diff --git a/muted-tests.yml b/muted-tests.yml
index d19ff661d1872..4549dbe2fa8a2 100644
--- a/muted-tests.yml
+++ b/muted-tests.yml
@@ -504,9 +504,6 @@ tests:
 - class: org.elasticsearch.xpack.ml.integration.RevertModelSnapshotIT
   method: testRevertModelSnapshot
   issue: https://github.com/elastic/elasticsearch/issues/132733
-- class: org.elasticsearch.repositories.SnapshotMetricsIT
-  method: testSnapshotAPMMetrics
-  issue: https://github.com/elastic/elasticsearch/issues/132731
 
 # Examples:
 #
diff --git a/server/src/internalClusterTest/java/org/elasticsearch/repositories/SnapshotMetricsIT.java b/server/src/internalClusterTest/java/org/elasticsearch/repositories/SnapshotMetricsIT.java
index 91cf76c6f07e4..08185f62d4596 100644
--- a/server/src/internalClusterTest/java/org/elasticsearch/repositories/SnapshotMetricsIT.java
+++ b/server/src/internalClusterTest/java/org/elasticsearch/repositories/SnapshotMetricsIT.java
@@ -41,6 +41,7 @@
 import java.util.List;
 import java.util.Map;
 import java.util.concurrent.CyclicBarrier;
+import java.util.concurrent.atomic.AtomicReference;
 import java.util.stream.Collectors;
 import java.util.stream.Stream;
 import java.util.stream.StreamSupport;
@@ -133,8 +134,17 @@ public void testSnapshotAPMMetrics() throws Exception {
 
         // wait for snapshot to finish to test the other metrics
         awaitNumberOfSnapshotsInProgress(0);
-        final TimeValue snapshotElapsedTime = TimeValue.timeValueNanos(System.nanoTime() - beforeCreateSnapshotNanos);
-        collectMetrics();
+        final AtomicReference<TimeValue> elapsedTimeValueRef = new AtomicReference<>();
+        // Sanity check snapshot completion metric observations recorded in snapshot finalization.
+        // Use assertBusy() so the finalization code has time to run after the SnapshotsInProgress cluster state update has completed.
+        assertBusy(() -> {
+            collectMetrics();
+            elapsedTimeValueRef.set(TimeValue.timeValueNanos(System.nanoTime() - beforeCreateSnapshotNanos));
+            assertThat(getTotalClusterLongCounterValue(SnapshotMetrics.SNAPSHOTS_COMPLETED), equalTo(1L));
+            assertDoubleHistogramMetrics(SnapshotMetrics.SNAPSHOT_DURATION, hasSize(1));
+            assertDoubleHistogramMetrics(SnapshotMetrics.SNAPSHOT_DURATION, everyItem(lessThan(elapsedTimeValueRef.get().secondsFrac())));
+        });
+        final TimeValue snapshotElapsedTime = elapsedTimeValueRef.get();
 
         // sanity check blobs, bytes and throttling metrics
         assertThat(getTotalClusterLongCounterValue(SnapshotMetrics.SNAPSHOT_BLOBS_UPLOADED), greaterThan(0L));
@@ -143,16 +153,11 @@ public void testSnapshotAPMMetrics() throws Exception {
         assertThat(getTotalClusterLongCounterValue(SnapshotMetrics.SNAPSHOT_RESTORE_THROTTLE_DURATION), equalTo(0L));
 
         assertThat(getTotalClusterLongCounterValue(SnapshotMetrics.SNAPSHOTS_STARTED), equalTo(1L));
-        assertThat(getTotalClusterLongCounterValue(SnapshotMetrics.SNAPSHOTS_COMPLETED), equalTo(1L));
 
         // Sanity check shard duration observations
         assertDoubleHistogramMetrics(SnapshotMetrics.SNAPSHOT_SHARDS_DURATION, hasSize(numShards));
         assertDoubleHistogramMetrics(SnapshotMetrics.SNAPSHOT_SHARDS_DURATION, everyItem(lessThan(snapshotElapsedTime.secondsFrac())));
 
-        // Sanity check snapshot observations
-        assertDoubleHistogramMetrics(SnapshotMetrics.SNAPSHOT_DURATION, hasSize(1));
-        assertDoubleHistogramMetrics(SnapshotMetrics.SNAPSHOT_DURATION, everyItem(lessThan(snapshotElapsedTime.secondsFrac())));
-
         // Work out the maximum amount of concurrency per node
         final ThreadPool tp = internalCluster().getDataNodeInstance(ThreadPool.class);
         final int snapshotThreadPoolSize = tp.info(ThreadPool.Names.SNAPSHOT).getMax();