diff --git a/README.md b/README.md
index cca0e5b..fbd7580 100644
--- a/README.md
+++ b/README.md
@@ -391,6 +391,7 @@ Source is bind-mounted; build caches persist in the `gocache` volume.
 docker compose run --rm test    # run tests
 docker compose run --rm ci      # vet + format check + tests
 docker compose run --rm cover   # tests with coverage
+docker compose run --rm bench   # benchmarks
 docker compose run --rm build   # compile the library
 docker compose run --rm vet     # go vet
 docker compose run --rm dev     # interactive shell
diff --git a/bench_test.go b/bench_test.go
new file mode 100644
index 0000000..d73b681
--- /dev/null
+++ b/bench_test.go
@@ -0,0 +1,72 @@
+package fakes
+
+import (
+	"os"
+	"path/filepath"
+	"testing"
+)
+
+func benchFaker(b *testing.B, dir string) *Fakes {
+	b.Helper()
+	f, err := New([]string{dir}, WithSeed(1))
+	if err != nil {
+		b.Fatal(err)
+	}
+	return f
+}
+
+func benchPath(b *testing.B, dir, path string) {
+	f := benchFaker(b, dir)
+	b.ReportAllocs()
+	b.ResetTimer()
+	for i := 0; i < b.N; i++ {
+		if _, err := f.Fake(path); err != nil {
+			b.Fatal(err)
+		}
+	}
+}
+
+func BenchmarkPerson(b *testing.B)     { benchPath(b, "data/sv_SE", "person") }
+func BenchmarkAddress(b *testing.B)    { benchPath(b, "data/sv_SE", "address") }
+func BenchmarkWord(b *testing.B)       { benchPath(b, "data/sv_SE", "word") }
+func BenchmarkCreditcard(b *testing.B) { benchPath(b, "data/misc", "creditcard") }
+func BenchmarkSSN(b *testing.B)        { benchPath(b, "data/sv_SE", "ssn") }
+func BenchmarkUUIDv7(b *testing.B)     { benchPath(b, "data/misc", "uuid") }
+
+// tmpData writes one category JSON into a fresh dir and returns the dir.
+func tmpData(b *testing.B, name, body string) string {
+	b.Helper()
+	dir := b.TempDir()
+	if err := os.WriteFile(filepath.Join(dir, name+".json"), []byte(body), 0o644); err != nil {
+		b.Fatal(err)
+	}
+	return dir
+}
+
+// BenchmarkCalc exercises the per-render expression re-parse.
+func BenchmarkCalc(b *testing.B) {
+	dir := tmpData(b, "inv", `{"format":"{net} x {qty} = {calc(net * qty, 2)}","net":["19.99"],"qty":["3"]}`)
+	benchPath(b, dir, "inv")
+}
+
+// BenchmarkLongLiteral exercises the per-rune literal write path.
+func BenchmarkLongLiteral(b *testing.B) {
+	dir := tmpData(b, "sql", `{"format":"INSERT INTO customers (id, name, city) V#ALUES (#1#2#3, '{word}', '{word}');","word":["alpha","beta","gamma","delta"]}`)
+	benchPath(b, dir, "sql")
+}
+
+// BenchmarkRepeat exercises repeat + separator.
+func BenchmarkRepeat(b *testing.B) {
+	dir := tmpData(b, "many", `{"format":"{word}","repeat":20,"separator":", ","word":["alpha","beta","gamma","delta"]}`)
+	benchPath(b, dir, "many")
+}
+
+// BenchmarkNew measures load+compile+validate of the whole shipped tree.
+func BenchmarkNew(b *testing.B) {
+	b.ReportAllocs()
+	for i := 0; i < b.N; i++ {
+		if _, err := New([]string{"data"}, WithSeed(1)); err != nil {
+			b.Fatal(err)
+		}
+	}
+}
diff --git a/builtins.go b/builtins.go
index 1ffd2db..357869c 100644
--- a/builtins.go
+++ b/builtins.go
@@ -32,28 +32,47 @@ var builtins = map[string]builtin{
 	"uuid":     {arity: 0, call: func(s *session, _ string, _ map[string]node, _ []string) string { return uuidV7(s) }},
