diff --git a/crates/epaint/src/text/text_layout.rs b/crates/epaint/src/text/text_layout.rs
index b20019eff..149b4972b 100644
--- a/crates/epaint/src/text/text_layout.rs
+++ b/crates/epaint/src/text/text_layout.rs
@@ -605,11 +605,12 @@ fn galley_from_rows(
             glyph.pos.y = cursor_y
                 + glyph.font_impl_ascent
 
-                + format.valign.to_factor() * (row_height - glyph.font_impl_height)
+                // Apply valign to the different in height of the entire row, and the height of this `Font`:
+                + format.valign.to_factor() * (row_height - glyph.size.y)
 
                 // When mixing different `FontImpl` (e.g. latin and emojis),
                 // we always center the difference:
-                + 0.5 * (glyph.font_impl_height - glyph.size.y);
+                + 0.5 * (glyph.size.y - glyph.font_impl_height);
 
             glyph.pos.y = point_scale.round_to_pixel(glyph.pos.y);
         }