diff --git a/pkg/kernel/lib/binary/ast_from_binary.dart b/pkg/kernel/lib/binary/ast_from_binary.dart
index c211295cbaae..f391af86da30 100644
--- a/pkg/kernel/lib/binary/ast_from_binary.dart
+++ b/pkg/kernel/lib/binary/ast_from_binary.dart
@@ -4177,6 +4177,10 @@ class BinaryBuilderWithMetadata extends BinaryBuilder implements BinarySource {
   @override
   void _readMetadataMappings(
       Component component, int binaryOffsetForMetadataPayloads) {
+    // If reading a component with several sub-components there's no reason to
+    // lookup in old ones.
+    _subsections = null;
+
     // At the beginning of this function _byteOffset points right past
     // metadataMappings to string table.
 
diff --git a/pkg/kernel/test/binary_bench2.dart b/pkg/kernel/test/binary_bench2.dart
new file mode 100644
index 000000000000..dab9e6ee1a39
--- /dev/null
+++ b/pkg/kernel/test/binary_bench2.dart
@@ -0,0 +1,267 @@
+// Copyright (c) 2024, the Dart project authors.  Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+// This files contains methods for benchmarking Kernel binary serialization
+// and deserialization routines.
+
+import 'package:kernel/ast.dart';
+import 'package:kernel/binary/ast_from_binary.dart';
+import 'package:kernel/binary/ast_to_binary.dart';
+
+import 'dart:io';
+import 'dart:math';
+import 'dart:typed_data';
+
+import 'package:kernel/src/printer.dart';
+
+final String usage = '''
+Usage: binary_bench2.dart [--golem|--raw] {--metadata|--onlyCold}<Benchmark> <SourceDill>
+
+Benchmark can be one of: ${benchmarks.keys.join(', ')}
+''';
+
+typedef void Benchmark(Uint8List bytes);
+
+final Map<String, Benchmark> benchmarks = {
+  'AstFromBinaryEager': (Uint8List bytes) {
+    return _benchmarkAstFromBinary(bytes, eager: true);
+  },
+  'AstFromBinaryLazy': (Uint8List bytes) {
+    return _benchmarkAstFromBinary(bytes, eager: false);
+  },
+  'AstToBinary': (Uint8List bytes) {
+    return _benchmarkAstToBinary(bytes);
+  },
+};
+
+Benchmark? benchmark;
+late File sourceDill;
+bool forGolem = false;
+bool forRaw = false;
+bool metadataAware = false;
+bool onlyCold = false;
+
+void main(List<String> args) async {
+  if (!_parseArgs(args)) {
+    print(usage);
+    exit(-1);
+  }
+
+  final Uint8List bytes = sourceDill.readAsBytesSync();
+  benchmark!(bytes);
+}
+
+int warmupIterations = 100;
+int benchmarkIterations = 50;
+
+void _benchmarkAstFromBinary(Uint8List bytes, {bool eager = true}) {
+  final String nameSuffix = eager ? 'Eager' : 'Lazy';
+
+  final Stopwatch sw = new Stopwatch()..start();
+  _fromBinary(bytes, eager: eager);
+  final int coldRunUs = sw.elapsedMicroseconds;
+  sw.reset();
+  if (onlyCold) {
+    new BenchmarkResult('AstFromBinary${nameSuffix}', coldRunUs,
+        coldRunUs.toDouble(), [coldRunUs]).report();
+    return;
+  }
+
+  for (int i = 0; i < warmupIterations; i++) {
+    _fromBinary(bytes, eager: eager);
+  }
+  final double warmupUs = sw.elapsedMicroseconds / warmupIterations;
+
+  final List<int> runsUs =
+      new List<int>.filled(benchmarkIterations, /* dummy value = */ 0);
+  for (int i = 0; i < benchmarkIterations; i++) {
+    sw.reset();
+    _fromBinary(bytes, eager: eager, verbose: i == benchmarkIterations - 1);
+    runsUs[i] = sw.elapsedMicroseconds;
+  }
+
+  new BenchmarkResult('AstFromBinary${nameSuffix}', coldRunUs, warmupUs, runsUs)
+      .report();
+}
+
+void _benchmarkAstToBinary(Uint8List bytes) {
+  final Component p = _fromBinary(bytes, eager: true);
+  final Stopwatch sw = new Stopwatch()..start();
+  _toBinary(p);
+  final int coldRunUs = sw.elapsedMicroseconds;
+  sw.reset();
+
+  for (int i = 0; i < warmupIterations; i++) {
+    _toBinary(p);
+  }
+  final double warmupUs = sw.elapsedMicroseconds / warmupIterations;
+
+  final List<int> runsUs =
+      new List<int>.filled(benchmarkIterations, /* dummy value = */ 0);
+  for (int i = 0; i < benchmarkIterations; i++) {
+    sw.reset();
+    _toBinary(p);
+    runsUs[i] = sw.elapsedMicroseconds;
+  }
+
+  new BenchmarkResult('AstToBinary', coldRunUs, warmupUs, runsUs).report();
+}
+
+class BenchmarkResult {
+  final String name;
+  final int coldRunUs;
+  final double warmupUs;
+  final List<int> runsUs;
+
+  BenchmarkResult(this.name, this.coldRunUs, this.warmupUs, this.runsUs);
+
+  static T add<T extends num>(T x, T y) => x + y as T;
+
+  void report() {
+    runsUs.sort();
+
