diff --git a/CHANGELOG.md b/CHANGELOG.md
index f95c851..75b0588 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -17,6 +17,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Changed
 
+- `lmm list` now displays mods in the profile's load order (the same order `lmm profile reorder` sets and the TUI's mod list already showed) instead of DB install order (`installed_at`) — the visible order is now the order that actually decides merge precedence for a `deploy_mode: compile` game. A mod installed but missing from the load order is still shown, never silently dropped, placed first (lowest priority). README and `docs/configuration.md` gain a "Merge precedence" paragraph explaining that later-in-load-order mods win conflicting table-row _fields_ (a per-field upsert; untouched fields from earlier mods survive) while bundled assets are whole-file last-wins with a warning, and that `lmm profile reorder` regenerates the merged pak immediately (#201)
 - An unrecognized, non-empty `link_method` (`games.yaml`, profile files, imported profiles) or `deploy_mode` (`games.yaml`; also `lmm game detect`'s `steam-games.yaml`) is now a load-time error naming the field, the offending value, the owning game/profile, and the valid options — instead of silently falling back to the default (`symlink`/`extract`). **Breaking for configs that were already silently misbehaving:** a typo like `deploy_mode: compil` previously ran as `extract` with no warning; it now refuses to load until fixed. An empty/absent value is unaffected and keeps today's default exactly (#172)
 
 ### Fixed
diff --git a/README.md b/README.md
index 0b6d9b1..cd6d3e5 100644
--- a/README.md
+++ b/README.md
@@ -433,6 +433,8 @@ games:
 
 Steam auto-detection (`lmm game detect`) knows about Icarus (App ID `1149460`) and generates an equivalent entry for you, `install_path`/`mod_path` filled in from your actual Steam library — the YAML above is kept here as reference for what gets written, not something you need to type by hand.
 
+**Merge precedence**: with more than one `compile`-mode mod installed (currently Icarus only), the profile's load order — the same order `lmm list` displays and `lmm profile reorder` changes — decides how conflicting changes resolve. Mods are merged in load order, so a mod later in the list is applied later and wins conflicting _fields_ on a shared data-table row; it's a per-field upsert, not a whole-row overwrite, so untouched fields from earlier mods still survive. Bundled asset files can't compose that way — a same-path collision between two mods is whole-file last-wins, and installing or updating a colliding mod prints a warning naming both. Either way, the bottom of the load order has final say, and `lmm profile reorder` regenerates the merged pak immediately, so a reorder's effect on precedence is visible right away rather than at the next deploy.
+
 ### Deployment Methods
 
 Mods can be deployed using three methods:
diff --git a/cmd/lmm/list.go b/cmd/lmm/list.go
index 703d981..680d035 100644
--- a/cmd/lmm/list.go
+++ b/cmd/lmm/list.go
@@ -48,6 +48,14 @@ var listCmd = &cobra.Command{
 	Short: "List installed mods",
 	Long: `List all mods installed in the specified game and profile.
 
+Mods are printed in the profile's load order (see 'lmm profile reorder')
+- the same order that decides merge precedence for a compiled/merged pak:
+a mod later in the load order is merged later and wins conflicting
+fields on a shared data-table row (untouched fields from earlier mods
+still survive). A mod installed but missing from the load order is
+still shown (never silently dropped), placed first since it has no
+claim to the final say.
+
 Use --profiles to list profile names for the game instead of mods.
 
 Examples:
@@ -102,6 +110,20 @@ func doList(cmd *cobra.Command, service *core.Service, game *domain.Game) error
 		}
 	}
 
