diff --git a/app/Console/Commands/SendExperimentFunnelReportCommand.php b/app/Console/Commands/SendExperimentFunnelReportCommand.php
index f8bc6116..8e0da468 100644
--- a/app/Console/Commands/SendExperimentFunnelReportCommand.php
+++ b/app/Console/Commands/SendExperimentFunnelReportCommand.php
@@ -68,7 +68,7 @@ class SendExperimentFunnelReportCommand extends Command
         $currency = $report['currency'];
         $lines = [sprintf(
             '%-8s %5s %5s %5s %5s %5s %6s %7s %7s %7s %7s %7s',
-            'Variant', 'Assg', 'Actd', 'Card', 'MatU', 'Paid', 'Conv%', 'ARPU', 'MRR', 'Cost', 'Burn', 'CM',
+            'Variant', 'Assg', 'Actd', 'Card', 'MatU', 'Conv', 'Conv%', 'ARPU', 'MRR', 'Cost', 'Burn', 'CM',
         )];
 
         foreach (self::LABELS as $key => $label) {
@@ -83,8 +83,8 @@ class SendExperimentFunnelReportCommand extends Command
                 $row['activated'],
                 $row['subscribed'],
                 $row['assignedMature'],
-                $row['activeMature'],
-                $mature ? ((int) round($row['netActiveRate'] * 100)).'%' : 'pend',
+                $row['convertedMature'],
+                $mature ? ((int) round($row['conversionRate'] * 100)).'%' : 'pend',
                 $money && $row['arpuCents'] !== null ? $this->money($row['arpuCents'], $currency) : '—',
                 $money ? $this->money($row['mrrCents'], $currency) : '—',
                 $mature ? $this->money($row['costCents'], $currency) : '—',
@@ -127,14 +127,14 @@ class SendExperimentFunnelReportCommand extends Command
                 [
                     'name' => 'Legend',
                     'value' => sprintf(
-                        'Assg = signups · Actd = activated (connected a bank or enabled AI = cost triggered) · Card = completed checkout (card on file) · MatU = matured assigned (cohort old enough to score for this variant) · Paid = live non-refunded subs among MatU · Conv%% = Paid ÷ MatU (net conversion, always ≤100%%, comparable across variants) · ARPU = MRR ÷ MatU (revenue per matured user) · MRR = monthly run-rate of paid subs (yearly ÷ 12) · Cost = est. connection cost of MatU (%s/connection) · Burn = connection cost of matured users who never earned net revenue (connected a bank but never paid, or paid then refunded) · CM = MRR − Cost · `pend`/`—` = no matured data yet.',
+                        'Assg = signups · Actd = activated (connected a bank or enabled AI = cost triggered) · Card = completed checkout (card on file) · MatU = matured assigned (cohort old enough to score for this variant) · Conv = matured users who ever converted (were charged, net of refund) — time-invariant, so it does not shrink as an older cohort has longer to churn · Conv%% = Conv ÷ MatU (always ≤100%%, comparable across variants) · ARPU = MRR ÷ MatU (revenue per matured user) · MRR = monthly run-rate of *currently* paying subs (yearly ÷ 12); Conv above MRR is churn · Cost = est. connection cost of MatU (%s/connection) · Burn = connection cost of matured users who never earned net revenue (connected a bank but never paid, or paid then refunded) · CM = MRR − Cost · `pend`/`—` = no matured data yet.',
                         $this->money($report['costPerConnectionCents'], $report['currency']),
                     ),
                     'inline' => false,
                 ],
                 [
                     'name' => '⚠️ How to read it',
-                    'value' => 'Each variant matures on its own decision window (control 15d, reduced 7d, pay_now 3d, +3d settle), so at any moment MatU differs a lot between variants (pay_now matures first). **Compare variants on Conv% and ARPU — normalized per matured user — not on the absolute MRR/Cost/Burn/CM totals, which scale with MatU and so mechanically favour whichever variant has matured more.** Assg/Actd/Card are lifetime counts; everything from MatU rightward covers the matured cohort only, so the raw Actd→Card→Paid funnel mixes cohorts (immature carded users can\'t be Paid yet) — read it for volume. Per-user CM is sub-cent at current volume, so treat CM as directional context, not the decision. Check significance (sample size = MatU) before calling a winner. Cost is a flat per-connection estimate across all providers, not per-provider billing.',
+                    'value' => 'Each variant matures on its own decision window (control 15d, reduced 7d, pay_now 3d, +3d settle), so at any moment MatU differs a lot between variants (pay_now matures first). **Compare variants on Conv% and ARPU — normalized per matured user — not on the absolute MRR/Cost/Burn/CM totals, which scale with MatU and so mechanically favour whichever variant has matured more.** Assg/Actd/Card are lifetime counts; everything from MatU rightward covers the matured cohort only, so the raw Actd→Card→Conv funnel mixes cohorts (immature carded users can\'t have matured yet) — read it for volume. Conv counts anyone ever charged (net of refund), so it is not depressed for older cohorts the way a live-active snapshot would be. Per-user CM is sub-cent at current volume, so treat CM as directional context, not the decision. Check significance (sample size = MatU) before calling a winner. Cost is a flat per-connection estimate across all providers, not per-provider billing.',
                     'inline' => false,
                 ],
             ],
diff --git a/app/Services/Stats/ExperimentFunnelCollector.php b/app/Services/Stats/ExperimentFunnelCollector.php
index 7508c7de..bd4cc2a9 100644
--- a/app/Services/Stats/ExperimentFunnelCollector.php
+++ b/app/Services/Stats/ExperimentFunnelCollector.php
@@ -62,7 +62,9 @@ class ExperimentFunnelCollector
      *         refunded: int,
      *         assignedMature: int,
      *         activatedMature: int,
+     *         convertedMature: int,
      *         activeMature: int,
+     *         conversionRate: ?float,
      *         netActiveRate: ?float,
      *         activationToPaidRate: ?float,
      *         mrrCents: int,
@@ -141,6 +143,21 @@ class ExperimentFunnelCollector
                     $status = $subscription?->stripe_status;
                     $netActive = $status === 'active' && $subscription->refunded_at === null;
 
