diff --git a/src/cook/cook_build.rs b/src/cook/cook_build.rs
index a017887d20..12ae65c9db 100644
--- a/src/cook/cook_build.rs
+++ b/src/cook/cook_build.rs
@@ -282,10 +282,28 @@ pub fn build(
 
     // check stage dir modified against pkgar files, any files missing will result in UNIX_EPOCH
     let stage_modified = modified_all(&stage_pkgars, modified).unwrap_or(SystemTime::UNIX_EPOCH);
-    // Rebuild stage if source is newer
+    let target_fingerprint_path = target_dir.join(".deps-fingerprint");
+    let current_deps_fingerprint = if !dep_pkgars.is_empty() {
+        Some(compute_deps_fingerprint(&dep_pkgars)?)
+    } else {
+        None
+    };
+    let current_host_fingerprint = if !dep_host_pkgars.is_empty() {
+        Some(compute_deps_fingerprint(&dep_host_pkgars)?)
+    } else {
+        None
+    };
+    let stored_deps_fingerprint = read_text_file(&target_fingerprint_path)?;
+    let stored_host_fingerprint = read_text_file(
+        &target_dir.join(".host-deps-fingerprint"),
+    )?;
+    let deps_content_unchanged = current_deps_fingerprint.is_none()
+        || stored_deps_fingerprint.as_deref() == current_deps_fingerprint.as_deref();
+    let host_deps_content_unchanged = current_host_fingerprint.is_none()
+        || stored_host_fingerprint.as_deref() == current_host_fingerprint.as_deref();
     if stage_modified < source_modified
-        || stage_modified < deps_modified
-        || stage_modified < deps_host_modified
+        || !deps_content_unchanged
+        || !host_deps_content_unchanged
         || !auto_deps_file.is_file()
     {
         for stage_dir in &stage_dirs {
@@ -525,6 +543,22 @@ pub fn build(
         // don't remove stage dir yet
     }
 
+    if let Some(fingerprint) = current_deps_fingerprint.as_ref() {
+        fs::write(&target_fingerprint_path, fingerprint)
+            .map_err(|e| format!("failed to write deps fingerprint: {e}"))?;
+    } else if target_fingerprint_path.is_file() {
+        remove_all(&target_fingerprint_path)?;
+    }
+    if let Some(fingerprint) = current_host_fingerprint.as_ref() {
+        fs::write(target_dir.join(".host-deps-fingerprint"), fingerprint)
+            .map_err(|e| format!("failed to write host-deps fingerprint: {e}"))?;
+    } else {
+        let path = target_dir.join(".host-deps-fingerprint");
+        if path.is_file() {
+            remove_all(&path)?;
+        }
+    }
+
     let auto_deps = make_auto_deps!(false)?;
     Ok(BuildResult::new(stage_dirs, auto_deps))
 }
@@ -576,24 +610,36 @@ fn build_deps_dir(
     logger: &PtyOut,
     deps_dir: &PathBuf,
     dep_pkgars: &BTreeSet<(PackageName, PathBuf)>,
-    source_modified: SystemTime,
-    deps_modified: SystemTime,
+    _source_modified: SystemTime,
+    _deps_modified: SystemTime,
 ) -> Result<bool, String> {
     let deps_dir_tmp = deps_dir.with_added_extension("tmp");
     if deps_dir.is_dir() {
         let tags_dir = deps_dir.join(".tags");
-        let sysroot_modified = modified_dir(&tags_dir).unwrap_or(SystemTime::UNIX_EPOCH);
-        if sysroot_modified < source_modified
-            || sysroot_modified < deps_modified
-            || !check_files_present(
-                &tags_dir,
-                &dep_pkgars
-                    .iter()
-                    .map(|(name, _)| name.without_prefix())
-                    .collect(),
-            )?
-        {
-            log_to_pty!(logger, "DEBUG: updating '{}'", deps_dir.display());
+        let all_tags_present = check_files_present(
+            &tags_dir,
+            &dep_pkgars
+                .iter()
+                .map(|(name, _)| name.without_prefix())
+                .collect(),
+        )?;
+        let current_fingerprint = compute_deps_fingerprint(dep_pkgars)?;
+        let stored_fingerprint = read_deps_fingerprint(&tags_dir)?;
+        let fingerprint_matches = stored_fingerprint.as_deref() == Some(current_fingerprint.as_str());
+        if !all_tags_present || !fingerprint_matches {
+            if !all_tags_present {
+                log_to_pty!(
+                    logger,
+                    "DEBUG: rebuilding '{}' (dep set changed)",
+                    deps_dir.display()
+                );
+            } else {
+                log_to_pty!(
+                    logger,
+                    "DEBUG: rebuilding '{}' (dep content changed)",
+                    deps_dir.display()
+                );
+            }
             remove_all(deps_dir)?;
         }
     }
@@ -652,6 +698,10 @@ fn build_deps_dir(
             )?;
         }
 
+        let fingerprint = compute_deps_fingerprint(dep_pkgars)?;
+        fs::write(tags_dir.join("deps-fingerprint"), &fingerprint)
+            .map_err(|e| format!("failed to write deps fingerprint: {e}"))?;
+
         // Move sysroot.tmp to sysroot atomically
         rename(&deps_dir_tmp, deps_dir)?;
 
@@ -661,6 +711,55 @@ fn build_deps_dir(
     Ok(false)
 }
 
+fn read_deps_fingerprint(tags_dir: &Path) -> Result<Option<String>, String> {
+    let fingerprint_path = tags_dir.join("deps-fingerprint");
+    match fs::read_to_string(&fingerprint_path) {
+        Ok(s) => Ok(Some(s)),
+        Err(err) if err.kind() == std::io::ErrorKind::NotFound => Ok(None),
+        Err(err) => Err(format!(
+            "failed to read deps fingerprint {}: {err}",
+            fingerprint_path.display()
+        )),
+    }
+}
+
+fn compute_deps_fingerprint(
+    dep_pkgars: &BTreeSet<(PackageName, PathBuf)>,
+) -> Result<String, String> {
+    use std::io::Read;
+    let mut hasher = blake3::Hasher::new();
+    for (name, path) in dep_pkgars {
+        hasher.update(name.to_string().as_bytes());
+        hasher.update(b"\0");
+        let mut file = match fs::File::open(path) {
+            Ok(f) => f,
+            Err(err) if err.kind() == std::io::ErrorKind::NotFound => {
+                hasher.update(b"<missing>");
+                hasher.update(b"\0");
+                continue;
+            }
+            Err(err) => {
+                return Err(format!("failed to open {}: {err}", path.display()));
+            }
+        };
+        let mut buf = vec![0u8; 65536];
+        let n = file
+            .read(&mut buf)
+            .map_err(|e| format!("failed to read {}: {e}", path.display()))?;
+        hasher.update(&buf[..n]);
+        hasher.update(b"\0");
+    }
+    Ok(hasher.finalize().to_hex().to_string())
+}
+
+fn read_text_file(path: &Path) -> Result<Option<String>, String> {
+    match fs::read_to_string(path) {
+        Ok(s) => Ok(Some(s)),
+        Err(err) if err.kind() == std::io::ErrorKind::NotFound => Ok(None),
+        Err(err) => Err(format!("failed to read {}: {err}", path.display())),
+    }
+}
+
 /// Calculate automatic dependencies
 fn build_auto_deps(
     recipe: &Recipe,