+	// #201: display the profile's load order - the order that actually
+	// decides merge precedence (later = merged later = wins) - not
+	// installed_at (GetInstalledMods' own DB order), which has no
+	// relationship to it. core.OrderByProfile, not the deploy-only
+	// GetInstalledModsInProfileOrder seam: that one deliberately OMITS a
+	// mod absent from the profile's load order (correct for deploy - an
+	// untracked mod must never silently deploy), which would make such a
+	// mod vanish from a listing instead of just being placed first (lowest
+	// priority, since it has no claim to "final say"). OrderByProfile is
+	// the same never-omitting seam the TUI's mod list already uses
+	// (internal/tui/service_core.go's Overview) - reusing it here keeps the
+	// CLI and TUI in agreement on what "the load order" looks like.
+	mods = core.OrderByProfile(profileYAML, mods)
+
 	if jsonOutput {
 		out := listJSONOutput{GameID: game.ID, Profile: profileName, Mods: make([]listModJSON, len(mods))}
 		for i, mod := range mods {
diff --git a/cmd/lmm/list_order_test.go b/cmd/lmm/list_order_test.go
new file mode 100644
index 0000000..1339443
--- /dev/null
+++ b/cmd/lmm/list_order_test.go
@@ -0,0 +1,97 @@
+package main
+
+import (
+	"encoding/json"
+	"strings"
+	"testing"
+
+	"github.com/DonovanMods/linux-mod-manager/internal/domain"
+	"github.com/stretchr/testify/assert"
+	"github.com/stretchr/testify/require"
+)
+
+// modOrder returns each named mod's line index in out, in the order the
+// names first appear - used to assert relative ordering without depending
+// on exact column widths.
+func modOrder(t *testing.T, out string, names ...string) []int {
+	t.Helper()
+	lines := strings.Split(out, "\n")
+	indices := make([]int, len(names))
+	for i, name := range names {
+		indices[i] = -1
+		for lineIdx, l := range lines {
+			if strings.Contains(l, name) {
+				indices[i] = lineIdx
+				break
+			}
+		}
+		require.NotEqual(t, -1, indices[i], "expected to find %q in output:\n%s", name, out)
+	}
+	return indices
+}
+
+// TestList_DisplaysProfileLoadOrder_NotInstallOrder guards #201: `lmm list`
+// used to print mods in DB install order (installed_at), not the profile's
+// load order that actually decides merge precedence. Mod A is installed
+// before Mod B (install order: A, B) but the profile's load order is then
+// reversed to [B, A] - the listing must follow the load order, not
+// installed_at.
+func TestList_DisplaysProfileLoadOrder_NotInstallOrder(t *testing.T) {
+	svc, game := setupDoDeployTest(t)
+	seedDeployableMod(t, svc, game, "a", "Mod A", "a.esp")
+	seedDeployableMod(t, svc, game, "b", "Mod B", "b.esp")
+
+	require.NoError(t, svc.NewProfileManager().ReorderMods(game.ID, "default", []domain.ModReference{
+		{SourceID: "src", ModID: "b", Version: "1.0"},
+		{SourceID: "src", ModID: "a", Version: "1.0"},
+	}))
+
+	t.Run("non-verbose", func(t *testing.T) {
+		out := listNonVerbose(t, svc, game)
+		idx := modOrder(t, out, "Mod B", "Mod A")
+		assert.Less(t, idx[0], idx[1], "profile load order is [Mod B, Mod A] (Mod A is last - final say); the listing must follow that array order, not install order (which was A then B)")
+	})
+
+	t.Run("verbose", func(t *testing.T) {
+		out := listVerbose(t, svc, game, false)
+		idx := modOrder(t, out, "Mod B", "Mod A")
+		assert.Less(t, idx[0], idx[1], "profile load order is [Mod B, Mod A] (Mod A is last - final say); the listing must follow that array order, not install order (which was A then B)")
+	})
+
+	t.Run("json", func(t *testing.T) {
+		raw := listVerbose(t, svc, game, true)
+		var out listJSONOutput
+		require.NoError(t, json.Unmarshal([]byte(raw), &out))
+		require.Len(t, out.Mods, 2)
+		assert.Equal(t, "b", out.Mods[0].ID)
+		assert.Equal(t, "a", out.Mods[1].ID)
+	})
+}
+
+// TestList_ModMissingFromLoadOrder_StillShown guards the never-omit
+// requirement (#201): GetInstalledModsInProfileOrder (deploy's seam)
+// deliberately OMITS a mod absent from the profile's load order - correct
+// for deploy, since an untracked mod must never silently deploy, but wrong
+// for a listing, where every installed mod must still be visible. list.go
+// uses core.OrderByProfile instead (the same seam the TUI's mod list
+// already uses - internal/tui/service_core.go's Overview), which never
+// omits: a load-order-absent mod is placed first (lowest priority - it has
+// no claim to "final say"), never dropped.
+func TestList_ModMissingFromLoadOrder_StillShown(t *testing.T) {
+	svc, game := setupDoDeployTest(t)
+	seedDeployableMod(t, svc, game, "a", "Tracked Mod", "a.esp")
+
+	// Install "b" without ever adding it to the profile's load order -
+	// simulates the edge case a normal add/remove flow shouldn't produce,
+	// but which must not make the mod vanish from `lmm list`.
+	require.NoError(t, svc.SaveInstalledMod(&domain.InstalledMod{
+		Mod:          domain.Mod{ID: "b", SourceID: "src", Name: "Untracked Mod", Version: "1.0", GameID: game.ID},
+		ProfileName:  "default",
+		UpdatePolicy: domain.UpdateNotify,
+		Enabled:      true,
+	}))
+
+	out := listNonVerbose(t, svc, game)
+	assert.Contains(t, out, "Untracked Mod", "a mod absent from the profile's load order must still be listed")
+	assert.Contains(t, out, "2 mod(s)", "both the tracked and untracked mod must count toward the total")
+}
diff --git a/cmd/lmm/list_test.go b/cmd/lmm/list_test.go
index f7b206e..196aa36 100644
--- a/cmd/lmm/list_test.go
+++ b/cmd/lmm/list_test.go
@@ -2,6 +2,7 @@ package main
 
