diff --git a/app/views/admin/budget_investments/_select_investment.html.erb b/app/views/admin/budget_investments/_select_investment.html.erb
index a7593a0c5..320abc579 100644
--- a/app/views/admin/budget_investments/_select_investment.html.erb
+++ b/app/views/admin/budget_investments/_select_investment.html.erb
@@ -51,11 +51,15 @@
 </td>
 
 <td class="small text-center" data-field="visible_to_valuators">
-  <%= form_for [:admin, investment.budget, investment], remote: true, format: :json do |f| %>
-      <%= f.check_box :visible_to_valuators,
-                      label: false,
-                      class: "js-submit-on-change",
-                      id: "budget_investment_visible_to_valuators" %>
+  <% if can?(:admin_update, investment) %>
+    <%= form_for [:admin, investment.budget, investment], remote: true, format: :json do |f| %>
+        <%= f.check_box :visible_to_valuators,
+                        label: false,
+                        class: "js-submit-on-change",
+                        id: "budget_investment_visible_to_valuators" %>
+    <% end %>
+  <% else %>
+    <%= investment.visible_to_valuators? ? t("shared.yes") : t("shared.no") %>
   <% end %>
 </td>
 
diff --git a/spec/system/admin/budget_investments_spec.rb b/spec/system/admin/budget_investments_spec.rb
index ec8d4c9ec..165b15aea 100644
--- a/spec/system/admin/budget_investments_spec.rb
+++ b/spec/system/admin/budget_investments_spec.rb
@@ -1651,6 +1651,28 @@ describe "Admin budget investments" do
       end
     end
 
+    scenario "Cannot mark/unmark visible to valuators on finished budgets" do
+      budget.update!(phase: "finished")
+      create(:budget_investment, budget: budget, title: "Visible", visible_to_valuators: true)
+      create(:budget_investment, budget: budget, title: "Invisible", visible_to_valuators: false)
+
+      visit admin_budget_budget_investments_path(budget)
+
+      within "tr", text: "Visible" do
+        within "td[data-field=visible_to_valuators]" do
+          expect(page).to have_text "Yes"
+          expect(page).not_to have_field "budget_investment_visible_to_valuators"
+        end
+      end
+
+      within "tr", text: "Invisible" do
+        within "td[data-field=visible_to_valuators]" do
+          expect(page).to have_text "No"
+          expect(page).not_to have_field "budget_investment_visible_to_valuators"
+        end
+      end
+    end
+
     scenario "Showing the valuating checkbox" do
       investment1 = create(:budget_investment, :with_administrator, :with_valuator, :visible_to_valuators,
                            budget: budget)