diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.false-positive-useMemo-with-refs.flow.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.false-positive-useMemo-with-refs.flow.expect.md
new file mode 100644
index 0000000000000..369fd755717e9
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.false-positive-useMemo-with-refs.flow.expect.md
@@ -0,0 +1,38 @@
+
+## Input
+
+```javascript
+// @flow @validatePreserveExistingMemoizationGuarantees
+import { identity } from "shared-runtime";
+
+component Component(
+  disableLocalRef,
+  ref,
+) {
+  const localRef = useFooRef();
+  const mergedRef = useMemo(() => {
+    return disableLocalRef ? ref : identity(ref, localRef);
+  }, [disableLocalRef, ref, localRef]);
+  return <div ref={mergedRef} />;
+}
+
+```
+
+
+## Error
+
+```
+   7 | ) {
+   8 |   const localRef = useFooRef();
+>  9 |   const mergedRef = useMemo(() => {
+     |                             ^^^^^^^
+> 10 |     return disableLocalRef ? ref : identity(ref, localRef);
+     | ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
+> 11 |   }, [disableLocalRef, ref, localRef]);
+     | ^^^^ CannotPreserveMemoization: React Compiler has skipped optimizing this component because the existing manual memoization could not be preserved. This value may be mutated later, which could cause the value to change unexpectedly (9:11)
+  12 |   return <div ref={mergedRef} />;
+  13 | }
+  14 |
+```
+          
+      
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.false-positive-useMemo-with-refs.flow.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.false-positive-useMemo-with-refs.flow.js
new file mode 100644
index 0000000000000..c3355ead16ef5
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/preserve-memo-validation/error.false-positive-useMemo-with-refs.flow.js
@@ -0,0 +1,13 @@
+// @flow @validatePreserveExistingMemoizationGuarantees
+import { identity } from "shared-runtime";
+
+component Component(
+  disableLocalRef,
+  ref,
+) {
+  const localRef = useFooRef();
+  const mergedRef = useMemo(() => {
+    return disableLocalRef ? ref : identity(ref, localRef);
+  }, [disableLocalRef, ref, localRef]);
+  return <div ref={mergedRef} />;
+}