diff --git a/benchmark/module/module-loader-deep.js b/benchmark/module/module-loader-deep.js
new file mode 100644
index 00000000000000..f686b8df47dfba
--- /dev/null
+++ b/benchmark/module/module-loader-deep.js
@@ -0,0 +1,51 @@
+'use strict';
+const fs = require('fs');
+const path = require('path');
+const common = require('../common.js');
+
+const tmpdir = require('../../test/common/tmpdir');
+const benchmarkDirectory = path.join(tmpdir.path, 'nodejs-benchmark-module');
+
+const bench = common.createBenchmark(main, {
+  ext: ['', '.js'],
+  files: [1e3],
+  cache: ['true', 'false']
+});
+
+function main({ ext, cache, files }) {
+  tmpdir.refresh();
+  fs.mkdirSync(benchmarkDirectory);
+  fs.writeFileSync(
+    `${benchmarkDirectory}/a.js`,
+    'module.exports = {};'
+  );
+  for (var i = 0; i <= files; i++) {
+    fs.mkdirSync(`${benchmarkDirectory}/${i}`);
+    fs.writeFileSync(
+      `${benchmarkDirectory}/${i}/package.json`,
+      '{"main": "index.js"}'
+    );
+    fs.writeFileSync(
+      `${benchmarkDirectory}/${i}/index.js`,
+      `require('../a${ext}');`
+    );
+  }
+
+  measureDir(cache === 'true', files);
+
+  tmpdir.refresh();
+}
+
+function measureDir(cache, files) {
+  var i;
+  if (cache) {
+    for (i = 0; i <= files; i++) {
+      require(`${benchmarkDirectory}/${i}`);
+    }
+  }
+  bench.start();
+  for (i = 0; i <= files; i++) {
+    require(`${benchmarkDirectory}/${i}`);
+  }
+  bench.end(files);
+}
diff --git a/benchmark/module/module-loader.js b/benchmark/module/module-loader.js
index e780d6376b5e8d..3b8e9be2d60636 100644
--- a/benchmark/module/module-loader.js
+++ b/benchmark/module/module-loader.js
@@ -1,21 +1,27 @@
 'use strict';
 const fs = require('fs');
 const path = require('path');
+const { builtinModules } = require('module');
 const common = require('../common.js');
 
 const tmpdir = require('../../test/common/tmpdir');
-const benchmarkDirectory = path.join(tmpdir.path, 'nodejs-benchmark-module');
+let benchmarkDirectory = path.join(tmpdir.path, 'nodejs-benchmark-module');
+
+// Filter all irregular modules.
+const otherModules = builtinModules.filter((name) => !/\/|^_|^sys/.test(name));
 
 const bench = common.createBenchmark(main, {
-  n: [5e4],
-  fullPath: ['true', 'false'],
-  useCache: ['true', 'false']
+  name: ['', '/', '/index.js'],
+  dir: ['rel', 'abs'],
+  files: [5e2],
+  n: [1, 1e3],
+  cache: ['true', 'false']
 });
 
-function main({ n, fullPath, useCache }) {
+function main({ n, name, cache, files, dir }) {
   tmpdir.refresh();
-  try { fs.mkdirSync(benchmarkDirectory); } catch {}
-  for (var i = 0; i <= n; i++) {
+  fs.mkdirSync(benchmarkDirectory);
+  for (var i = 0; i <= files; i++) {
     fs.mkdirSync(`${benchmarkDirectory}${i}`);
     fs.writeFileSync(
       `${benchmarkDirectory}${i}/package.json`,
@@ -27,38 +33,28 @@ function main({ n, fullPath, useCache }) {
     );
   }
 
-  if (fullPath === 'true')
-    measureFull(n, useCache === 'true');
-  else
-    measureDir(n, useCache === 'true');
+  if (dir === 'rel')
+    benchmarkDirectory = path.relative(__dirname, benchmarkDirectory);
 
-  tmpdir.refresh();
-}
+  measureDir(n, cache === 'true', files, name);
 
-function measureFull(n, useCache) {
-  var i;
-  if (useCache) {
-    for (i = 0; i <= n; i++) {
-      require(`${benchmarkDirectory}${i}/index.js`);
-    }
-  }
-  bench.start();
-  for (i = 0; i <= n; i++) {
-    require(`${benchmarkDirectory}${i}/index.js`);
-  }
-  bench.end(n);
+  tmpdir.refresh();
 }
 
