diff --git a/jetstream/kv.go b/jetstream/kv.go
index 8cb7f2d..535da41 100644
--- a/jetstream/kv.go
+++ b/jetstream/kv.go
@@ -1231,11 +1231,9 @@ func (kv *kvs) WatchFiltered(ctx context.Context, keys []string, opts ...WatchOp
 		// Check if done and initial values.
 		if !w.initDone {
 			w.received++
-			// We set this on the first trip through..
-			if w.initPending == 0 {
-				w.initPending = delta
-			}
-			if w.received > w.initPending || delta == 0 {
+			// Use the stable initPending value set at consumer creation.
+			// We're done if we've received all expected messages OR there are no more pending.
+			if w.received >= w.initPending || delta == 0 {
 				w.initDone = true
 				w.updates <- nil
 			}
@@ -1281,9 +1279,13 @@ func (kv *kvs) WatchFiltered(ctx context.Context, keys []string, opts ...WatchOp
 	// Skip if UpdatesOnly() is set, since there will never be updates initially.
 	if !o.updatesOnly {
 		initialPending, err := sub.InitialConsumerPending()
-		if err == nil && initialPending == 0 {
-			w.initDone = true
-			w.updates <- nil
+		if err == nil {
+			if initialPending == 0 {
+				w.initDone = true
+				w.updates <- nil
+			} else {
+				w.initPending = initialPending
+			}
 		}
 	} else {
 		// if UpdatesOnly was used, mark initialization as complete
diff --git a/jetstream/test/kv_test.go b/jetstream/test/kv_test.go
index 4856aad..7fa3ac4 100644
--- a/jetstream/test/kv_test.go
+++ b/jetstream/test/kv_test.go
@@ -2032,3 +2032,87 @@ func TestKeyValueLimitMarkerTTL(t *testing.T) {
 		}
 	})
 }
+
+func TestKeyValueListKeysDuplicates(t *testing.T) {
+	listKeysF := func(kv jetstream.KeyValue) ([]string, error) {
+		t.Helper()
+		lister, err := kv.ListKeys(context.Background())
+		if err != nil {
+			return nil, fmt.Errorf("error listing keys: %v", err)
+		}
+		var keys []string
+		for key := range lister.Keys() {
+			keys = append(keys, key)
+		}
+		return keys, nil
+	}
+
+	keysF := func(kv jetstream.KeyValue) ([]string, error) {
+		t.Helper()
+		return kv.Keys(context.Background())
+	}
+
+	for _, test := range []string{"ListKeys", "Keys"} {
+		t.Run(test, func(t *testing.T) {
+			s := RunBasicJetStreamServer()
+			defer shutdownJSServerAndRemoveStorage(t, s)
+
+			nc, js := jsClient(t, s)
+			defer nc.Close()
+
+			ctx := context.Background()
+			kv, err := js.CreateKeyValue(ctx, jetstream.KeyValueConfig{Bucket: "TEST_KV", History: 5})
+			if err != nil {
+				t.Fatalf("Error creating KV: %v", err)
+			}
+
+			for i := range 10 {
+				key := fmt.Sprintf("key_%d", i)
+				if _, err := kv.PutString(ctx, key, "initial"); err != nil {
+					t.Fatalf("Error putting key %s: %v", key, err)
+				}
+			}
+
+			done := make(chan bool)
+			go func() {
+				// Continuously update existing keys
+				for {
+					select {
+					case <-done:
+						return
+					default:
+						for i := range 5 {
+							key := fmt.Sprintf("key_%d", i)
+							if _, err := kv.PutString(ctx, key, "updated"); err != nil {
+								t.Logf("Error updating key %s: %v", key, err)
+							}
+						}
+					}
+				}
+			}()
+
+			// List keys multiple times while updates are happening
+			for range 20 {
+				var keys []string
+				if test == "Keys" {
+					keys, err = keysF(kv)
+				} else {
+					keys, err = listKeysF(kv)
+				}
+				if err != nil {
+					t.Fatalf("Error getting keys: %v", err)
+				}
+
+				seen := make(map[string]struct{})
+				for _, key := range keys {
+					if _, exists := seen[key]; exists {
+						t.Fatalf("Duplicate key found: %s", key)
+					}
+					seen[key] = struct{}{}
+				}
+			}
+
+			close(done)
+		})
+	}
+}
diff --git a/kv.go b/kv.go
index 332a5cc..4990491 100644
--- a/kv.go
+++ b/kv.go
@@ -1076,11 +1076,9 @@ func (kv *kvs) WatchFiltered(keys []string, opts ...WatchOpt) (KeyWatcher, error
 		// Skip if UpdatesOnly() is set, since there will never be updates initially.
 		if !w.initDone {
 			w.received++
-			// We set this on the first trip through..