 	"ulid":     {arity: 0, call: func(s *session, _ string, _ map[string]node, _ []string) string { return ulid(s) }},
 	"objectid": {arity: 0, call: func(s *session, _ string, _ map[string]node, _ []string) string { return randHex(s, 24) }},
-	"nanoid":   {arity: 1, check: posIntArg, call: func(s *session, _ string, _ map[string]node, a []string) string { return nanoid(s, atoi(a[0])) }},
-	"hex":      {arity: 1, check: posIntArg, call: func(s *session, _ string, _ map[string]node, a []string) string { return randHex(s, atoi(a[0])) }},
-	"base64": {arity: 1, check: posIntArg, call: func(s *session, _ string, _ map[string]node, a []string) string {
-		return base64.StdEncoding.EncodeToString(randBytes(s, atoi(a[0])))
+	"nanoid": {arity: 1, check: posIntArg, prep: func(a []string) callFn {
+		n := atoi(a[0])
+		return func(s *session, _ string, _ map[string]node) string { return nanoid(s, n) }
 	}},
-	"int": {arity: 2, check: intRangeArgs, call: func(s *session, _ string, _ map[string]node, a []string) string {
-		return strconv.Itoa(atoi(a[0]) + s.IntN(atoi(a[1])-atoi(a[0])+1))
+	"hex": {arity: 1, check: posIntArg, prep: func(a []string) callFn {
+		n := atoi(a[0])
+		return func(s *session, _ string, _ map[string]node) string { return randHex(s, n) }
 	}},
-	"float": {arity: 3, check: floatArgs, call: floatCall},
-	"iban":  {arity: 1, check: ibanArg, call: func(s *session, _ string, _ map[string]node, a []string) string { return iban(s, a[0]) }},
+	"base64": {arity: 1, check: posIntArg, prep: func(a []string) callFn {
+		n := atoi(a[0])
+		return func(s *session, _ string, _ map[string]node) string {
+			return base64.StdEncoding.EncodeToString(randBytes(s, n))
+		}
+	}},
+	"int": {arity: 2, check: intRangeArgs, prep: func(a []string) callFn {
+		lo, span := atoi(a[0]), atoi(a[1])-atoi(a[0])+1
+		return func(s *session, _ string, _ map[string]node) string { return strconv.Itoa(lo + s.IntN(span)) }
+	}},
+	"float": {arity: 3, check: floatArgs, prep: func(a []string) callFn {
+		lo, _ := strconv.ParseFloat(a[0], 64)
+		hi, _ := strconv.ParseFloat(a[1], 64)
+		dp := atoi(a[2])
+		return func(s *session, _ string, _ map[string]node) string {
+			return strconv.FormatFloat(lo+s.Float64()*(hi-lo), 'f', dp, 64)
+		}
+	}},
+	"iban": {arity: 1, check: ibanArg, call: func(s *session, _ string, _ map[string]node, a []string) string { return iban(s, a[0]) }},
 	// calc is the one builtin that reads the sibling fields (to render its operands);
 	// every other ignores them. 1 or 2 args: the expression and an optional decimals.
-	"calc": {arity: -1, check: checkCalc, call: calcCall},
+	"calc": {arity: -1, check: checkCalc, prep: calcPrep},
 	// seq is the one stateful builtin: a per-session counter from 1, advancing on
 	// each call. An optional name selects an independent counter; no name uses the
 	// default one. Deterministic by construction, so a seeded faker stays stable.
-	"seq": {arity: -1, check: seqArg, call: func(s *session, _ string, _ map[string]node, a []string) string {
+	"seq": {arity: -1, check: seqArg, prep: func(a []string) callFn {
 		key := ""
 		if len(a) == 1 {
 			key = a[0]
 		}
-		return strconv.FormatUint(s.next(key), 10)
+		return func(s *session, _ string, _ map[string]node) string {
+			return strconv.FormatUint(s.next(key), 10)
+		}
 	}},
 }
 
