diff --git a/common/eda_text.cpp b/common/eda_text.cpp
index 83b27656cb..ae12919f38 100644
--- a/common/eda_text.cpp
+++ b/common/eda_text.cpp
@@ -94,13 +94,7 @@ EDA_TEXT::EDA_TEXT( const wxString& text ) :
 {
     int sz = Mils2iu( DEFAULT_SIZE_TEXT );
     SetTextSize( wxSize( sz, sz ) );
-    m_shown_text_has_text_var_refs = false;
-
-    if( !text.IsEmpty() )
-    {
-        m_shown_text = UnescapeString( text );
-        m_shown_text_has_text_var_refs = m_shown_text.Contains( wxT( "${" ) );
-    }
+    cacheShownText();
 }
 
 
@@ -108,8 +102,7 @@ EDA_TEXT::EDA_TEXT( const EDA_TEXT& aText ) :
         m_text( aText.m_text ),
         m_e( aText.m_e )
 {
-    m_shown_text = UnescapeString( m_text );
-    m_shown_text_has_text_var_refs = m_shown_text.Contains( wxT( "${" ) );
+    cacheShownText();
 }
 
 
@@ -121,8 +114,7 @@ EDA_TEXT::~EDA_TEXT()
 void EDA_TEXT::SetText( const wxString& aText )
 {
     m_text = aText;
-    m_shown_text = UnescapeString( aText );
-    m_shown_text_has_text_var_refs = m_shown_text.Contains( wxT( "${" ) );
+    cacheShownText();
 }
 
 
@@ -178,13 +170,27 @@ int EDA_TEXT::GetEffectiveTextPenWidth( int aDefaultWidth ) const
 bool EDA_TEXT::Replace( const wxFindReplaceData& aSearchData )
 {
     bool retval = EDA_ITEM::Replace( aSearchData, m_text );
-    m_shown_text = UnescapeString( m_text );
-    m_shown_text_has_text_var_refs = m_shown_text.Contains( wxT( "${" ) );
+    cacheShownText();
 
     return retval;
 }
 
 
+void EDA_TEXT::cacheShownText()
+{
+    if( m_text.IsEmpty() || m_text == wxT( "~" ) )     // ~ is legacy empty-string token
+    {
+        m_shown_text = wxEmptyString;
+        m_shown_text_has_text_var_refs = false;
+    }
+    else
+    {
+        m_shown_text = UnescapeString( m_text );
+        m_shown_text_has_text_var_refs = m_shown_text.Contains( wxT( "${" ) );
+    }
+}
+
+
 int EDA_TEXT::LenSize( const wxString& aLine, int aThickness ) const
 {
     basic_gal.SetFontItalic( IsItalic() );
diff --git a/include/eda_text.h b/include/eda_text.h
index 628dfa0818..c5170dc61e 100644
--- a/include/eda_text.h
+++ b/include/eda_text.h
@@ -374,6 +374,8 @@ public:
     virtual double GetDrawRotation() const;
 
 private:
+    void cacheShownText();
+
     /**
      * Print each line of this EDA_TEXT..
      *