diff --git a/api/v1beta2/helmchart_types.go b/api/v1beta2/helmchart_types.go
index 0603ee5b..eb46fefc 100644
--- a/api/v1beta2/helmchart_types.go
+++ b/api/v1beta2/helmchart_types.go
@@ -147,6 +147,10 @@ type HelmChartStatus struct {
 	// +optional
 	ObservedChartName string `json:"observedChartName,omitempty"`
 
+	// ObservedValuesFiles are the last observed value files.
+	// +optional
+	ObservedValuesFiles []string `json:"observedValuesFiles,omitempty"`
+
 	// Conditions holds the conditions for the HelmChart.
 	// +optional
 	Conditions []metav1.Condition `json:"conditions,omitempty"`
diff --git a/internal/controller/helmchart_controller.go b/internal/controller/helmchart_controller.go
index 3e71c1db..a0cf8e15 100644
--- a/internal/controller/helmchart_controller.go
+++ b/internal/controller/helmchart_controller.go
@@ -666,6 +666,7 @@ func (r *HelmChartReconciler) buildFromHelmRepository(ctx context.Context, obj *
 	cb := chart.NewRemoteBuilder(chartRepo)
 	opts := chart.BuildOptions{
 		ValuesFiles:              obj.GetValuesFiles(),
+		ObservedValuesFiles:      obj.Status.ObservedValuesFiles,
 		IgnoreMissingValuesFiles: obj.Spec.IgnoreMissingValuesFiles,
 		Force:                    obj.Generation != obj.Status.ObservedGeneration,
 		// The remote builder will not attempt to download the chart if
@@ -762,6 +763,7 @@ func (r *HelmChartReconciler) buildFromTarballArtifact(ctx context.Context, obj
 	// Configure builder options, including any previously cached chart
 	opts := chart.BuildOptions{
 		ValuesFiles:              obj.GetValuesFiles(),
+		ObservedValuesFiles:      obj.Status.ObservedValuesFiles,
 		IgnoreMissingValuesFiles: obj.Spec.IgnoreMissingValuesFiles,
 		Force:                    obj.Generation != obj.Status.ObservedGeneration,
 	}
@@ -886,6 +888,7 @@ func (r *HelmChartReconciler) reconcileArtifact(ctx context.Context, _ *patch.Se
 	// Record it on the object
 	obj.Status.Artifact = artifact.DeepCopy()
 	obj.Status.ObservedChartName = b.Name
+	obj.Status.ObservedValuesFiles = b.ValuesFiles
 
 	// Update symlink on a "best effort" basis
 	symURL, err := r.Storage.Symlink(artifact, "latest.tar.gz")
diff --git a/internal/helm/chart/builder.go b/internal/helm/chart/builder.go
index ba4f74e9..98725d3e 100644
--- a/internal/helm/chart/builder.go
+++ b/internal/helm/chart/builder.go
@@ -107,6 +107,9 @@ type BuildOptions struct {
 	// ValuesFiles can be set to a list of relative paths, used to compose
 	// and overwrite an alternative default "values.yaml" for the chart.
 	ValuesFiles []string
+	// ObservedValuesFiles is calculated when the chart is built. If BuildOptions.IgnoreMissingValuesFiles is set,
+	// this list will contain the values files that were actually found on disk.
+	ObservedValuesFiles []string
 	// IgnoreMissingValuesFiles controls whether to silently ignore missing values files rather than failing.
 	IgnoreMissingValuesFiles bool
 	// CachedChart can be set to the absolute path of a chart stored on
diff --git a/internal/helm/chart/builder_local.go b/internal/helm/chart/builder_local.go
index d7fcf516..cee286a3 100644
--- a/internal/helm/chart/builder_local.go
+++ b/internal/helm/chart/builder_local.go
@@ -120,7 +120,7 @@ func (b *localChartBuilder) Build(ctx context.Context, ref Reference, p string,
 			if err = curMeta.Validate(); err == nil {
 				if result.Name == curMeta.Name && result.Version == curMeta.Version {
 					result.Path = opts.CachedChart
-					result.ValuesFiles = opts.GetValuesFiles()
+					result.ValuesFiles = opts.ObservedValuesFiles
 					result.Packaged = requiresPackaging
 
 					return result, nil
diff --git a/internal/helm/chart/builder_remote.go b/internal/helm/chart/builder_remote.go
index 7a87d01d..222f0a1b 100644
--- a/internal/helm/chart/builder_remote.go
+++ b/internal/helm/chart/builder_remote.go
@@ -202,7 +202,7 @@ func generateBuildResult(cv *repo.ChartVersion, opts BuildOptions) (*Build, bool
 			if err = curMeta.Validate(); err == nil {
 				if result.Name == curMeta.Name && result.Version == curMeta.Version {
 					result.Path = opts.CachedChart
-					result.ValuesFiles = opts.GetValuesFiles()
+					result.ValuesFiles = opts.ObservedValuesFiles
 					result.Packaged = requiresPackaging
 					return result, true, nil
 				}