diff --git a/calc.go b/calc.go
index 8777bb9413..19fbf97dc5 100644
--- a/calc.go
+++ b/calc.go
@@ -1626,7 +1626,10 @@ func (f *File) cellResolver(ctx *calcContext, sheet, cell string) (formulaArg, e
 			if ctx.iterations[ref] <= f.options.MaxCalcIterations {
 				ctx.iterations[ref]++
 				ctx.mu.Unlock()
-				arg, _ = f.calcCellValue(ctx, sheet, cell)
+				arg, err = f.calcCellValue(ctx, sheet, cell)
+				if err != nil && err.Error() != "#N/A" {
+					return arg, err
+				}
 				ctx.iterationsCache[ref] = arg
 				return arg, nil
 			}
diff --git a/cell_test.go b/cell_test.go
index e64e46423b..d7fffa5fe2 100644
--- a/cell_test.go
+++ b/cell_test.go
@@ -1126,3 +1126,14 @@ func TestSharedStringsError(t *testing.T) {
 func TestSIString(t *testing.T) {
 	assert.Empty(t, xlsxSI{}.String())
 }
+
+func TestFormulaRecursionErr(t *testing.T) {
+	f, err := OpenFile(filepath.Join("test", "FormulaRecursionErr.xlsx"), Options{UnzipXMLSizeLimit: 128})
+	assert.NoError(t, err)
+	_, err = f.CalcCellValue("Sheet1", "C1")
+	assert.Error(t, err)
+	_, err = f.CalcCellValue("Sheet1", "D1")
+	assert.Error(t, err)
+	err = f.Close()
+	assert.NoError(t, err)
+}
diff --git a/test/FormulaRecursionErr.xlsx b/test/FormulaRecursionErr.xlsx
new file mode 100644
index 0000000000..0d3e1a108a
Binary files /dev/null and b/test/FormulaRecursionErr.xlsx differ