-			if w.initPending == 0 {
-				w.initPending = delta
-			}
-			if w.received > w.initPending || delta == 0 {
+			// Use the stable initPending value set at consumer creation.
+			// We're done if we've received all expected messages OR there are no more pending
+			if w.received >= w.initPending || delta == 0 {
 				// Avoid possible race setting up timer.
 				if w.initDoneTimer != nil {
 					w.initDoneTimer.Stop()
@@ -1128,23 +1126,26 @@ func (kv *kvs) WatchFiltered(keys []string, opts ...WatchOpt) (KeyWatcher, error
 	// of the consumer, send the marker.
 	// Skip if UpdatesOnly() is set, since there will never be updates initially.
 	if !o.updatesOnly {
-		if sub.jsi != nil && sub.jsi.pending == 0 {
-			w.initDone = true
-			w.updates <- nil
-		} else {
-			// Set a timer to send the marker if we do not get any messages.
-			w.initDoneTimer = time.AfterFunc(kv.js.opts.wait, func() {
-				w.mu.Lock()
-				defer w.mu.Unlock()
-				if !w.initDone {
-					w.initDone = true
-					select {
-					case w.errCh <- ErrKeyWatcherTimeout:
-					default:
+		if sub.jsi != nil {
+			if sub.jsi.pending == 0 {
+				w.initDone = true
+				w.updates <- nil
+			} else {
+				w.initPending = sub.jsi.pending
+				// Set a timer to send the marker if we do not get any messages.
+				w.initDoneTimer = time.AfterFunc(kv.js.opts.wait, func() {
+					w.mu.Lock()
+					defer w.mu.Unlock()
+					if !w.initDone {
+						w.initDone = true
+						select {
+						case w.errCh <- ErrKeyWatcherTimeout:
+						default:
+						}
+						w.updates <- nil
 					}
-					w.updates <- nil
-				}
-			})
+				})
+			}
 		}
 	} else {
 		// if UpdatesOnly was used, mark initialization as complete
diff --git a/test/kv_test.go b/test/kv_test.go
index 0bcbce8..ce03e3f 100644
--- a/test/kv_test.go
+++ b/test/kv_test.go
@@ -1853,3 +1853,84 @@ func TestKeyValueWatcherStopTimer(t *testing.T) {
 	}
 	time.Sleep(500 * time.Millisecond)
 }
+
+func TestKeyValueListKeysDuplicates(t *testing.T) {
+	listKeysF := func(kv nats.KeyValue) ([]string, error) {
+		t.Helper()
+		lister, err := kv.ListKeys()
+		if err != nil {
+			return nil, fmt.Errorf("error listing keys: %v", err)
+		}
+		var keys []string
+		for key := range lister.Keys() {
+			keys = append(keys, key)
+		}
+		return keys, nil
+	}
+
+	keysF := func(kv nats.KeyValue) ([]string, error) {
+		t.Helper()
+		return kv.Keys()
+	}
+
+	for _, test := range []string{"ListKeys", "Keys"} {
+		t.Run(test, func(t *testing.T) {
+			s := RunBasicJetStreamServer()
+			defer shutdownJSServerAndRemoveStorage(t, s)
+
+			nc, js := jsClient(t, s)
+			defer nc.Close()
+
+			kv, err := js.CreateKeyValue(&nats.KeyValueConfig{Bucket: "TEST_KV", History: 5})
+			if err != nil {
+				t.Fatalf("Error creating KV: %v", err)
+			}
+
+			for i := range 10 {
+				key := fmt.Sprintf("key_%d", i)
+				if _, err := kv.PutString(key, "initial"); err != nil {
+					t.Fatalf("Error putting key %s: %v", key, err)
+				}
+			}
+
+			done := make(chan bool)
+			go func() {
+				// Continuously update existing keys
+				for {
+					select {
+					case <-done:
+						return
+					default:
+						for i := range 5 {
+							key := fmt.Sprintf("key_%d", i)
+							kv.PutString(key, "updated")
+						}
+					}
+				}
+			}()
+
+			// List keys multiple times while updates are happening
+			for range 20 {
+				var keys []string
+				if test == "Keys" {
+					keys, err = keysF(kv)
+				} else {
+					keys, err = listKeysF(kv)
+				}
+				if err != nil {
+					t.Fatalf("Error getting keys: %v", err)
+				}
+
+				seen := make(map[string]struct{})
+				for _, key := range keys {
+					if _, exists := seen[key]; exists {
+						t.Fatalf("Duplicate key found: %s", key)
+					}
+					seen[key] = struct{}{}
+				}
+			}
+
+			close(done)
+		})
+	}
+}