+                    // "Converted" is time-invariant: the user was ever charged and
+                    // not refunded — currently active, or churned after the trial.
+                    // Unlike $netActive (a live snapshot), it does not shrink as an
+                    // older cohort has more time to cancel, so it is comparable
+                    // across variants that matured at different times. Excludes
+                    // trial-only cancels (ended on/before the trial → never charged).
+                    $converted = $subscription !== null
+                        && $subscription->refunded_at === null
+                        && $status !== 'trialing'
+                        && (
+                            $subscription->trial_ends_at === null
+                            || $subscription->ends_at === null
+                            || $subscription->ends_at->greaterThan($subscription->trial_ends_at)
+                        );
+
                     if ($subscription !== null) {
                         $row['subscribed']++;
                         $row['trialing'] += $status === 'trialing' ? 1 : 0;
@@ -165,6 +182,10 @@ class ExperimentFunnelCollector
                             $row['activatedMature']++;
                         }
 
+                        if ($converted) {
+                            $row['convertedMature']++;
+                        }
+
                         if ($netActive) {
                             $row['activeMature']++;
                             $priceId = (string) $subscription->stripe_price;
@@ -195,6 +216,9 @@ class ExperimentFunnelCollector
         }
 
         foreach ($variants as $key => $row) {
+            $variants[$key]['conversionRate'] = $row['assignedMature'] > 0
+                ? $row['convertedMature'] / $row['assignedMature']
+                : null;
             $variants[$key]['netActiveRate'] = $row['assignedMature'] > 0
                 ? $row['activeMature'] / $row['assignedMature']
                 : null;
@@ -217,7 +241,7 @@ class ExperimentFunnelCollector
     }
 
