diff --git a/crates/formula/src/parser.rs b/crates/formula/src/parser.rs
index 2b6f6d408..f8d73744e 100644
--- a/crates/formula/src/parser.rs
+++ b/crates/formula/src/parser.rs
@@ -69,11 +69,35 @@ fn parse_top(src: &str, locale: crate::FormulaLocale, allow_union: bool) -> Resu
     let mut p = Parser { toks, i: 0, depth: 0, input: locale == crate::FormulaLocale::Es };
     let e = p.expr(0, allow_union)?;
     match p.peek() {
+        Tok::Eof if wrapper_height(&e) > MAX_DEPTH => Err(ParseError { msg: "formula is nested too deeply".into(), pos: 0 }),
         Tok::Eof => Ok(e),
         t => Err(p.err(format!("unexpected {}", describe(t)))),
     }
 }
 
+/// The most unary operators, parentheses and invocations on one path of `e`. The parser bounds
+/// each level's postfix wrappers by its own depth, so levels inside levels can still stack them
+/// far past [`MAX_DEPTH`]; code that maps over the tree recurses once per wrapper.
+fn wrapper_height(e: &Expr) -> usize {
+    let mut most = 0;
+    let mut pending = vec![(e, 0usize)];
+    while let Some((e, h)) = pending.pop() {
+        most = most.max(h);
+        match e {
+            Expr::Unary(_, a) | Expr::Paren(a) => pending.push((a, h + 1)),
+            Expr::Invoke(callee, args) => {
+                pending.push((callee, h + 1));
+                pending.extend(args.iter().map(|a| (a, h + 1)));
+            }
+            Expr::Binary(_, a, b) => pending.extend([(&**a, h), (&**b, h)]),
+            Expr::Call(_, args) => pending.extend(args.iter().map(|a| (a, h))),
+            Expr::Array(rows) => pending.extend(rows.iter().flatten().map(|a| (a, h))),
+            _ => {}
+        }
+    }
+    most
+}
+
 fn describe(t: &Tok) -> String {
     match t {
         Tok::RParen => "`)`".into(),
diff --git a/crates/formula/src/tests.rs b/crates/formula/src/tests.rs
index 6e3829925..274a66667 100644
--- a/crates/formula/src/tests.rs
+++ b/crates/formula/src/tests.rs
@@ -576,3 +576,19 @@ fn column_starting_with_at_round_trips() {
         assert_eq!(parse(&text).ok(), Some(Expr::Struct(s)), "printed as {text}");
     }
 }
+
+#[test]
+fn wrappers_stacked_across_levels_are_bounded_as_a_whole() {
+    // Each level adds 40 percents inside the parser's per-level bound, so no level is too deep alone.
+    let stacked = |levels: usize| {
+        let mut f = "1".to_string();
+        for _ in 0..levels {
+            f = format!("({f}){}", "%".repeat(40));
+        }
+        f
+    };
+    assert!(parse(&stacked(5)).is_ok());
+    assert!(parse(&stacked(7)).is_err(), "7 x 41 wrappers on one path");
+    assert!(parse(&format!("{}1{}", "(".repeat(200), ")".repeat(200))).is_ok());
+    assert!(parse(&format!("={}", vec!["A1%"; 100].join("+"))).is_ok(), "siblings are not stacked");
+}