "b"
+        sample.value = "c"
+
+        expect(counter) == 2
+
 
 def describe_missing_attributes():
     @xfail_with_pep_563
diff --git a/tests/test_saving.py b/tests/test_saving.py
index 15883e6..becaa98 100644
--- a/tests/test_saving.py
+++ b/tests/test_saving.py
@@ -46,7 +46,7 @@ def without_initial_values(sample, expect):
                 """
             )
 
-    def with_convertable_initial_values(expect):
+    def with_convertible_initial_values(expect):
         sample = Sample(1, 2, 3, 4)
 
         sample.datafile.save()