diff --git a/crates/cad/src/import/text.rs b/crates/cad/src/import/text.rs
index 8800aa270..5d2797d61 100644
--- a/crates/cad/src/import/text.rs
+++ b/crates/cad/src/import/text.rs
@@ -4,13 +4,13 @@
 
 /// A single-line text value (TEXT, ATTRIB) as plain text.
 pub(crate) fn plain(s: &str) -> String {
-    percent_codes(&escapes(s))
+    percent_codes(&escapes(s, false))
 }
 
 /// A multiline text value (MTEXT) as plain text with `\n` between paragraphs, and the font family
 /// its first font change names.
 pub(crate) fn mtext(s: &str) -> (String, Option<String>) {
-    let s = escapes(s);
+    let s = escapes(s, true);
     let mut out = String::with_capacity(s.len());
     let mut family = None;
     let mut chars = s.chars().peekable();
@@ -25,7 +25,7 @@ pub(crate) fn mtext(s: &str) -> (String, Option<String>) {
                 Some('S') => {
                     // A stacked fraction `\Snum^den;` (or / or #): written as num/den.
                     let arg = until_semicolon(&mut chars);
-                    out.push_str(&arg.replace(['^', '#'], "/"));
+                    out.push_str(&arg.replace("^ ", "^").replace(['^', '#'], "/"));
                 }
                 Some(f @ ('f' | 'F')) => {
                     let arg = until_semicolon(&mut chars);
@@ -63,8 +63,9 @@ fn until_semicolon(chars: &mut std::iter::Peekable<std::str::Chars<'_>>) -> Stri
 }
 
 /// `\U+XXXX` Unicode escapes (how files before DXF 2007 hold characters outside their code page)
-/// and caret escapes: `^ ` is a caret, `^I` a tab; other control characters are dropped.
-fn escapes(s: &str) -> String {
+/// and caret escapes: `^ ` is a caret, `^I` a tab; other control characters are dropped. With
+/// `keep_stacks`, the `^` in an MTEXT stacked fraction `\Snum^den;` is left for the caller.
+fn escapes(s: &str, keep_stacks: bool) -> String {
     let mut out = String::with_capacity(s.len());
     let mut rest = s;
     while let Some(c) = rest.chars().next() {
@@ -78,6 +79,16 @@ fn escapes(s: &str) -> String {
             rest = after.get(6..).unwrap_or("");
             continue;
         }
+        if keep_stacks
+            && c == '\\'
+            && let Some(tail) = after.strip_prefix('S')
+        {
+            let end = tail.find(';').map_or(tail.len(), |i| i + 1);
+            out.push_str("\\S");
+            out.push_str(tail.get(..end).unwrap_or(""));
+            rest = tail.get(end..).unwrap_or("");
+            continue;
+        }
         if c == '^'
             && let Some(next) = after.chars().next()
         {
@@ -161,6 +172,8 @@ mod tests {
         // Carets are written "^ " (a caret before another character is a control character).
         assert_eq!(mtext("x\\S3^ 4;").0, "x3/4");
         assert_eq!(mtext("x\\S3#4;").0, "x3/4");
+        assert_eq!(mtext("\\S1^2;").0, "1/2");
+        assert_eq!(mtext("\\S+1^-2;^I").0, "+1/-2\t");
         assert_eq!(mtext("trailing\\").0, "trailing\\");
     }
 }