 import (
 	"bytes"
+	"strings"
 	"testing"
 
 	"github.com/spf13/cobra"
@@ -35,6 +36,16 @@ func TestListCmd_Structure(t *testing.T) {
 	assert.NotNil(t, listCmd.Flags().Lookup("profiles"))
 }
 
+// TestListCmd_DocMentionsLoadOrder guards #201: the help text must describe
+// the mod ordering it actually shows (the profile's load order, which
+// decides merge precedence) rather than staying silent about it or, worse,
+// claiming the old install order.
+func TestListCmd_DocMentionsLoadOrder(t *testing.T) {
+	assert.Contains(t, listCmd.Long, "load order")
+	assert.NotContains(t, strings.ToLower(listCmd.Long), "install order",
+		"list must not claim install order - it shows profile load order")
+}
+
 func TestStatusCmd_Structure(t *testing.T) {
 	assert.Equal(t, "status", statusCmd.Use)
 	assert.NotEmpty(t, statusCmd.Short)
diff --git a/docs/configuration.md b/docs/configuration.md
index 74748cb..d5f8369 100644
--- a/docs/configuration.md
+++ b/docs/configuration.md
@@ -61,6 +61,8 @@ The `deploy_mode` option controls how downloaded mod archives are handled:
 - **`copy`**: Archives are copied as-is to the mod path without extraction. Use for games that expect mod files to remain as archives (e.g., Minecraft `.jar` files, some Unity games).
 - **`compile`**: The downloaded file is compiled into a new artifact before caching (currently Icarus only: an `.exmodz` diff is applied to the game's base data tables to produce a deployable `_P.pak`). Only sources that implement compiling support this mode. The base data tables are read directly from the installed game's own `data.pak`, so a compile always matches the installed game version and needs no network access.
 
+**Merge precedence**: with more than one `compile`-mode mod installed, the merge applies each mod's changes in the profile's load order (the `mods` list's order - see [Profile files](#profile-files) below, and the same order `lmm list` displays) against the same evolving base tables, so a mod later in the load order is applied later. Table-row conflicts compose at the _field_ level: an upsert, not a whole-row overwrite, so two mods patching different fields of the same row - or different rows entirely - both survive; only a genuine same-row-same-field write is last-wins, which is an expected outcome of ordinary upserts, not something that gets a warning. Bundled asset files can't compose that way - a same-path asset collision between two mods is necessarily whole-file last-wins, and is reported as a warning (installing or updating a colliding mod prints it). Either way, the mod at the bottom of the load order has final say, and reordering the profile (`lmm profile reorder`) regenerates the merged pak immediately, so the new precedence takes effect right away.
+
 Example:
 
 ```yaml
diff --git a/docs/man/man1/lmm-list.1 b/docs/man/man1/lmm-list.1
index aee9f87..f6670fe 100644
--- a/docs/man/man1/lmm-list.1
+++ b/docs/man/man1/lmm-list.1
@@ -12,6 +12,15 @@ lmm-list - List installed mods
 .SH DESCRIPTION
 List all mods installed in the specified game and profile.
 
+.PP
+Mods are printed in the profile's load order (see 'lmm profile reorder')
+- the same order that decides merge precedence for a compiled/merged pak:
+a mod later in the load order is merged later and wins conflicting
+fields on a shared data-table row (untouched fields from earlier mods
+still survive). A mod installed but missing from the load order is
+still shown (never silently dropped), placed first since it has no
+claim to the final say.
+
 .PP
 Use --profiles to list profile names for the game instead of mods.