diff --git a/drivers/net/phy/phy_device.c b/drivers/net/phy/phy_device.c
index 6a5056e0ae77..6131aca79823 100644
--- a/drivers/net/phy/phy_device.c
+++ b/drivers/net/phy/phy_device.c
@@ -247,7 +247,7 @@ static bool mdio_bus_phy_may_suspend(struct phy_device *phydev)
 	 * MDIO bus driver and clock gated at this point.
 	 */
 	if (!netdev)
-		return !phydev->suspended;
+		goto out;
 
 	if (netdev->wol_enabled)
 		return false;
@@ -267,7 +267,8 @@ static bool mdio_bus_phy_may_suspend(struct phy_device *phydev)
 	if (device_may_wakeup(&netdev->dev))
 		return false;
 
-	return true;
+out:
+	return !phydev->suspended;
 }
 
 static int mdio_bus_phy_suspend(struct device *dev)