diff --git a/CMakeLists.txt b/CMakeLists.txt
index 7792172b2f..77b9e46768 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -334,9 +334,12 @@ add_custom_target(
     COMMAND ${CMAKE_COMMAND} -E false
 )
 
-# Target to generate only soh.o2r
-add_custom_target(
-    GenerateSohOtr
+# soh.o2r is rebuilt only when its inputs change, and is part of ALL so `install` never ships a stale one.
+file(GLOB_RECURSE SOH_O2R_ASSETS CONFIGURE_DEPENDS ${CMAKE_CURRENT_SOURCE_DIR}/soh/assets/custom/*)
+list(FILTER SOH_O2R_ASSETS EXCLUDE REGEX "/soh/assets/custom/shaders/")
+file(GLOB_RECURSE SOH_O2R_SHADERS CONFIGURE_DEPENDS ${CMAKE_CURRENT_SOURCE_DIR}/libultraship/src/fast/shaders/*)
+add_custom_command(
+    OUTPUT ${CMAKE_BINARY_DIR}/soh/soh.o2r
     # copy LUS default shaders into assets/custom
     COMMAND ${CMAKE_COMMAND} -E rm -r -f ${CMAKE_CURRENT_SOURCE_DIR}/soh/assets/custom/shaders/
     COMMAND ${CMAKE_COMMAND} -E copy_directory ${CMAKE_CURRENT_SOURCE_DIR}/libultraship/src/fast/shaders/ ${CMAKE_CURRENT_SOURCE_DIR}/soh/assets/custom/shaders/
@@ -347,9 +350,11 @@ add_custom_target(
             ${CMAKE_PROJECT_VERSION}
     COMMAND ${CMAKE_COMMAND} -E copy_if_different ${CMAKE_BINARY_DIR}/soh/soh.o2r ${CMAKE_CURRENT_SOURCE_DIR}/soh.o2r
     COMMENT "Generating soh.o2r..."
-    DEPENDS soh-o2r-packer
-    BYPRODUCTS ${CMAKE_SOURCE_DIR}/soh.o2r ${CMAKE_BINARY_DIR}/soh/soh.o2r
+    DEPENDS soh-o2r-packer ${SOH_O2R_ASSETS} ${SOH_O2R_SHADERS}
+    BYPRODUCTS ${CMAKE_SOURCE_DIR}/soh.o2r
+    VERBATIM
 )
+add_custom_target(GenerateSohOtr ALL DEPENDS ${CMAKE_BINARY_DIR}/soh/soh.o2r)
 
 # ExtractAssets produced soh.o2r as well as the rom archives, so keep doing that.
 add_dependencies(ExtractAssets GenerateSohOtr)