diff --git a/bin/resources/shaders/dx11/tfx.fx b/bin/resources/shaders/dx11/tfx.fx
index dbc45bc1a2..852c002550 100644
--- a/bin/resources/shaders/dx11/tfx.fx
+++ b/bin/resources/shaders/dx11/tfx.fx
@@ -661,7 +661,7 @@ float4 sample_color(float2 st, float uv_w)
 float4 tfx(float4 T, float4 C)
 {
 	float4 C_out;
-	float4 FxT = trunc(trunc(C) * T / 128.0f);
+	float4 FxT = trunc((C * T) / 128.0f);
 
 #if (PS_TFX == 0)
 	C_out = FxT;
diff --git a/bin/resources/shaders/opengl/tfx_fs.glsl b/bin/resources/shaders/opengl/tfx_fs.glsl
index 019f355d74..cf9a1aba8b 100644
--- a/bin/resources/shaders/opengl/tfx_fs.glsl
+++ b/bin/resources/shaders/opengl/tfx_fs.glsl
@@ -614,7 +614,7 @@ vec4 sample_color(vec2 st)
 vec4 tfx(vec4 T, vec4 C)
 {
 	vec4 C_out;
-	vec4 FxT = trunc(trunc(C) * T / 128.0f);
+	vec4 FxT = trunc((C * T) / 128.0f);
 
 #if (PS_TFX == 0)
 	C_out = FxT;
diff --git a/bin/resources/shaders/vulkan/tfx.glsl b/bin/resources/shaders/vulkan/tfx.glsl
index 855035e8db..458c525e79 100644
--- a/bin/resources/shaders/vulkan/tfx.glsl
+++ b/bin/resources/shaders/vulkan/tfx.glsl
@@ -849,7 +849,7 @@ vec4 sample_color(vec2 st)
 vec4 tfx(vec4 T, vec4 C)
 {
 	vec4 C_out;
-	vec4 FxT = trunc(trunc(C) * T / 128.0f);
+	vec4 FxT = trunc((C * T) / 128.0f);
 
 #if (PS_TFX == 0)
 	C_out = FxT;
diff --git a/pcsx2/GS/Renderers/Metal/tfx.metal b/pcsx2/GS/Renderers/Metal/tfx.metal
index 5cccebefb7..e16e7f43f6 100644
--- a/pcsx2/GS/Renderers/Metal/tfx.metal
+++ b/pcsx2/GS/Renderers/Metal/tfx.metal
@@ -730,7 +730,7 @@ struct PSMain
 	float4 tfx(float4 T, float4 C)
 	{
 		float4 C_out;
-		float4 FxT = trunc(trunc(C) * T / 128.f);
+		float4 FxT = trunc((C * T) / 128.f);
 		if (PS_TFX == 0)
 			C_out = FxT;
 		else if (PS_TFX == 1)
diff --git a/pcsx2/ShaderCacheVersion.h b/pcsx2/ShaderCacheVersion.h
index f897ba66a0..515c605e4d 100644
--- a/pcsx2/ShaderCacheVersion.h
+++ b/pcsx2/ShaderCacheVersion.h
@@ -15,4 +15,4 @@
 
 /// Version number for GS and other shaders. Increment whenever any of the contents of the
 /// shaders change, to invalidate the cache.
-static constexpr u32 SHADER_CACHE_VERSION = 28;
+static constexpr u32 SHADER_CACHE_VERSION = 29;