diff --git a/refs.go b/refs.go
index 4809c9e..cd1172f 100644
--- a/refs.go
+++ b/refs.go
@@ -442,7 +442,7 @@ func (resolver *refResolver) expand(n node) error {
 		// /components are expanded only on demand (when targeted by a link)
 		// because expanding unused components would inject their external
 		// content into the final document.
-		if k == "components" && n.loc.Ptr == "" {
+		if k == "components" && n.loc.Ptr == "" && !hasDirective(obj[k]) {
 			continue
 		}
 		if err := resolver.expandProperty(n.loc, obj, k); err != nil {
diff --git a/testdata/47-inline-components/input.yml b/testdata/47-inline-components/input.yml
new file mode 100644
index 0000000..2265ea9
--- /dev/null
+++ b/testdata/47-inline-components/input.yml
@@ -0,0 +1,16 @@
+openapi: 3.0.2
+info:
+  title: Test
+  version: "0.0.1"
+paths:
+  /:
+    get:
+      responses:
+        '200':
+          description: OK
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/Pet'
+components:
+  $inline: schemas.yml
diff --git a/testdata/47-inline-components/result.json b/testdata/47-inline-components/result.json
new file mode 100644
index 0000000..a1d91cc
--- /dev/null
+++ b/testdata/47-inline-components/result.json
@@ -0,0 +1,37 @@
+{
+    "components": {
+        "schemas": {
+            "Pet": {
+                "properties": {
+                    "name": {
+                        "type": "string"
+                    }
+                },
+                "type": "object"
+            }
+        }
+    },
+    "info": {
+        "title": "Test",
+        "version": "0.0.1"
+    },
+    "openapi": "3.0.2",
+    "paths": {
+        "/": {
+            "get": {
+                "responses": {
+                    "200": {
+                        "content": {
+                            "application/json": {
+                                "schema": {
+                                    "$ref": "#/components/schemas/Pet"
+                                }
+                            }
+                        },
+                        "description": "OK"
+                    }
+                }
+            }
+        }
+    }
+}
diff --git a/testdata/47-inline-components/schemas.yml b/testdata/47-inline-components/schemas.yml
new file mode 100644
index 0000000..a1c6763
--- /dev/null
+++ b/testdata/47-inline-components/schemas.yml
@@ -0,0 +1,6 @@
+schemas:
+  Pet:
+    type: object
+    properties:
+      name:
+        type: string
diff --git a/util.go b/util.go
index fd72fe4..90f4bec 100644
--- a/util.go
+++ b/util.go
@@ -21,3 +21,14 @@ func stringProp(obj map[string]any, key string) (value string, ok bool) {
 	value, ok = v.(string)
 	return
 }
+
+func hasDirective(v any) bool {
+	m, ok := v.(map[string]any)
+	if !ok {
+		return false
+	}
+	_, hasRef := m["$ref"]
+	_, hasInline := m["$inline"]
+	_, hasMerge := m["$merge"]
+	return hasRef || hasInline || hasMerge
+}