diff --git a/.changepacks/changepack_log_resolver_memo.json b/.changepacks/changepack_log_resolver_memo.json
new file mode 100644
index 000000000..670eaedec
--- /dev/null
+++ b/.changepacks/changepack_log_resolver_memo.json
@@ -0,0 +1 @@
+{"changes":{"packages/plugin-utils/package.json":"Patch"},"note":"Remember package resolutions and module code in the module resolver, so a module imported by many files is read once until it changes","date":"2026-11-15T00:00:00.000Z"}
diff --git a/packages/plugin-utils/src/import-graph.test.ts b/packages/plugin-utils/src/import-graph.test.ts
index 9736af4d1..7f0069c24 100644
--- a/packages/plugin-utils/src/import-graph.test.ts
+++ b/packages/plugin-utils/src/import-graph.test.ts
@@ -2,6 +2,7 @@ import {
   mkdirSync,
   mkdtempSync,
   readFileSync,
+  realpathSync,
   rmSync,
   writeFileSync,
 } from 'node:fs'
@@ -1466,6 +1467,48 @@ describe('createModuleResolver', () => {
     expect(code('number-pkg')).toBeUndefined()
     expect(code('not-installed')).toBeUndefined()
   })
+  it('reads a module again only after it changes', () => {
+    const resolveModule = createModuleResolver({ cwd: root })
+    expect(resolveModule('./tokens', 'src/App.tsx')?.code).toBe(
+      'export const PRIMARY = "red"',
+    )
+    expect(resolveModule('@/tokens', 'src/App.tsx')?.code).toBe(
+      'export const PRIMARY = "red"',
+    )
+    writeFileSync(join(root, 'src/tokens.ts'), 'export const PRIMARY = "blue!"')
+    expect(resolveModule('./tokens', 'src/App.tsx')?.code).toBe(
+      'export const PRIMARY = "blue!"',
+    )
+  })
+
+  it('remembers packages until the manifest or the entry changes', () => {
+    const manifestPath = join(root, 'node_modules/pkg/package.json')
+    mkdirSync(dirname(manifestPath), { recursive: true })
+    writeFileSync(manifestPath, JSON.stringify({ main: 'a.js' }))
+    writeFileSync(join(root, 'node_modules/pkg/a.js'), 'a')
+    writeFileSync(join(root, 'node_modules/pkg/other.js'), 'b')
+    const manifests: string[] = []
+    const resolveModule = createModuleResolver({
+      cwd: root,
+      onPackageManifest: (path) => manifests.push(path),
+    })
+    const code = () => resolveModule('pkg', 'src/App.tsx')?.code
+    expect(code()).toBe('a')
+    expect(code()).toBe('a')
+    expect(manifests).toEqual([
+      realpathSync(manifestPath),
+      realpathSync(manifestPath),
+    ])
+    writeFileSync(manifestPath, JSON.stringify({ main: 'other.js' }))
+    expect(code()).toBe('b')
+    rmSync(join(root, 'node_modules/pkg/other.js'))
+    expect(code()).toBeUndefined()
+    writeFileSync(join(root, 'node_modules/pkg/other.js'), 'b again')
+    expect(code()).toBe('b again')
+    rmSync(dirname(manifestPath), { recursive: true })
+    expect(code()).toBeUndefined()
+  })
+
   it('defaults to the working directory and the path itself', () => {
     const resolveModule = createModuleResolver()
     expect(resolveModule('./tokens', join(root, 'src/App.tsx'))?.path).toBe(
diff --git a/packages/plugin-utils/src/import-graph.ts b/packages/plugin-utils/src/import-graph.ts
index 13197350d..fcc0d7238 100644
--- a/packages/plugin-utils/src/import-graph.ts
+++ b/packages/plugin-utils/src/import-graph.ts
@@ -1080,6 +1080,43 @@ export function createModuleResolver({
   importer: string,
 ) => ResolvedModule | undefined {
   const { aliases, baseDir } = readPathAliases(tsconfigPath)
+  const packages = new Map<string, CachedPackage>()
+  const sources = new Map<string, CachedSource>()
+  /**
+   * `resolvePackage`, remembered per importing directory while the manifest
+   * and the entry stay unchanged. A miss is not remembered: the package may
+   * be installed later.
+   */
+  const resolveCachedPackage = (specifier: string, from: string) => {
+    const key = `${dirname(from)}\0${specifier}`
+    const cached = packages.get(key)
+    if (
+      cached &&
+      fileStamp(cached.manifest) === cached.stamp &&
+      isFile(cached.path)
+    ) {
+      onPackageManifest?.(cached.manifest)
+      return cached.path
+    }
+    let manifest = ''
+    const path = resolvePackage(specifier, from, (found) => {
+      manifest = found
+      onPackageManifest?.(found)
+    })
+    if (path) {
+      packages.set(key, { manifest, stamp: fileStamp(manifest), path })
+    }
+    return path
+  }
+  /** The file's code, read again only once its stamp changes. */
+  const readSource = (path: string) => {
+    const stamp = fileStamp(path)
+    const cached = sources.get(path)
+    if (cached && cached.stamp === stamp) return cached.code
+    const code = readFileSync(path, 'utf-8')
+    sources.set(path, { stamp, code })
+    return code
+  }
   return (specifier, importer) => {
     const from = resolve(cwd, importer)
     const path = specifier.startsWith('.')
@@ -1093,11 +1130,30 @@ export function createModuleResolver({
             .map(resolveSourceFile)
             .find(Boolean) ??
           ((allowPackage?.(specifier) ?? true)
-            ? resolvePackage(specifier, from, onPackageManifest)
+            ? resolveCachedPackage(specifier, from)
             : undefined))
-    return path
-      ? { path: toId(path), code: readFileSync(path, 'utf-8') }
-      : undefined
+    return path ? { path: toId(path), code: readSource(path) } : undefined
+  }
+}
+
+interface CachedPackage {
+  manifest: string
+  stamp: string | undefined
+  path: string
+}
+
+interface CachedSource {
+  stamp: string | undefined
+  code: string
+}
+
+/** Changes whenever the file is written; `undefined` once it is gone. */
+function fileStamp(path: string): string | undefined {
+  try {
+    const { mtimeNs, ctimeNs, size } = statSync(path, { bigint: true })
+    return `${mtimeNs}:${ctimeNs}:${size}`
+  } catch {
+    return undefined
   }
 }