-function measureDir(n, useCache) {
+function measureDir(n, cache, files, name) {
   var i;
-  if (useCache) {
-    for (i = 0; i <= n; i++) {
-      require(`${benchmarkDirectory}${i}`);
+  if (cache) {
+    for (i = 0; i <= files; i++) {
+      require(`${benchmarkDirectory}${i}${name}`);
     }
   }
   bench.start();
-  for (i = 0; i <= n; i++) {
-    require(`${benchmarkDirectory}${i}`);
+  for (i = 0; i <= files; i++) {
+    for (var j = 0; j < n; j++)
+      require(`${benchmarkDirectory}${i}${name}`);
+    // Pretend mixed input (otherwise the results are less representative due to
+    // highly specialized code).
+    require(otherModules[i % otherModules.length]);
   }
-  bench.end(n);
+  bench.end(n * files);
 }
diff --git a/lib/internal/modules/cjs/loader.js b/lib/internal/modules/cjs/loader.js
index 5b0a1cf3f57a8f..115cdb7044f873 100644
--- a/lib/internal/modules/cjs/loader.js
+++ b/lib/internal/modules/cjs/loader.js
@@ -85,6 +85,8 @@ const {
 
 const isWindows = process.platform === 'win32';
 
+const relativeResolveCache = Object.create(null);
+
 let requireDepth = 0;
 let statCache = new Map();
 function stat(filename) {
@@ -103,8 +105,9 @@ function updateChildren(parent, child, scan) {
     children.push(child);
 }
 
-function Module(id, parent) {
+function Module(id = '', parent) {
   this.id = id;
+  this.path = path.dirname(id);
   this.exports = {};
   this.parent = parent;
   updateChildren(parent, this, false);
@@ -597,14 +600,28 @@ Module._resolveLookupPaths = function(request, parent, newReturn) {
 //    Then have it load  the file contents before returning its exports
 //    object.
 Module._load = function(request, parent, isMain) {
+  let relResolveCacheIdentifier;
   if (parent) {
     debug('Module._load REQUEST %s parent: %s', request, parent.id);
+    // Fast path for (lazy loaded) modules in the same directory. The indirect
+    // caching is required to allow cache invalidation without changing the old
+    // cache key names.
+    relResolveCacheIdentifier = `${parent.path}\x00${request}`;
+    const filename = relativeResolveCache[relResolveCacheIdentifier];
+    if (filename !== undefined) {
+      const cachedModule = Module._cache[filename];
+      if (cachedModule !== undefined) {
+        updateChildren(parent, cachedModule, true);
+        return cachedModule.exports;
+      }
+      delete relativeResolveCache[relResolveCacheIdentifier];
+    }
   }
 
   const filename = Module._resolveFilename(request, parent, isMain);
 
   const cachedModule = Module._cache[filename];
-  if (cachedModule) {
+  if (cachedModule !== undefined) {
     updateChildren(parent, cachedModule, true);
     return cachedModule.exports;
   }
@@ -624,23 +641,25 @@ Module._load = function(request, parent, isMain) {
   }
 
   Module._cache[filename] = module;
+  if (parent !== undefined) {
+    relativeResolveCache[relResolveCacheIdentifier] = filename;
+  }
 
-  tryModuleLoad(module, filename);
-
-  return module.exports;
-};
-
-function tryModuleLoad(module, filename) {
-  var threw = true;
+  let threw = true;
   try {
     module.load(filename);
     threw = false;
   } finally {
     if (threw) {
       delete Module._cache[filename];
+      if (parent !== undefined) {
+        delete relativeResolveCache[relResolveCacheIdentifier];
+      }
     }
   }
-}
+
+  return module.exports;
+};
 