@@ -123,12 +142,6 @@ func floatArgs(_ map[string]node, a []string) error {
 	return nil
 }
 
-func floatCall(s *session, _ string, _ map[string]node, a []string) string {
-	lo, _ := strconv.ParseFloat(a[0], 64)
-	hi, _ := strconv.ParseFloat(a[1], 64)
-	return strconv.FormatFloat(lo+s.Float64()*(hi-lo), 'f', atoi(a[2]), 64)
-}
-
 func seqArg(_ map[string]node, a []string) error {
 	if len(a) > 1 {
 		return fmt.Errorf("seq takes at most one name, got %d args", len(a))
diff --git a/calc.go b/calc.go
index f858052..1f47069 100644
--- a/calc.go
+++ b/calc.go
@@ -82,17 +82,17 @@ func checkCalc(fields map[string]node, args []string) error {
 	return nil
 }
 
-// calcCall renders a calc token. checkCalc proved the expression parses and the
-// decimals arg is valid, so neither step here can fail. dp -1 prints the minimal
-// form; a given dp rounds to that many places. The emitted-so-far arg is unused —
-// calc reads sibling fields, not the preceding output.
-func calcCall(s *session, _ string, fields map[string]node, args []string) string {
+// calcPrep parses the expression and decimals once, at compile time. checkCalc
+// proved both valid, so neither step here can fail; dp -1 prints the minimal form.
+func calcPrep(args []string) callFn {
 	expr, _ := parseCalc(args[0])
 	dp := -1
 	if len(args) == 2 {
 		dp = atoi(args[1])
 	}
-	return strconv.FormatFloat(expr.eval(s, fields), 'f', dp, 64)
+	return func(s *session, _ string, fields map[string]node) string {
+		return strconv.FormatFloat(expr.eval(s, fields), 'f', dp, 64)
+	}
 }
 
 // calcOperands lists the sibling-field names every {calc(...)} token in a format
diff --git a/compose.yaml b/compose.yaml
index 2522384..3a1d997 100644
--- a/compose.yaml
+++ b/compose.yaml
@@ -32,6 +32,10 @@ services:
     <<: *go
     command: go test -cover ./...
 
+  bench:
+    <<: *go
+    command: go test -run XXX -bench . -benchmem ./...
+
   vet:
     <<: *go
     command: go vet ./...
diff --git a/node.go b/node.go
index 7911ed9..81a0752 100644
--- a/node.go
+++ b/node.go
@@ -43,6 +43,8 @@ type template struct {
 	fields    map[string]node
 	repeat    int
 	separator string
+	ops       []op // format compiled once (see compileOps); what expand walks
+	grow      int  // minimum output size, to size the render buffer
 }
 
 func (*template) isNode() {}
@@ -136,6 +138,7 @@ func compileTemplate(m map[string]any) (node, error) {
 	if err := checkTokens(format, t.fields); err != nil {
 		return nil, err
 	}
+	t.ops, t.grow = compileOps(format, t.fields)
 	return t, nil
 }
 
diff --git a/render.go b/render.go
index de0446e..316afb0 100644
--- a/render.go
+++ b/render.go
@@ -89,14 +89,15 @@ func render(s *session, n node) string {
 		return render(s, pick(s, n))
 	case *template:
 		if n.repeat == 1 {
-			return expand(s, n.format, n.fields)
+			return expand(s, n)
 		}
 		var b strings.Builder
+		b.Grow(n.repeat * (n.grow + len(n.separator)))
 		for i := 0; i < n.repeat; i++ {
 			if i > 0 {
 				b.WriteString(n.separator)
 			}
-			b.WriteString(expand(s, n.format, n.fields))
+			b.WriteString(expand(s, n))
 		}
 		return b.String()
 	default:
@@ -131,34 +132,30 @@ func classChar(s *session, c rune) byte {
 	}
 }
 
