diff --git a/cranelift/codegen/src/machinst/lower.rs b/cranelift/codegen/src/machinst/lower.rs
index 7cb1c8d769..89e184fd4e 100644
--- a/cranelift/codegen/src/machinst/lower.rs
+++ b/cranelift/codegen/src/machinst/lower.rs
@@ -804,6 +804,10 @@ impl<'func, I: VCodeInst> Lower<'func, I> {
     }
 
     fn emit_value_label_markers_for_inst(&mut self, inst: Inst) {
+        if self.f.dfg.values_labels.is_none() {
+            return;
+        }
+
         debug!(
             "value labeling: srcloc {}: inst {}",
             self.srcloc(inst),
@@ -815,6 +819,10 @@ impl<'func, I: VCodeInst> Lower<'func, I> {
     }
 
     fn emit_value_label_markers_for_block_args(&mut self, block: Block) {
+        if self.f.dfg.values_labels.is_none() {
+            return;
+        }
+
         debug!("value labeling: block {}", block);
         for &arg in self.f.dfg.block_params(block) {
             self.emit_value_label_marks_for_value(arg);
diff --git a/cranelift/codegen/src/machinst/vcode.rs b/cranelift/codegen/src/machinst/vcode.rs
index 6b554359b6..9fc46d9655 100644
--- a/cranelift/codegen/src/machinst/vcode.rs
+++ b/cranelift/codegen/src/machinst/vcode.rs
@@ -118,6 +118,10 @@ pub struct VCode<I: VCodeInst> {
 
     /// Constants.
     constants: VCodeConstants,
+
+    /// Are any debug value-labels present? If not, we can skip the
+    /// post-emission analysis.
+    has_value_labels: bool,
 }
 
 /// A builder for a VCode function body. This builder is designed for the
@@ -251,6 +255,9 @@ impl<I: VCodeInst> VCodeBuilder<I> {
                 }
             }
         }
+        if insn.defines_value_label().is_some() {
+            self.vcode.has_value_labels = true;
+        }
         self.vcode.insts.push(insn);
         self.vcode.srclocs.push(self.cur_srcloc);
         if is_safepoint {
@@ -327,6 +334,7 @@ impl<I: VCodeInst> VCode<I> {
             generate_debug_info,
             insts_layout: RefCell::new((vec![], vec![], 0)),
             constants,
+            has_value_labels: false,
         }
     }
 
@@ -610,6 +618,10 @@ impl<I: VCodeInst> VCode<I> {
 
     /// Generates value-label ranges.
     pub fn value_labels_ranges(&self) -> crate::result::CodegenResult<Option<ValueLabelsRanges>> {
+        if !self.has_value_labels {
+            return Ok(None);
+        }
+
         let layout = &self.insts_layout.borrow();
         Ok(Some(debug::compute(
             &self.insts,