 Module._resolveFilename = function(request, parent, isMain, options) {
   if (NativeModule.canBeRequiredByUsers(request)) {
diff --git a/test/message/assert_throws_stack.out b/test/message/assert_throws_stack.out
index 0457670d6a317c..7d4a7aecbcd410 100644
--- a/test/message/assert_throws_stack.out
+++ b/test/message/assert_throws_stack.out
@@ -16,4 +16,3 @@ AssertionError [ERR_ASSERTION]: Expected values to be strictly deep-equal:
     at *
     at *
     at *
-    at *
diff --git a/test/message/console.out b/test/message/console.out
index 0a19ff8be321ff..6d6e2bd1abb5b7 100644
--- a/test/message/console.out
+++ b/test/message/console.out
@@ -7,4 +7,3 @@ Trace: foo
     at *
     at *
     at *
-    at *
diff --git a/test/message/core_line_numbers.out b/test/message/core_line_numbers.out
index 0336e5b451651e..53d3894825b4a4 100644
--- a/test/message/core_line_numbers.out
+++ b/test/message/core_line_numbers.out
@@ -9,7 +9,6 @@ RangeError: Invalid input
     at Module._compile (internal/modules/cjs/loader.js:*:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*:*)
     at Module.load (internal/modules/cjs/loader.js:*:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*:*)
     at internal/main/run_main_module.js:*:*
diff --git a/test/message/error_exit.out b/test/message/error_exit.out
index 3364210099ca75..b975d41a55d929 100644
--- a/test/message/error_exit.out
+++ b/test/message/error_exit.out
@@ -11,7 +11,6 @@ AssertionError [ERR_ASSERTION]: Expected values to be strictly equal:
     at Module._compile (internal/modules/cjs/loader.js:*:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*:*)
     at Module.load (internal/modules/cjs/loader.js:*:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*:*)
     at internal/main/run_main_module.js:*:*
diff --git a/test/message/events_unhandled_error_common_trace.out b/test/message/events_unhandled_error_common_trace.out
index 0d64143c67f865..610ea6064ddc00 100644
--- a/test/message/events_unhandled_error_common_trace.out
+++ b/test/message/events_unhandled_error_common_trace.out
@@ -9,7 +9,6 @@ Error: foo:bar
     at Module._compile (internal/modules/cjs/loader.js:*:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*:*)
     at Module.load (internal/modules/cjs/loader.js:*:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*:*)
     at internal/main/run_main_module.js:*:*
diff --git a/test/message/events_unhandled_error_nexttick.out b/test/message/events_unhandled_error_nexttick.out
index d53e96ee21a628..ddb13807eea5b5 100644
--- a/test/message/events_unhandled_error_nexttick.out
+++ b/test/message/events_unhandled_error_nexttick.out
@@ -7,7 +7,6 @@ Error
     at Module._compile (internal/modules/cjs/loader.js:*:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*:*)
     at Module.load (internal/modules/cjs/loader.js:*:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*:*)
     at internal/main/run_main_module.js:*:*
diff --git a/test/message/events_unhandled_error_sameline.out b/test/message/events_unhandled_error_sameline.out
index f877b254aafe97..798061a39bac8b 100644
--- a/test/message/events_unhandled_error_sameline.out
+++ b/test/message/events_unhandled_error_sameline.out
@@ -7,7 +7,6 @@ Error
     at Module._compile (internal/modules/cjs/loader.js:*:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*:*)
     at Module.load (internal/modules/cjs/loader.js:*:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*:*)
     at internal/main/run_main_module.js:*:*
diff --git a/test/message/if-error-has-good-stack.out b/test/message/if-error-has-good-stack.out
index 2a4dfe8fb26630..c762d74aedbca2 100644
--- a/test/message/if-error-has-good-stack.out
+++ b/test/message/if-error-has-good-stack.out
@@ -14,6 +14,6 @@ AssertionError [ERR_ASSERTION]: ifError got unwanted exception: test error
     at Module._compile (internal/modules/cjs/loader.js:*:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*:*)
     at Module.load (internal/modules/cjs/loader.js:*:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*:*)
+    at internal/main/run_main_module.js:*:*
diff --git a/test/message/undefined_reference_in_new_context.out b/test/message/undefined_reference_in_new_context.out
index 6b5fedfa993701..9cc5eced7ceaa2 100644
--- a/test/message/undefined_reference_in_new_context.out
+++ b/test/message/undefined_reference_in_new_context.out
@@ -12,5 +12,5 @@ ReferenceError: foo is not defined
     at Module._compile (internal/modules/cjs/loader.js:*)
     at *..js (internal/modules/cjs/loader.js:*)
     at Module.load (internal/modules/cjs/loader.js:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*:*)
