diff --git a/arch/arm64/kvm/arch_timer.c b/arch/arm64/kvm/arch_timer.c
index 6ac3321f4c57..9278b5383c04 100644
--- a/arch/arm64/kvm/arch_timer.c
+++ b/arch/arm64/kvm/arch_timer.c
@@ -528,17 +528,11 @@ static void timer_save_state(struct arch_timer_context *ctx)
 		goto out;
 
 	switch (index) {
-		u64 cval;
-
 	case TIMER_VTIMER:
 	case TIMER_HVTIMER:
 		timer_set_ctl(ctx, read_sysreg_el0(SYS_CNTV_CTL));
-		cval = read_sysreg_el0(SYS_CNTV_CVAL);
-
-		if (has_broken_cntvoff())
-			cval -= timer_get_offset(ctx);
-
-		timer_set_cval(ctx, cval);
+		if (!has_broken_cntvoff() || !timer_get_offset(ctx))
+			timer_set_cval(ctx, read_sysreg_el0(SYS_CNTV_CVAL));
 
 		/* Disable the timer */
 		write_sysreg_el0(0, SYS_CNTV_CTL);
@@ -564,11 +558,12 @@ static void timer_save_state(struct arch_timer_context *ctx)
 	case TIMER_PTIMER:
 	case TIMER_HPTIMER:
 		timer_set_ctl(ctx, read_sysreg_el0(SYS_CNTP_CTL));
-		cval = read_sysreg_el0(SYS_CNTP_CVAL);
-
-		cval -= timer_get_offset(ctx);
-
-		timer_set_cval(ctx, cval);
+		/*
+		 * With an offset, memory already holds the guest's CVAL (the
+		 * trap handler or __deactivate_traps() wrote it).
+		 */
+		if (!timer_get_offset(ctx))
+			timer_set_cval(ctx, read_sysreg_el0(SYS_CNTP_CVAL));
 
 		/* Disable the timer */
 		write_sysreg_el0(0, SYS_CNTP_CTL);
@@ -647,7 +642,8 @@ static void timer_restore_state(struct arch_timer_context *ctx)
 		offset = timer_get_offset(ctx);
 		if (has_broken_cntvoff()) {
 			set_cntvoff(0);
-			cval += offset;
+			if (offset)
+				cval = timer_apply_offset(cval, offset, kvm_phys_timer_read());
 		} else {
 			set_cntvoff(offset);
 		}
@@ -660,7 +656,8 @@ static void timer_restore_state(struct arch_timer_context *ctx)
 		cval = timer_get_cval(ctx);
 		offset = timer_get_offset(ctx);
 		set_cntpoff(offset);
-		cval += offset;
+		if (offset)
+			cval = timer_apply_offset(cval, offset, kvm_phys_timer_read());
 		write_sysreg_el0(cval, SYS_CNTP_CVAL);
 		isb();
 		write_sysreg_el0(timer_get_ctl(ctx), SYS_CNTP_CTL);
diff --git a/arch/arm64/kvm/hyp/vhe/switch.c b/arch/arm64/kvm/hyp/vhe/switch.c
index 7875911c0506..14aada311bac 100644
--- a/arch/arm64/kvm/hyp/vhe/switch.c
+++ b/arch/arm64/kvm/hyp/vhe/switch.c
@@ -175,7 +175,8 @@ static void __deactivate_traps(struct kvm_vcpu *vcpu)
 		offset = read_sysreg_s(SYS_CNTPOFF_EL2);
 
 		if (map.direct_ptimer && offset) {
-			write_sysreg_el0(val + offset, SYS_CNTP_CVAL);
+			val = timer_apply_offset(val, offset, arch_timer_read_cntpct_el0());
+			write_sysreg_el0(val, SYS_CNTP_CVAL);
 			isb();
 		}
 	}
@@ -296,10 +297,10 @@ static bool kvm_hyp_handle_timer(struct kvm_vcpu *vcpu, u64 *exit_code)
 		break;
 	case SYS_CNTP_CVAL_EL0:
 		if (vcpu_el2_e2h_is_set(vcpu)) {
-			val = read_sysreg_el0(SYS_CNTP_CVAL);
-
-			if (!has_cntpoff())
-				val -= timer_get_offset(vcpu_hptimer(vcpu));
+			if (!has_cntpoff() && timer_get_offset(vcpu_hptimer(vcpu)))
+				val = __vcpu_sys_reg(vcpu, CNTHP_CVAL_EL2);
+			else
+				val = read_sysreg_el0(SYS_CNTP_CVAL);
 		} else {
 			val = __vcpu_sys_reg(vcpu, CNTP_CVAL_EL0);
 		}
diff --git a/include/kvm/arm_arch_timer.h b/include/kvm/arm_arch_timer.h
index bc6f2fdd7ad3..80f96ea59f1a 100644
--- a/include/kvm/arm_arch_timer.h
+++ b/include/kvm/arm_arch_timer.h
@@ -195,4 +195,19 @@ static inline void timer_set_offset(struct arch_timer_context *ctxt, u64 offset)
 	WRITE_ONCE(*ctxt->offset.vm_offset, offset);
 }
 
+/*
+ * CVAL to program when the hardware won't apply the timer's offset, so that
+ * its compare against the raw counter matches the guest's at 'now'. An
+ * expired timer stays expired; one past the wrap never fires.
+ */
+static inline u64 timer_apply_offset(u64 cval, u64 offset, u64 now)
+{
+	u64 hw = cval + offset;
+
+	if (now - offset >= cval)
+		return 0;
+
+	return hw > now ? hw : U64_MAX;
+}
+
 #endif