I have a large workbook: many sheets, many calculations, much
formatting. (I know, I know, way too much overhead but it's a
corporate mandate to use this sprdsht. I'm working on reducing it.)

I have manual calculation toggled on. When I press F9 the percentage
indicator scrolls up quickly to 100% and the "Calculate" flag in the
lower left corner of the screen disappears. But I can see formulas
that are not calculating, and the only way to force a calculation is to
press F2 to edit the cell and hit enter to derive the true value.

This is not a case of the "Calculate" flag staying on after a re-calc.

Any thoughts as to why this is happening, and how to force a true
recalculation?

Thanks-