diff --git a/app/models/alchemy/page/page_natures.rb b/app/models/alchemy/page/page_natures.rb
index 728d2c54af..cf39fa3dcc 100644
--- a/app/models/alchemy/page/page_natures.rb
+++ b/app/models/alchemy/page/page_natures.rb
@@ -103,16 +103,11 @@ def layout_partial_name
 
       # Returns the version that's taken for Rails' recycable cache key.
       #
-      # Uses the +published_at+ value that's updated when the user publishes the page.
-      #
-      # If the page is the current preview it uses the +updated_at+ value as cache key.
+      # Always uses the +updated_at+ value.
       #
       def cache_version
-        if Current.preview_page == self
-          updated_at.to_s
-        else
-          published_at.to_s
-        end
+        relevant_page_version = (Current.preview_page == self) ? draft_version : public_version
+        (relevant_page_version&.updated_at || updated_at).to_s
       end
 
       # Returns true if the page cache control headers should be set.
diff --git a/spec/models/alchemy/page_spec.rb b/spec/models/alchemy/page_spec.rb
index 30e50c6c3f..7e1919a496 100644
--- a/spec/models/alchemy/page_spec.rb
+++ b/spec/models/alchemy/page_spec.rb
@@ -708,9 +708,12 @@ module Alchemy
       let(:last_week) { Time.current - 1.week }
 
       let(:page) do
-        build_stubbed(:alchemy_page, updated_at: now, published_at: last_week)
+        build_stubbed(:alchemy_page, public_version: public_version, draft_version: draft_version)
       end
 
+      let(:public_version) { build_stubbed(:alchemy_page_version, updated_at: last_week) }
+      let(:draft_version) { build_stubbed(:alchemy_page_version, updated_at: now) }
+
       subject { page.cache_version }
 
       before do
@@ -732,6 +735,26 @@ module Alchemy
           is_expected.to eq(last_week.to_s)
         end
       end
+
+      context "if page has no public version" do
+        context "in preview mode" do
+          let(:page) { build_stubbed(:alchemy_page, public_version: nil, draft_version: draft_version, updated_at: now) }
+          let(:preview) { page }
+
+          it "uses updated_at" do
+            is_expected.to eq(now.to_s)
+          end
+        end
+
+        context "not in preview mode" do
+          let(:page) { build_stubbed(:alchemy_page, public_version: nil, draft_version: draft_version, updated_at: now) }
+          let(:preview) { nil }
+
+          it "uses updated_at" do
+            is_expected.to eq(now.to_s)
+          end
+        end
+      end
     end
 
     describe "#public_version" do