diff --git a/src/ctxlens/cli.py b/src/ctxlens/cli.py
index 8b1dcc7..ef13178 100644
--- a/src/ctxlens/cli.py
+++ b/src/ctxlens/cli.py
@@ -155,7 +155,7 @@ def _load(path, fmt, tokenizer, top, tool_result_cap, tool_def_budget):
 
 
 def _maybe_fail(ratio: float, threshold: float | None):
-    if threshold is not None and ratio > threshold:
+    if threshold is not None and ratio >= threshold:
         err_console.print(
             f"[red]waste ratio {ratio * 100:.1f}% exceeds threshold {threshold * 100:.1f}%[/red]"
         )
diff --git a/tests/test_cli.py b/tests/test_cli.py
index 7abbd17..b4b77f4 100644
--- a/tests/test_cli.py
+++ b/tests/test_cli.py
@@ -2,9 +2,11 @@
 
 import json
 
+import pytest
+import typer
 from typer.testing import CliRunner
 
-from ctxlens.cli import app
+from ctxlens.cli import EXIT_THRESHOLD, _maybe_fail, app
 
 runner = CliRunner()
 
@@ -49,6 +51,17 @@ def test_analyze_fail_over_threshold_ok(claude_jsonl):
     assert result.exit_code == 0
 
 
+def test_maybe_fail_exact_threshold():
+    with pytest.raises(typer.Exit) as exc_info:
+        _maybe_fail(0.5, 0.5)
+    assert exc_info.value.exit_code == EXIT_THRESHOLD
+
+
+def test_maybe_fail_below_threshold():
+    _maybe_fail(0.4, 0.5)
+    _maybe_fail(0.5, None)
+
+
 def test_report_html_to_file(tmp_path, codex_session):
     out = tmp_path / "r.html"
     result = runner.invoke(app, ["report", str(codex_session), "--html", "-o", str(out)])