diff --git a/src/ape_ethereum/trace.py b/src/ape_ethereum/trace.py
index 01fa157919..386fef7eca 100644
--- a/src/ape_ethereum/trace.py
+++ b/src/ape_ethereum/trace.py
@@ -246,7 +246,18 @@ def _return_value_from_enriched_calltree(self) -> Any:
 
         # If enriching too much, Ethereum places regular values in a key
         # named "unenriched_return_values".
-        return calltree.get("unenriched_return_values") or calltree.get("returndata")
+        if "unenriched_return_values" in calltree:
+            return calltree["unenriched_return_values"]
+
+        if raw_return_data := calltree.get("returndata"):
+            if abi := self.root_method_abi:
+                try:
+                    return self._ecosystem.decode_returndata(abi, HexBytes(raw_return_data))
+                except Exception as err:
+                    logger.debug(f"Failed decoding raw returndata. Error: {err}")
+                    return raw_return_data
+
+        return None
 
     @cached_property
     def revert_message(self) -> Optional[str]:
diff --git a/tests/functional/test_trace.py b/tests/functional/test_trace.py
index e3b310ccd4..eac30de080 100644
--- a/tests/functional/test_trace.py
+++ b/tests/functional/test_trace.py
@@ -234,6 +234,19 @@ def test_revert_message_empty(owner):
     assert trace.revert_message is None
 
 
+def test_return_value_never_enriched(owner, solidity_contract_instance):
+    tx = solidity_contract_instance.myNumber.transact(sender=owner)
+    trace = TransactionTrace.model_validate({"transaction_hash": tx.txn_hash})
+
+    # Hack in criteria to cause it to look for a revert message more.
+    returndata = "0x0000000000000000000000000000000000000000000000bdbc41e0348b300000"
+    trace._enriched_calltree = {"failed": True, "returndata": returndata}
+
+    actual = trace.return_value
+    expected = 3500000000000000000000  # returndata as an int.
+    assert actual == (expected,)
+
+
 def test_enriched_calltree_adds_missing_gas(simple_trace_cls):
     compute_gas = 1234
     base_gas = 21_000