-// expand renders a format string: literals verbatim, class chars randomised, a
-// {name(args)} token via its builtin, any other {token} via resolve. checkTokens
-// validated every token at compile time, so the scan cannot fail here (the
-// eachToken error is unreachable and ignored).
-func expand(s *session, format string, fields map[string]node) string {
+// expand renders a template's compiled ops. compile validated every token, so this
+// cannot fail.
+func expand(s *session, t *template) string {
 	var b strings.Builder
-	_ = eachToken(format, func(t ftoken) error {
-		switch t.kind {
+	b.Grow(t.grow)
+	for i := range t.ops {
+		o := &t.ops[i]
+		switch o.kind {
 		case 'l':
-			b.WriteRune(t.r)
+			b.WriteString(o.lit)
 		case 'c':
-			b.WriteByte(classChar(s, t.r))
+			b.WriteByte(classChar(s, o.r))
+		case 'f':
+			b.WriteString(resolve(s, o.names, t.fields))
 		case 'b':
-			if name, args, ok := funcCall(t.body); ok {
-				b.WriteString(builtins[name].call(s, b.String(), fields, args)) // b.String() is the output so far
-			} else {
-				b.WriteString(resolve(s, t.body, fields))
-			}
+			b.WriteString(o.call(s, b.String(), t.fields)) // b.String() is the output so far
 		}
-		return nil
-	})
+	}
 	return b.String()
 }
 
-// resolve renders a "{token}" body: one or more names separated by '|', one
-// picked at random. A name is a sibling field or a {..path} reference, which
-// linkRefs bound into fields too; checkTokens and linkRefs guarantee both exist.
-func resolve(s *session, token string, fields map[string]node) string {
-	names := strings.Split(token, "|")
+// resolve renders one field alternation: the '|' arms, one picked at random. A
+// name is a sibling field or a {..path} reference, which linkRefs bound into
+// fields too; checkTokens and linkRefs guarantee both exist.
+func resolve(s *session, names []string, fields map[string]node) string {
 	return render(s, fields[names[s.IntN(len(names))]])
 }
diff --git a/template.go b/template.go
index 389032e..fe37218 100644
--- a/template.go
+++ b/template.go
@@ -69,6 +69,8 @@ func eachToken(format string, fn func(ftoken) error) error {
 // compile time (their values, beyond the count). The registry lives in builtins.go.
 type builtin struct {
 	arity int
+	// prep parses validated args once, at compile time, into the closure expand calls.
+	prep  func(args []string) callFn
 	check func(fields map[string]node, args []string) error
 	call  func(s *session, emitted string, fields map[string]node, args []string) string
 }
@@ -159,3 +161,67 @@ func fieldTokens(format string) []string {
 	})
 	return names
 }
+
+// op is one compiled unit of a format string: a literal run, a class char, a field
+// alternation, or a builtin already bound to its args. compile builds these so
+// render never re-scans the format.
+// callFn is a builtin bound to one call site: its args already parsed.
+type callFn func(s *session, emitted string, fields map[string]node) string
+
+type op struct {
+	kind  byte     // 'l' literal run, 'c' class char, 'f' field alternation, 'b' builtin
+	lit   string   // kind 'l'
+	r     rune     // kind 'c'
+	names []string // kind 'f': the '|' arms, split once
+	call  callFn
+}
+
+// compileOps turns a validated format string into ops, and returns the smallest
+// output it can produce (literals plus one byte per class char) to size the buffer.
+func compileOps(format string, fields map[string]node) ([]op, int) {
+	var ops []op
+	var lit strings.Builder
+	grow := 0
+	flush := func() {
+		if lit.Len() > 0 {
+			ops = append(ops, op{kind: 'l', lit: lit.String()})
+			lit.Reset()
+		}
+	}
+	_ = eachToken(format, func(t ftoken) error {
+		switch t.kind {
+		case 'l':
+			lit.WriteRune(t.r)
+		case 'c':
+			flush()
+			grow++
+			ops = append(ops, op{kind: 'c', r: t.r})
+		case 'b':
+			flush()
+			if name, args, ok := funcCall(t.body); ok {
+				ops = append(ops, op{kind: 'b', call: builtins[name].bind(args)})
+			} else {
+				ops = append(ops, op{kind: 'f', names: strings.Split(t.body, "|")})
+			}
+		}
+		return nil
+	})
+	flush()
+	for _, o := range ops {
+		if o.kind == 'l' {
+			grow += len(o.lit)
+		}
+	}
+	return ops, grow
+}
+
+// bind returns the closure for one call site, parsing args once via prep if present.
+func (b builtin) bind(args []string) callFn {
+	if b.prep != nil {
+		return b.prep(args)
+	}
+	call := b.call
+	return func(s *session, emitted string, fields map[string]node) string {
+		return call(s, emitted, fields, args)
+	}
+}