diff --git a/app/models/deal_stage_history.py b/app/models/deal_stage_history.py
new file mode 100644
index 0000000..86de67c
--- /dev/null
+++ b/app/models/deal_stage_history.py
@@ -0,0 +1,44 @@
+"""DealStageHistory model: audit trail of stage transitions for a deal."""
+
+from __future__ import annotations
+
+from typing import TYPE_CHECKING, Optional
+
+from sqlalchemy import ForeignKey, String
+from sqlalchemy.orm import Mapped, mapped_column, relationship
+
+from app.models.base import Base, OrgScopedMixin, TimestampMixin
+from app.models.deal import DealStage
+
+if TYPE_CHECKING:
+    from app.models.user import User
+    from app.models.deal import Deal
+
+
+class DealStageHistory(Base, TimestampMixin, OrgScopedMixin):
+    """Records each deal stage transition. Append-only — no soft-delete."""
+
+    __tablename__ = "deal_stage_history"
+
+    id: Mapped[int] = mapped_column(primary_key=True, autoincrement=True)
+    deal_id: Mapped[int] = mapped_column(
+        ForeignKey("deals.id"), nullable=False, index=True
+    )
+    from_stage: Mapped[Optional[DealStage]] = mapped_column(String(32), nullable=True)
+    to_stage: Mapped[DealStage] = mapped_column(String(32), nullable=False)
+    changed_by: Mapped[int] = mapped_column(
+        ForeignKey("users.id"), nullable=False
+    )
+
+    deal: Mapped["Deal"] = relationship(
+        "Deal", back_populates="stage_history", lazy="joined"
+    )
+    changer: Mapped["User"] = relationship(
+        "User", foreign_keys=[changed_by], lazy="joined"
+    )
+
+    def __repr__(self) -> str:
+        return f"<DealStageHistory id={self.id} deal={self.deal_id} {self.from_stage}->{self.to_stage}>"
+
+
+__all__ = ["DealStageHistory"]