     /**
-     * @return array{assigned: int, activated: int, subscribed: int, trialing: int, trialingCanceling: int, active: int, canceled: int, pastDue: int, refunded: int, assignedMature: int, activatedMature: int, activeMature: int, netActiveRate: ?float, activationToPaidRate: ?float, mrrCents: int, arpuCents: ?int, costCents: int, wastedCostCents: int, contributionMarginCents: int}
+     * @return array{assigned: int, activated: int, subscribed: int, trialing: int, trialingCanceling: int, active: int, canceled: int, pastDue: int, refunded: int, assignedMature: int, activatedMature: int, convertedMature: int, activeMature: int, conversionRate: ?float, netActiveRate: ?float, activationToPaidRate: ?float, mrrCents: int, arpuCents: ?int, costCents: int, wastedCostCents: int, contributionMarginCents: int}
      */
     private function emptyRow(): array
     {
@@ -233,7 +257,9 @@ class ExperimentFunnelCollector
             'refunded' => 0,
             'assignedMature' => 0,
             'activatedMature' => 0,
+            'convertedMature' => 0,
             'activeMature' => 0,
+            'conversionRate' => null,
             'netActiveRate' => null,
             'activationToPaidRate' => null,
             'mrrCents' => 0,
diff --git a/tests/Feature/SendExperimentFunnelReportCommandTest.php b/tests/Feature/SendExperimentFunnelReportCommandTest.php
index a007d732..9540ed46 100644
--- a/tests/Feature/SendExperimentFunnelReportCommandTest.php
+++ b/tests/Feature/SendExperimentFunnelReportCommandTest.php
@@ -35,7 +35,7 @@ beforeEach(function () {
  * with an optional default subscription and any bank connections / AI consent
  * that mark the user as "activated" and drive the connection-cost columns.
  *
- * @param  array{status: string, at: CarbonImmutable, endsAt?: CarbonImmutable, refundedAt?: CarbonImmutable}|null  $subscription
+ * @param  array{status: string, at: CarbonImmutable, endsAt?: CarbonImmutable, trialEndsAt?: CarbonImmutable, refundedAt?: CarbonImmutable}|null  $subscription
  */
 function experimentUser(string $variant, CarbonImmutable $signup, ?array $subscription = null, int $connections = 0, bool $aiConsent = false): User
 {
@@ -53,6 +53,7 @@ function experimentUser(string $variant, CarbonImmutable $signup, ?array $subscr
             'stripe_price' => 'price_test',
             'created_at' => $subscription['at'],
             'ends_at' => $subscription['endsAt'] ?? null,
+            'trial_ends_at' => $subscription['trialEndsAt'] ?? null,
             'refunded_at' => $subscription['refundedAt'] ?? null,
         ]);
     }
@@ -248,6 +249,32 @@ it('reports a matured-cohort conversion capped at 100% and prints the matured de
         ->assertSuccessful();
 });
 
+it('measures conversion as ever-charged, not active-now, so churn does not bias it', function () {
+    $signup = CarbonImmutable::parse('2026-06-05');
+
+    // 1) Still active → converted.
+    experimentUser(SubscriptionExperiment::CONTROL, $signup, ['status' => 'active', 'at' => $signup->addDay()]);
+    // 2) Paid then churned after the trial (charged, not refunded) → converted.
+    experimentUser(SubscriptionExperiment::CONTROL, $signup, [
+        'status' => 'canceled', 'at' => $signup, 'trialEndsAt' => $signup->addDays(15), 'endsAt' => $signup->addDays(40),
+    ]);
+    // 3) Canceled on/before the trial end (never charged) → NOT converted.
+    experimentUser(SubscriptionExperiment::CONTROL, $signup, [
+        'status' => 'canceled', 'at' => $signup, 'trialEndsAt' => $signup->addDays(15), 'endsAt' => $signup->addDays(10),
+    ]);
+    // 4) Refunded → NOT converted.
+    experimentUser(SubscriptionExperiment::CONTROL, $signup, [
+        'status' => 'canceled', 'at' => $signup, 'endsAt' => $signup->addDay(), 'refundedAt' => $signup->addDay(),
+    ]);
+
+    $control = app(ExperimentFunnelCollector::class)->collect()['variants'][SubscriptionExperiment::CONTROL];
+
+    expect($control['assignedMature'])->toBe(4)
+        ->and($control['convertedMature'])->toBe(2)   // #1 active + #2 churned-after-paying
+        ->and($control['activeMature'])->toBe(1)      // only #1 is active now
+        ->and($control['conversionRate'])->toBe(0.5); // 2 ÷ 4, time-invariant
+});
+
 it('excludes churned payers from burn but keeps refunds as burn', function () {
     $signup = CarbonImmutable::parse('2026-06-05');