diff --git a/Makefile b/Makefile
index 2df903429d31..b856f84e28c9 100644
--- a/Makefile
+++ b/Makefile
@@ -619,12 +619,8 @@ KBUILD_MODULES :=
 KBUILD_BUILTIN := 1
 
 # If we have only "make modules", don't compile built-in objects.
-# When we're building modules with modversions, we need to consider
-# the built-in objects during the descend as well, in order to
-# make sure the checksums are up to date before we record them.
-
 ifeq ($(MAKECMDGOALS),modules)
-  KBUILD_BUILTIN := $(if $(CONFIG_MODVERSIONS),1)
+  KBUILD_BUILTIN :=
 endif
 
 # If we have "make <whatever> modules", compile modules
@@ -1337,6 +1333,13 @@ ifdef CONFIG_MODULES
 
 all: modules
 
+# When we're building modules with modversions, we need to consider
+# the built-in objects during the descend as well, in order to
+# make sure the checksums are up to date before we record them.
+ifdef CONFIG_MODVERSIONS
+  KBUILD_BUILTIN := 1
+endif
+
 # Build modules
 #
 # A module can be listed more than once in obj-m resulting in