diff --git a/mutable_batch/src/payload/partition.rs b/mutable_batch/src/payload/partition.rs
index d30adea4c7..a37f385a97 100644
--- a/mutable_batch/src/payload/partition.rs
+++ b/mutable_batch/src/payload/partition.rs
@@ -347,6 +347,39 @@ mod tests {
         StdRng::seed_from_u64(seed)
     }
 
+    /// Reproducer for https://github.com/influxdata/idpe/issues/17765
+    #[test]
+    fn test_equals_last() {
+        let ts = [
+            1686756903736785920, // last_eq=false, render, set last_ptr
+            42,                  // last_eq=false, render, set last_ptr
+            1686756903736785920, // last_eq=false, re-use, don't change last_ptr
+            1686756903736785920, // last_eq=false, re-use, don't change last_ptr
+            42,                  // last_eq=true (wrong), re-use
+        ];
+
+        let mut batch = MutableBatch::new();
+        let mut writer = Writer::new(&mut batch, ts.len());
+
+        writer.write_time("time", ts.into_iter()).unwrap();
+        writer.commit();
+
+        let keys =
+            generate_denormalised_keys(&batch, TablePartitionTemplateOverride::default().parts())
+                .unwrap();
+
+        assert_eq!(
+            keys,
+            &[
+                "2023-06-14",
+                "1970-01-01",
+                "2023-06-14",
+                "2023-06-14",
+                "1970-01-01",
+            ]
+        );
+    }
+
     /// Generates a vector of partition key strings, or an error.
     ///
     /// This function normalises the de-duplicated output of
diff --git a/mutable_batch/src/payload/partition/strftime.rs b/mutable_batch/src/payload/partition/strftime.rs
index 73c788256e..0aa7f9e4d4 100644
--- a/mutable_batch/src/payload/partition/strftime.rs
+++ b/mutable_batch/src/payload/partition/strftime.rs
@@ -74,11 +74,6 @@ where
         }
         None
     }
-
-    /// Return the last wrote value, if any.
-    fn last(&self) -> Option<&'_ T> {
-        self.buf[self.last_idx].as_ref()
-    }
 }
 
 /// A strftime-like formatter of epoch timestamps with nanosecond granularity.
@@ -147,6 +142,14 @@ pub(super) struct StrftimeFormatter<'a> {
     /// A set of 5 most recently added timestamps, and the formatted string they
     /// map to.
     values: RingBuffer<5, (i64, String)>,
+
+    /// The last observed timestamp.
+    ///
+    /// This value changes each time a timestamp is returned to the user, either
+    /// from the cache of pre-generated strings, or by generating a new one and
+    /// MUST always track the last timestamp given to
+    /// [`StrftimeFormatter::render()`].
+    last_ts: Option<i64>,
 }
 
 impl<'a> StrftimeFormatter<'a> {
@@ -170,6 +173,7 @@ impl<'a> StrftimeFormatter<'a> {
             format: StrftimeItems::new(format),
             is_ymd_format: is_default_format,
             values: RingBuffer::default(),
+            last_ts: None,
         }
     }
 
@@ -182,6 +186,9 @@ impl<'a> StrftimeFormatter<'a> {
         // Optionally apply the default format reduction optimisation.
         let timestamp = self.maybe_reduce(timestamp);
 
+        // Retain this timestamp as the last observed timestamp.
+        self.last_ts = Some(timestamp);
+
         // Check if this timestamp has already been rendered.
         if let Some(v) = self.values.find(|(t, _v)| *t == timestamp) {
             // It has! Re-use the existing formatted string.
@@ -239,10 +246,7 @@ impl<'a> StrftimeFormatter<'a> {
         // Optionally apply the default format reduction optimisation.
         let timestamp = self.maybe_reduce(timestamp);
 
-        self.values
-            .last()
-            .map(|(ts, _)| *ts == timestamp)
-            .unwrap_or_default()
+        self.last_ts.map(|v| v == timestamp).unwrap_or_default()
     }
 }
 
@@ -302,17 +306,6 @@ mod tests {
         assert_eq!(fmt.values.last_idx, 1);
     }
 
-    #[test]
-    fn test_ring_buffer_equals_last() {
-        let mut b = RingBuffer::<4, _>::default();
-
-        assert!(b.find(|v| *v == 42).is_none());
-
-        *b.next_slot() = 42;
-
-        assert_eq!(b.last(), Some(&42));
-    }
-
     const FORMATTER_SPEC_PARTS: &[&str] = &[
         "%Y", "%m", "%d", "%H", "%m", "%.9f", "%r", "%+", "%t", "%n", "%A", "%c",
     ];