diff --git a/plugins/kotlin/base/facet/src/org/jetbrains/kotlin/idea/serialization/KotlinFacetSettingsWorkspaceModel.kt b/plugins/kotlin/base/facet/src/org/jetbrains/kotlin/idea/serialization/KotlinFacetSettingsWorkspaceModel.kt
index 4bb6398dc08c..37b103d6da45 100644
--- a/plugins/kotlin/base/facet/src/org/jetbrains/kotlin/idea/serialization/KotlinFacetSettingsWorkspaceModel.kt
+++ b/plugins/kotlin/base/facet/src/org/jetbrains/kotlin/idea/serialization/KotlinFacetSettingsWorkspaceModel.kt
@@ -49,23 +49,29 @@ class KotlinFacetSettingsWorkspaceModel(val entity: KotlinSettingsEntity.Builder
         }
 
     private var _compilerArguments: CommonCompilerArguments? = null
+    private var _lastKnownCompilerArguments: String? = null
     override var compilerArguments: CommonCompilerArguments?
         get() {
-            if (_compilerArguments != null) {
+            val currentSerializedArguments = entity.compilerArguments
+            if (_compilerArguments != null && currentSerializedArguments == _lastKnownCompilerArguments) {
+                // Cache is valid, return the cached value
                 return _compilerArguments
             }
 
-            val serializedArguments = entity.compilerArguments
-            _compilerArguments = serializedArguments?.let {
+            // Deserialize and update the cache
+            _compilerArguments = currentSerializedArguments?.let {
                 CompilerArgumentsSerializer.deserializeFromString(it)
             }
+            _lastKnownCompilerArguments = currentSerializedArguments
 
             return _compilerArguments
         }
         set(value) {
-            entity.compilerArguments = CompilerArgumentsSerializer.serializeToString(value)
+            val serializedValue = CompilerArgumentsSerializer.serializeToString(value)
+            entity.compilerArguments = serializedValue
             updateMergedArguments()
             _compilerArguments = value?.unfrozen()
+            _lastKnownCompilerArguments = serializedValue
         }
 
     override val mergedCompilerArguments: CommonCompilerArguments?