diff --git a/src/shared_store.rs b/src/shared_store.rs
index 764e95f..fc1f513 100644
--- a/src/shared_store.rs
+++ b/src/shared_store.rs
@@ -155,6 +155,25 @@ impl SharedCachedFunction {
         }
     }
 
+    /// Cache lookup returning (hit, value) to distinguish cached None from miss.
+    #[pyo3(signature = (*args, **kwargs))]
+    fn _probe<'py>(
+        &self,
+        py: Python<'py>,
+        args: Bound<'py, PyTuple>,
+        kwargs: Option<Bound<'py, PyDict>>,
+    ) -> PyResult<(bool, Py<PyAny>)> {
+        let (key_hash, key_bytes) = self.make_key(py, &args, &kwargs)?;
+
+        match self.cache.get(key_hash, &key_bytes) {
+            ShmGetResult::Hit(vb) => {
+                let value = self.deserialize_value(py, &vb)?;
+                Ok((true, value))
+            }
+            ShmGetResult::Miss => Ok((false, py.None())),
+        }
+    }
+
     /// Store a value in the cache for the given arguments.
     #[pyo3(signature = (value, *args, **kwargs))]
     fn set<'py>(
diff --git a/src/store.rs b/src/store.rs
index ca0497f..2c1742d 100644
--- a/src/store.rs
+++ b/src/store.rs
@@ -467,6 +467,39 @@ impl CachedFunction {
         Ok(None)
     }
 
+    /// Cache lookup returning (hit, value) to distinguish cached None from miss.
+    #[pyo3(signature = (*args, **kwargs))]
+    fn _probe<'py>(
+        &self,
+        py: Python<'py>,
+        args: Bound<'py, PyTuple>,
+        kwargs: Option<Bound<'py, PyDict>>,
+    ) -> PyResult<(bool, Py<PyAny>)> {
+        let (hash, key_ptr, _key_owner) = Self::hash_args(py, &args, &kwargs)?;
+        let borrowed = BorrowedArgs { hash, ptr: key_ptr };
+        let shard_idx = hash as usize & self.shard_mask;
+
+        let shard = self.shards[shard_idx].read();
+        if let Some(entry) = shard.map.get(&borrowed) {
+            if let Some(ttl) = self.ttl {
+                if entry.created_at.elapsed() > ttl {
+                    drop(shard);
+                    self.misses.fetch_add(1, Ordering::Relaxed);
+                    return Ok((false, py.None()));
+                }
+            }
+            entry.visited.store(true, Ordering::Relaxed);
+            let val = entry.value.clone_ref(py);
+            drop(shard);
+            self.hits.fetch_add(1, Ordering::Relaxed);
+            return Ok((true, val));
+        }
+
+        drop(shard);
+        self.misses.fetch_add(1, Ordering::Relaxed);
+        Ok((false, py.None()))
+    }
+
     /// Store a value in the cache for the given arguments.
     #[pyo3(signature = (value, *args, **kwargs))]
     fn set<'py>(
diff --git a/tests/test_async.py b/tests/test_async.py
index 552b872..4737b15 100644
--- a/tests/test_async.py
+++ b/tests/test_async.py
@@ -195,6 +195,56 @@ def add(a, b):
     assert info.hits == 1
 
 
+# ── None return value ────────────────────────────────────────────────────
+
+
+@pytest.mark.asyncio
+async def test_async_none_return_value():
+    """Verify that async functions returning None are cached correctly."""
+    call_count = 0
+
+    @cache(max_size=128)
+    async def returns_none(x):
+        nonlocal call_count
+        call_count += 1
+        return None
+
+    result = await returns_none(1)
+    assert result is None
+    assert call_count == 1
+
+    result = await returns_none(1)
+    assert result is None
+    assert call_count == 1  # cached, not recomputed
+
+    info = returns_none.cache_info()
+    assert info.hits == 1
+    assert info.misses == 1
+
+
+@pytest.mark.skipif(sys.platform == "win32", reason="shared memory is Unix-only")
+@pytest.mark.asyncio
+async def test_async_none_return_value_shared():
+    """Verify that async functions returning None are cached with shared backend."""
+    call_count = 0
+
+    @cache(max_size=128, backend="shared")
+    async def returns_none(x):
+        nonlocal call_count
+        call_count += 1
+        return None
+
+    returns_none.cache_clear()
+
+    result = await returns_none(1)
+    assert result is None
+    assert call_count == 1
+
+    result = await returns_none(1)
+    assert result is None
+    assert call_count == 1  # cached, not recomputed
+
+
 # ── Single-flight (dogpile prevention) ───────────────────────────────────
 
 
diff --git a/warp_cache/_decorator.py b/warp_cache/_decorator.py
index 694c88c..97f7e6e 100644
--- a/warp_cache/_decorator.py
+++ b/warp_cache/_decorator.py
@@ -48,8 +48,8 @@ def _make_inflight_key(
         return args
 
     async def __call__(self, *args: Any, **kwargs: Any) -> Any:
-        cached = self._inner.get(*args, **kwargs)
-        if cached is not None:
+        hit, cached = self._inner._probe(*args, **kwargs)  # type: ignore[unresolved-attribute]
+        if hit:
             return cached
 
         key = self._make_inflight_key(args, kwargs or None)
@@ -58,8 +58,8 @@ async def __call__(self, *args: Any, **kwargs: Any) -> Any:
             event = self._inflight.get(key)
             if event is not None:
                 await event.wait()
-                cached = self._inner.get(*args, **kwargs)
-                if cached is not None:
+                hit, cached = self._inner._probe(*args, **kwargs)  # type: ignore[unresolved-attribute]
+                if hit:
                     return cached
                 # Leader failed — loop back to check for a new leader
                 continue