diff --git a/src/main/java/com/clearfolio/viewer/analytics/KpiSnapshotRecord.java b/src/main/java/com/clearfolio/viewer/analytics/KpiSnapshotRecord.java
index 65e44d4a..5a91a33e 100644
--- a/src/main/java/com/clearfolio/viewer/analytics/KpiSnapshotRecord.java
+++ b/src/main/java/com/clearfolio/viewer/analytics/KpiSnapshotRecord.java
@@ -14,7 +14,7 @@
  * @param succeededJobs succeeded jobs in the snapshot
  * @param failedJobs failed jobs in the snapshot
  * @param deadLetteredJobs dead-lettered jobs in the snapshot
- * @param conversionSuccessRate succeeded jobs divided by total jobs
+ * @param conversionSuccessRate succeeded jobs divided by terminal succeeded/failed jobs
  * @param p95TimeToPreviewMs p95 time to preview, when available
  */
 public record KpiSnapshotRecord(
diff --git a/src/main/java/com/clearfolio/viewer/api/KpiSnapshotExportResponse.java b/src/main/java/com/clearfolio/viewer/api/KpiSnapshotExportResponse.java
index 82babf93..b5c40a29 100644
--- a/src/main/java/com/clearfolio/viewer/api/KpiSnapshotExportResponse.java
+++ b/src/main/java/com/clearfolio/viewer/api/KpiSnapshotExportResponse.java
@@ -15,7 +15,7 @@
  * @param succeededJobs succeeded jobs in the exported snapshot
  * @param failedJobs failed jobs in the exported snapshot
  * @param deadLetteredJobs dead-lettered jobs in the exported snapshot
- * @param conversionSuccessRate succeeded jobs divided by total jobs
+ * @param conversionSuccessRate succeeded jobs divided by terminal succeeded/failed jobs
  * @param p95TimeToPreviewMs p95 time to preview, when available
  */
 public record KpiSnapshotExportResponse(
diff --git a/src/main/java/com/clearfolio/viewer/api/KpiSnapshotResponse.java b/src/main/java/com/clearfolio/viewer/api/KpiSnapshotResponse.java
index a9a29b76..fe0e4f5e 100644
--- a/src/main/java/com/clearfolio/viewer/api/KpiSnapshotResponse.java
+++ b/src/main/java/com/clearfolio/viewer/api/KpiSnapshotResponse.java
@@ -17,7 +17,7 @@
  * @param succeededJobs jobs with a ready preview artifact
  * @param failedJobs jobs in failed state
  * @param deadLetteredJobs failed jobs that exhausted retry handling
- * @param conversionSuccessRate succeeded jobs divided by total jobs
+ * @param conversionSuccessRate succeeded jobs divided by terminal succeeded/failed jobs
  * @param p95TimeToPreviewMs p95 processing time for succeeded jobs with timestamps
  */
 public record KpiSnapshotResponse(
@@ -64,7 +64,8 @@ public static KpiSnapshotResponse from(List<ConversionJob> jobs) {
         }
 
         int total = jobs.size();
-        double successRate = total == 0 ? 0.0 : (double) succeeded / total;
+        int terminal = succeeded + failed;
+        double successRate = terminal == 0 ? 0.0 : (double) succeeded / terminal;
         return new KpiSnapshotResponse(
                 total,
                 submitted,
diff --git a/src/test/java/com/clearfolio/viewer/api/KpiSnapshotResponseTest.java b/src/test/java/com/clearfolio/viewer/api/KpiSnapshotResponseTest.java
index 1e2dd385..eba5afc2 100644
--- a/src/test/java/com/clearfolio/viewer/api/KpiSnapshotResponseTest.java
+++ b/src/test/java/com/clearfolio/viewer/api/KpiSnapshotResponseTest.java
@@ -29,11 +29,44 @@ void fromSkipsPreviewTimingWhenSucceededJobsDoNotHaveCompleteTimestamps() {
         assertNull(response.p95TimeToPreviewMs());
     }
 
+    @Test
+    void conversionSuccessRateUsesOnlyTerminalOutcomes() {
+        KpiSnapshotResponse response = KpiSnapshotResponse.from(List.of(
+                job(ConversionJobStatus.SUCCEEDED),
+                job(ConversionJobStatus.SUCCEEDED),
+                job(ConversionJobStatus.FAILED),
+                job(ConversionJobStatus.SUBMITTED),
+                job(ConversionJobStatus.PROCESSING)
+        ));
+
+        assertEquals(5, response.totalJobs());
+        assertEquals(1, response.submittedJobs());
+        assertEquals(1, response.processingJobs());
+        assertEquals(2, response.succeededJobs());
+        assertEquals(1, response.failedJobs());
+        assertEquals(2.0 / 3.0, response.conversionSuccessRate(), 1.0e-12);
+    }
+
+    @Test
+    void conversionSuccessRateIsZeroUntilOneJobReachesATerminalOutcome() {
+        KpiSnapshotResponse response = KpiSnapshotResponse.from(List.of(
+                job(ConversionJobStatus.SUBMITTED),
+                job(ConversionJobStatus.PROCESSING)
+        ));
+
+        assertEquals(0.0, response.conversionSuccessRate());
+    }
+
     private ConversionJob succeededJob(Instant startedAt, Instant completedAt) {
-        ConversionJob job = mock(ConversionJob.class);
-        when(job.getStatus()).thenReturn(ConversionJobStatus.SUCCEEDED);
+        ConversionJob job = job(ConversionJobStatus.SUCCEEDED);
         when(job.getStartedAt()).thenReturn(startedAt);
         when(job.getCompletedAt()).thenReturn(completedAt);
+        return job;
+    }
+
+    private ConversionJob job(ConversionJobStatus status) {
+        ConversionJob job = mock(ConversionJob.class);
+        when(job.getStatus()).thenReturn(status);
         when(job.isDeadLettered()).thenReturn(false);
         return job;
     }
diff --git a/src/test/java/com/clearfolio/viewer/controller/AnalyticsControllerTest.java b/src/test/java/com/clearfolio/viewer/controller/AnalyticsControllerTest.java
index 7752589e..da895f91 100644
--- a/src/test/java/com/clearfolio/viewer/controller/AnalyticsControllerTest.java
+++ b/src/test/java/com/clearfolio/viewer/controller/AnalyticsControllerTest.java
@@ -84,7 +84,7 @@ void kpiSnapshotSummarizesCurrentJobStates() {
                 .jsonPath("$.succeededJobs").isEqualTo(1)
                 .jsonPath("$.failedJobs").isEqualTo(1)
                 .jsonPath("$.deadLetteredJobs").isEqualTo(1)
-                .jsonPath("$.conversionSuccessRate").value(value -> assertEquals(0.25, (Double) value))
+                .jsonPath("$.conversionSuccessRate").value(value -> assertEquals(0.5, (Double) value))
                 .jsonPath("$.p95TimeToPreviewMs").value(value -> {
                     assertNotNull(value);
                     assertTrue(((Number) value).longValue() >= 0L);