diff --git a/include/linux/stackdepot.h b/include/linux/stackdepot.h
index 17f992fe6355..bc2797955de9 100644
--- a/include/linux/stackdepot.h
+++ b/include/linux/stackdepot.h
@@ -20,18 +20,36 @@ depot_stack_handle_t __stack_depot_save(unsigned long *entries,
 					gfp_t gfp_flags, bool can_alloc);
 
 /*
- * Every user of stack depot has to call this during its own init when it's
- * decided that it will be calling stack_depot_save() later.
+ * Every user of stack depot has to call stack_depot_init() during its own init
+ * when it's decided that it will be calling stack_depot_save() later. This is
+ * recommended for e.g. modules initialized later in the boot process, when
+ * slab_is_available() is true.
  *
  * The alternative is to select STACKDEPOT_ALWAYS_INIT to have stack depot
  * enabled as part of mm_init(), for subsystems where it's known at compile time
  * that stack depot will be used.
+ *
+ * Another alternative is to call stack_depot_want_early_init(), when the
+ * decision to use stack depot is taken e.g. when evaluating kernel boot
+ * parameters, which precedes the enablement point in mm_init().
+ *
+ * stack_depot_init() and stack_depot_want_early_init() can be called regardless
+ * of CONFIG_STACKDEPOT and are no-op when disabled. The actual save/fetch/print
+ * functions should only be called from code that makes sure CONFIG_STACKDEPOT
+ * is enabled.
  */
+#ifdef CONFIG_STACKDEPOT
 int stack_depot_init(void);
 
-#ifdef CONFIG_STACKDEPOT_ALWAYS_INIT
-static inline int stack_depot_early_init(void)	{ return stack_depot_init(); }
+void __init stack_depot_want_early_init(void);
+
+/* This is supposed to be called only from mm_init() */
+int __init stack_depot_early_init(void);
 #else
+static inline int stack_depot_init(void) { return 0; }
+
+static inline void stack_depot_want_early_init(void) { }
+
 static inline int stack_depot_early_init(void)	{ return 0; }
 #endif
 
diff --git a/lib/stackdepot.c b/lib/stackdepot.c
index bf5ba9af0500..0a5916f1e7a3 100644
--- a/lib/stackdepot.c
+++ b/lib/stackdepot.c
@@ -66,6 +66,9 @@ struct stack_record {
 	unsigned long entries[];	/* Variable-sized array of entries. */
 };
 
+static bool __stack_depot_want_early_init __initdata = IS_ENABLED(CONFIG_STACKDEPOT_ALWAYS_INIT);
+static bool __stack_depot_early_init_passed __initdata;
+
 static void *stack_slabs[STACK_ALLOC_MAX_SLABS];
 
 static int depot_index;
@@ -162,38 +165,58 @@ static int __init is_stack_depot_disabled(char *str)
 }
 early_param("stack_depot_disable", is_stack_depot_disabled);
 
-/*
- * __ref because of memblock_alloc(), which will not be actually called after
- * the __init code is gone, because at that point slab_is_available() is true
- */
-__ref int stack_depot_init(void)
+void __init stack_depot_want_early_init(void)
+{
+	/* Too late to request early init now */
+	WARN_ON(__stack_depot_early_init_passed);
+
+	__stack_depot_want_early_init = true;
+}
+
+int __init stack_depot_early_init(void)
+{
+	size_t size;
+	int i;
+
+	/* This is supposed to be called only once, from mm_init() */
+	if (WARN_ON(__stack_depot_early_init_passed))
+		return 0;
+
+	__stack_depot_early_init_passed = true;
+
+	if (!__stack_depot_want_early_init || stack_depot_disable)
+		return 0;
+
+	pr_info("Stack Depot early init allocating hash table with memblock_alloc\n");
+	size = (STACK_HASH_SIZE * sizeof(struct stack_record *));
+	stack_table = memblock_alloc(size, SMP_CACHE_BYTES);
+
+	if (!stack_table) {
+		pr_err("Stack Depot hash table allocation failed, disabling\n");
+		stack_depot_disable = true;
+		return -ENOMEM;
+	}
+
+	return 0;
+}
+
+int stack_depot_init(void)
 {
 	static DEFINE_MUTEX(stack_depot_init_mutex);
+	int ret = 0;
 
 	mutex_lock(&stack_depot_init_mutex);
 	if (!stack_depot_disable && !stack_table) {
-		size_t size = (STACK_HASH_SIZE * sizeof(struct stack_record *));
-		int i;
-
-		if (slab_is_available()) {
-			pr_info("Stack Depot allocating hash table with kvmalloc\n");
-			stack_table = kvmalloc(size, GFP_KERNEL);
-		} else {
-			pr_info("Stack Depot allocating hash table with memblock_alloc\n");
-			stack_table = memblock_alloc(size, SMP_CACHE_BYTES);
-		}
-		if (stack_table) {
-			for (i = 0; i < STACK_HASH_SIZE;  i++)
-				stack_table[i] = NULL;
-		} else {
+		pr_info("Stack Depot allocating hash table with kvcalloc\n");
+		stack_table = kvcalloc(STACK_HASH_SIZE, sizeof(struct stack_record *), GFP_KERNEL);
+		if (!stack_table) {
 			pr_err("Stack Depot hash table allocation failed, disabling\n");
 			stack_depot_disable = true;
-			mutex_unlock(&stack_depot_init_mutex);
-			return -ENOMEM;
+			ret = -ENOMEM;
 		}
 	}
 	mutex_unlock(&stack_depot_init_mutex);
-	return 0;
+	return ret;
 }
 EXPORT_SYMBOL_GPL(stack_depot_init);
 
diff --git a/mm/page_owner.c b/mm/page_owner.c
index 99e360df9465..4313f8212a83 100644
--- a/mm/page_owner.c
+++ b/mm/page_owner.c
@@ -42,7 +42,12 @@ static void init_early_allocated_pages(void);
 
 static int __init early_page_owner_param(char *buf)
 {
-	return kstrtobool(buf, &page_owner_enabled);
+	int ret = kstrtobool(buf, &page_owner_enabled);
+
+	if (page_owner_enabled)
+		stack_depot_want_early_init();
+
+	return ret;
 }
 early_param("page_owner", early_page_owner_param);
 
@@ -80,8 +85,6 @@ static __init void init_page_owner(void)
 	if (!page_owner_enabled)
 		return;
 
-	stack_depot_init();
-
 	register_dummy_stack();
 	register_failure_stack();
 	register_early_stack();