+    int P(int p) => runsUs[((runsUs.length - 1) * (p / 100)).ceil()];
+
+    final int sum = runsUs.reduce(add);
+    final double avg = sum / runsUs.length;
+    final int min = runsUs.first;
+    final int max = runsUs.last;
+    final double std =
+        sqrt(runsUs.map((v) => pow(v - avg, 2)).reduce(add) / runsUs.length);
+
+    if (forGolem) {
+      print('${name}(RunTimeRaw): ${avg} us.');
+      print('${name}P50(RunTimeRaw): ${P(50)} us.');
+      print('${name}P90(RunTimeRaw): ${P(90)} us.');
+    } else if (forRaw) {
+      runsUs.forEach(print);
+    } else {
+      print('${name}Cold: ${coldRunUs} us');
+      print('${name}Warmup: ${warmupUs} us');
+      print('${name}: ${avg} us.');
+      final String prefix = '-' * name.length;
+      print('${prefix}> Range: ${min}...${max} us.');
+      print('${prefix}> Std Dev: ${std.toStringAsFixed(2)}');
+      print('${prefix}> 50th percentile: ${P(50)} us.');
+      print('${prefix}> 90th percentile: ${P(90)} us.');
+    }
+  }
+}
+
+bool _parseArgs(List<String> argsOrg) {
+  List<String> trimmedArgs = [];
+  for (String arg in argsOrg) {
+    if (arg == "--golem") {
+      forGolem = true;
+    } else if (arg == "--raw") {
+      forRaw = true;
+    } else if (arg == "--metadata") {
+      metadataAware = true;
+    } else if (arg == "--onlyCold") {
+      onlyCold = true;
+    } else if (arg.startsWith("--warmups=")) {
+      warmupIterations = int.parse(arg.substring("--warmups=".length));
+    } else if (arg.startsWith("--iterations=")) {
+      benchmarkIterations = int.parse(arg.substring("--iterations=".length));
+    } else {
+      trimmedArgs.add(arg);
+    }
+  }
+
+  if (trimmedArgs.length != 2) {
+    return false;
+  }
+  if (forGolem && forRaw) {
+    return false;
+  }
+
+  benchmark = benchmarks[trimmedArgs[0]];
+  if (benchmark == null) {
+    return false;
+  }
+
+  sourceDill = new File(trimmedArgs[1]);
+  if (!sourceDill.existsSync()) {
+    return false;
+  }
+
+  return true;
+}
+
+Component _fromBinary(List<int> bytes,
+    {required bool eager, bool verbose = false}) {
+  Component component = new Component();
+  if (metadataAware) {
+    // This is currently (October 2024) what VmTarget.configureComponent does.
+    component.metadata.putIfAbsent(
+        CallSiteAttributesMetadataRepository.repositoryTag,
+        () => new CallSiteAttributesMetadataRepository());
+    BinaryBuilderWithMetadata builder = new BinaryBuilderWithMetadata(bytes,
+        filename: 'filename', disableLazyReading: eager);
+    builder.readComponent(component);
+    if (verbose) {
+      // print("#lookups: ${builder.lookups}");
+      // print("#good lookups: ${builder.goodLookups}");
+    }
+  } else {
+    new BinaryBuilder(bytes, filename: 'filename', disableLazyReading: eager)
+        .readComponent(component);
+  }
+  return component;
+}
+
+class SimpleSink implements Sink<List<int>> {
+  final List<List<int>> chunks = <List<int>>[];
+
+  @override
+  void add(List<int> chunk) {
+    chunks.add(chunk);
+  }
+
+  @override
+  void close() {}
+}
+
+void _toBinary(Component p) {
+  new BinaryPrinter(new SimpleSink()).writeComponentFile(p);
+}
+
+// The below is copied from package:vm so to test metadata properly without
+// depending on package:vm.
+
+/// Metadata for annotating call sites with various attributes.
+class CallSiteAttributesMetadata {
+  final DartType receiverType;
+
+  const CallSiteAttributesMetadata({required this.receiverType});
+
+  @override
+  String toString() =>
+      "receiverType:${receiverType.toText(astTextStrategyForTesting)}";
+}
+
+/// Repository for [CallSiteAttributesMetadata].
+class CallSiteAttributesMetadataRepository
+    extends MetadataRepository<CallSiteAttributesMetadata> {
+  static final repositoryTag = 'vm.call-site-attributes.metadata';
+
+  @override
+  final String tag = repositoryTag;
+
+  @override
+  final Map<TreeNode, CallSiteAttributesMetadata> mapping =
+      <TreeNode, CallSiteAttributesMetadata>{};
+
+  @override
+  void writeToBinary(
+      CallSiteAttributesMetadata metadata, Node node, BinarySink sink) {
+    sink.writeDartType(metadata.receiverType);
+  }
+
+  @override
+  CallSiteAttributesMetadata readFromBinary(Node node, BinarySource source) {
+    final type = source.readDartType();
+    return new CallSiteAttributesMetadata(receiverType: type);
+  }
+}