diff --git a/CHANGELOG.md b/CHANGELOG.md
index fc7158582..2d595b9d9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -26,6 +26,7 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/).
 - Fix NVIDIA startup errors on arm64
 - Fix remote stream durations in playouts created using block, sequential or scripted schedules
 - Fix playback troubleshooting selecting a subtitle even with no subtitle stream selected in the UI
+- Fix intermittent watermark opacity
 
 ### Changed
 - Do not use graphics engine for single, permanent watermark
diff --git a/ErsatzTV.Infrastructure/Streaming/Graphics/Image/WatermarkElement.cs b/ErsatzTV.Infrastructure/Streaming/Graphics/Image/WatermarkElement.cs
index 531eb54e6..5097cde69 100644
--- a/ErsatzTV.Infrastructure/Streaming/Graphics/Image/WatermarkElement.cs
+++ b/ErsatzTV.Infrastructure/Streaming/Graphics/Image/WatermarkElement.cs
@@ -45,7 +45,7 @@ public class WatermarkElement : ImageElementBase
                                 0
                             )
                         )
-                    )";
+                    ) * {_watermark.Opacity / 100.0f}";
                 _maybeOpacityExpression = new Expression(expressionString);
             }
             else if (_watermark.Mode is ChannelWatermarkMode.OpacityExpression &&