+    at Function.Module.runMain (internal/modules/cjs/loader.js:*:*)
diff --git a/test/message/unhandled_promise_trace_warnings.out b/test/message/unhandled_promise_trace_warnings.out
index 2d3646b51a203d..13778fb798aa6c 100644
--- a/test/message/unhandled_promise_trace_warnings.out
+++ b/test/message/unhandled_promise_trace_warnings.out
@@ -12,7 +12,6 @@
     at *
     at *
     at *
-    at *
 (node:*) Error: This was rejected
     at * (*test*message*unhandled_promise_trace_warnings.js:*)
     at *
@@ -21,7 +20,6 @@
     at *
     at *
     at *
-    at *
 (node:*) [DEP0018] DeprecationWarning: Unhandled promise rejections are deprecated. In the future, promise rejections that are not handled will terminate the Node.js process with a non-zero exit code.
     at *
     at *
diff --git a/test/message/util_inspect_error.out b/test/message/util_inspect_error.out
index 31b65eb2e2bf3c..644ccd58831ef7 100644
--- a/test/message/util_inspect_error.out
+++ b/test/message/util_inspect_error.out
@@ -8,7 +8,6 @@
        at *
        at *
        at *
-       at *
   nested:
    { err:
       Error: foo
@@ -20,7 +19,6 @@
           at *
           at *
           at *
-          at *
 {
   err: Error: foo
   bar
@@ -31,7 +29,6 @@
       at *
       at *
       at *
-      at *
   nested: {
     err: Error: foo
     bar
@@ -42,7 +39,6 @@
         at *
         at *
         at *
-        at *
   }
 }
 { Error: foo
@@ -54,5 +50,4 @@ bar
     at *
     at *
     at *
-    at *
   foo: 'bar' }
diff --git a/test/message/vm_display_runtime_error.out b/test/message/vm_display_runtime_error.out
index bc95b2a7b092f5..7927510c4152ee 100644
--- a/test/message/vm_display_runtime_error.out
+++ b/test/message/vm_display_runtime_error.out
@@ -11,9 +11,9 @@ Error: boo!
     at Module._compile (internal/modules/cjs/loader.js:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*)
     at Module.load (internal/modules/cjs/loader.js:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*)
+    at internal/main/run_main_module.js:*:*
 test.vm:1
 throw new Error("spooky!")
 ^
@@ -26,6 +26,6 @@ Error: spooky!
     at Module._compile (internal/modules/cjs/loader.js:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*)
     at Module.load (internal/modules/cjs/loader.js:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*)
+    at internal/main/run_main_module.js:*:*
diff --git a/test/message/vm_display_syntax_error.out b/test/message/vm_display_syntax_error.out
index f0692723e81257..71d4a0ea1311f9 100644
--- a/test/message/vm_display_syntax_error.out
+++ b/test/message/vm_display_syntax_error.out
@@ -10,9 +10,9 @@ SyntaxError: Unexpected number
     at Module._compile (internal/modules/cjs/loader.js:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*)
     at Module.load (internal/modules/cjs/loader.js:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*)
+    at internal/main/run_main_module.js:*:*
 test.vm:1
 var 5;
     ^
@@ -24,6 +24,6 @@ SyntaxError: Unexpected number
     at Module._compile (internal/modules/cjs/loader.js:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*)
     at Module.load (internal/modules/cjs/loader.js:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*)
+    at internal/main/run_main_module.js:*:*
diff --git a/test/message/vm_dont_display_runtime_error.out b/test/message/vm_dont_display_runtime_error.out
index 532cfbf4dd8125..831ec8b6be4eab 100644
--- a/test/message/vm_dont_display_runtime_error.out
+++ b/test/message/vm_dont_display_runtime_error.out
@@ -12,6 +12,6 @@ Error: boo!
     at Module._compile (internal/modules/cjs/loader.js:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*)
     at Module.load (internal/modules/cjs/loader.js:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*)
+    at internal/main/run_main_module.js:*:*
diff --git a/test/message/vm_dont_display_syntax_error.out b/test/message/vm_dont_display_syntax_error.out
index f27cb1a0859d8c..f98695166a015c 100644
--- a/test/message/vm_dont_display_syntax_error.out
+++ b/test/message/vm_dont_display_syntax_error.out
@@ -12,6 +12,7 @@ SyntaxError: Unexpected number
     at Module._compile (internal/modules/cjs/loader.js:*)
     at Object.Module._extensions..js (internal/modules/cjs/loader.js:*)
     at Module.load (internal/modules/cjs/loader.js:*)
-    at tryModuleLoad (internal/modules/cjs/loader.js:*:*)
     at Function.Module._load (internal/modules/cjs/loader.js:*)
     at Function.Module.runMain (internal/modules/cjs/loader.js:*)
+    at internal/main/run_main_module.js:*:*
+