diff --git a/src/helpers/document-loader/__fixtures__/models.yaml b/src/helpers/document-loader/__fixtures__/models.yaml
new file mode 100644
index 0000000..a9e8936
--- /dev/null
+++ b/src/helpers/document-loader/__fixtures__/models.yaml
@@ -0,0 +1,34 @@
+openapi: 3.1.0
+info:
+  title: Shared Models
+  version: 0.1.0
+paths: {}
+components:
+  schemas:
+    Address:
+      title: Address
+      type: object
+      properties:
+        line1: { type: string }
+        city: { type: string }
+
+    Company:
+      title: Company
+      type: object
+      properties:
+        name: { type: string }
+        address:
+          $ref: '#/components/schemas/Address'
+        status:
+          $ref: '#/components/schemas/CompanyStatus'
+
+    CompanyStatus:
+      title: CompanyStatus
+      type: string
+      enum: [PENDING, APPROVED, REJECTED]
+
+    CompanyList:
+      title: CompanyList
+      type: array
+      items:
+        $ref: '#/components/schemas/Company'
diff --git a/src/helpers/document-loader/__fixtures__/multi-file-api.yaml b/src/helpers/document-loader/__fixtures__/multi-file-api.yaml
new file mode 100644
index 0000000..4596e85
--- /dev/null
+++ b/src/helpers/document-loader/__fixtures__/multi-file-api.yaml
@@ -0,0 +1,63 @@
+openapi: 3.1.0
+info:
+  title: Multi File API
+  version: 0.1.0
+paths:
+  /companies:
+    get:
+      operationId: listCompanies
+      responses:
+        '200':
+          description: List of companies
+          content:
+            application/json:
+              schema:
+                $ref: 'models.yaml#/components/schemas/CompanyList'
+    post:
+      operationId: createCompany
+      requestBody:
+        content:
+          application/json:
+            schema:
+              $ref: 'models.yaml#/components/schemas/Company'
+      responses:
+        '201':
+          description: Created
+          content:
+            application/json:
+              schema:
+                $ref: 'models.yaml#/components/schemas/Company'
+  /companies/{id}:
+    get:
+      operationId: getCompany
+      parameters:
+        - in: path
+          name: id
+          required: true
+          schema: { type: string }
+      responses:
+        '200':
+          description: Company detail
+          content:
+            application/json:
+              schema:
+                $ref: 'models.yaml#/components/schemas/Company'
+    put:
+      operationId: updateCompany
+      parameters:
+        - in: path
+          name: id
+          required: true
+          schema: { type: string }
+      requestBody:
+        content:
+          application/json:
+            schema:
+              $ref: 'models.yaml#/components/schemas/Company'
+      responses:
+        '200':
+          description: Updated
+          content:
+            application/json:
+              schema:
+                $ref: 'models.yaml#/components/schemas/Company'
diff --git a/src/helpers/document-loader/load.spec.ts b/src/helpers/document-loader/load.spec.ts
new file mode 100644
index 0000000..ab783e1
--- /dev/null
+++ b/src/helpers/document-loader/load.spec.ts
@@ -0,0 +1,59 @@
+import 'ts-array-extensions';
+import type { JsonMap } from '@laurence79/ts-json';
+import path from 'path';
+import { load } from './load';
+
+const fixture = (name: string) => path.join(__dirname, '__fixtures__', name);
+
+describe('load', () => {
+  describe('multi-file $ref resolution', () => {
+    it('inlines cross-file schemas into the root document', async () => {
+      const doc = (await load(fixture('multi-file-api.yaml'))) as JsonMap;
+      const components = doc.components as JsonMap;
+      const schemas = components.schemas as JsonMap;
+
+      expect(schemas.Company).toBeDefined();
+      expect(schemas.CompanyList).toBeDefined();
+      expect(schemas.Address).toBeDefined();
+      expect(schemas.CompanyStatus).toBeDefined();
+    });
+
+    it('rewrites $ref to point to local schemas', async () => {
+      const doc = (await load(fixture('multi-file-api.yaml'))) as JsonMap;
+      const paths = doc.paths as JsonMap;
+      const companies = paths['/companies'] as JsonMap;
+      const get = companies.get as JsonMap;
+      const responses = get.responses as JsonMap;
+      const ok = responses['200'] as JsonMap;
+      const content = ok.content as JsonMap;
+      const json = content['application/json'] as JsonMap;
+      const schema = json.schema as JsonMap;
+
+      expect(schema.$ref).toMatch(/#\/components\/schemas\/CompanyList$/);
+    });
+
+    it('does not create nested components trees under inlined schemas', async () => {
+      const doc = (await load(fixture('multi-file-api.yaml'))) as JsonMap;
+      const components = doc.components as JsonMap;
+      const schemas = components.schemas as JsonMap;
+
+      for (const [, schema] of Object.entries(schemas)) {
+        expect(schema).not.toHaveProperty('components');
+      }
+    });
+
+    it('inlines each external schema only once regardless of reference count', async () => {
+      const doc = (await load(fixture('multi-file-api.yaml'))) as JsonMap;
+      const components = doc.components as JsonMap;
+      const schemas = components.schemas as JsonMap;
+
+      const schemaNames = Object.keys(schemas).sort();
+      expect(schemaNames).toEqual([
+        'Address',
+        'Company',
+        'CompanyList',
+        'CompanyStatus'
+      ]);
+    });
+  });
+});
diff --git a/src/helpers/document-loader/load.ts b/src/helpers/document-loader/load.ts
index e5a2f4a..278c36e 100644
--- a/src/helpers/document-loader/load.ts
+++ b/src/helpers/document-loader/load.ts
@@ -172,6 +172,7 @@ export const load = async (source: string, logger?: Logger): Promise<Json> => {
     JsonMap;
 
   const walked: string[] = [];
+  const inlinedRefs = new Set<string>();
 
   const walkFn = async (node: JsonMap, ptr: string) => {
     if (!isReference(node) || walked.includes(ptr)) {
@@ -198,11 +199,18 @@ export const load = async (source: string, logger?: Logger): Promise<Json> => {
         return new Reference(`#/components/${key}/${title}`, filename);
       })();
 
-      jsonPointer.set(doc, newRef.pointer, refNode);
-
       node.$ref = newRef.$;
 
-      await AsyncJsonWalker.walk(doc, walkFn, newRef.pointer);
+      const canonicalKey = ref.$;
+
+      if (!inlinedRefs.has(canonicalKey)) {
+        inlinedRefs.add(canonicalKey);
+
+        const cloned = JSON.parse(JSON.stringify(refNode)) as JsonMap;
+        jsonPointer.set(doc, newRef.pointer, cloned);
+
+        await AsyncJsonWalker.walk(cloned, walkFn, newRef.pointer);
+      }
     }
   };