diff --git a/dagger-producers/main/java/dagger/producers/internal/AbstractProducesMethodProducer.java b/dagger-producers/main/java/dagger/producers/internal/AbstractProducesMethodProducer.java
index 95b8f8340da..7d13d9847d2 100644
--- a/dagger-producers/main/java/dagger/producers/internal/AbstractProducesMethodProducer.java
+++ b/dagger-producers/main/java/dagger/producers/internal/AbstractProducesMethodProducer.java
@@ -71,7 +71,13 @@ protected AbstractProducesMethodProducer(
   protected final ListenableFuture<T> compute() {
     monitor = monitorProvider.get().producerMonitorFor(token);
     monitor.requested();
-    ListenableFuture<T> result = Futures.transformAsync(collectDependencies(), this, this);
+    ListenableFuture<D> dependenciesFuture;
+    try {
+      dependenciesFuture = collectDependencies();
+    } finally {
+      monitor.dependenciesRequested();
+    }
+    ListenableFuture<T> result = Futures.transformAsync(dependenciesFuture, this, this);
     monitor.addCallbackTo(result);
     return result;
   }
diff --git a/dagger-producers/main/java/dagger/producers/monitoring/ProducerMonitor.java b/dagger-producers/main/java/dagger/producers/monitoring/ProducerMonitor.java
index 2613e7b1fe0..4a7d21a9361 100644
--- a/dagger-producers/main/java/dagger/producers/monitoring/ProducerMonitor.java
+++ b/dagger-producers/main/java/dagger/producers/monitoring/ProducerMonitor.java
@@ -31,6 +31,8 @@
  * <p>The lifecycle of the monitor, under normal conditions, is:
  * <ul>
  *   <li>{@link #requested()}
+ *   <li>{@link #dependenciesRequested()}
+ *   <li>{@link #ready()}
  *   <li>{@link #methodStarting()}
  *   <li>The method is called
  *   <li>{@link #methodFinished()}
@@ -58,6 +60,9 @@
  *   <li>A requested
  *   <li>B requested
  *   <li>C requested
+ *   <li>C dependenciesRequested
+ *   <li>B dependenciesRequested
+ *   <li>A dependenciesRequested
  *   <li>C methodStarting
  *   <li>C methodFinished
  *   <li>C succeeded
@@ -102,6 +107,17 @@ public abstract class ProducerMonitor {
    */
   public void requested() {}
 
+  /**
+   * Called when all of the producer's dependencies have been requested. This will be called from
+   * the same thread as {@link #requested()}.
+   *
+   * <p>When multiple monitors are installed, calls to this method will be in the reverse order from
+   * calls to {@link #requested()}.
+   *
+   * <p>This implementation is a no-op.
+   */
+  public void dependenciesRequested() {}
+
   /**
    * Called when all of the producer's inputs are available. This is called regardless of whether
    * the inputs have succeeded or not; when the inputs have succeeded, this is called prior to
diff --git a/dagger-producers/main/java/dagger/producers/monitoring/internal/Monitors.java b/dagger-producers/main/java/dagger/producers/monitoring/internal/Monitors.java
index 13b438ade46..2195196169d 100644
--- a/dagger-producers/main/java/dagger/producers/monitoring/internal/Monitors.java
+++ b/dagger-producers/main/java/dagger/producers/monitoring/internal/Monitors.java
@@ -135,6 +135,15 @@ public void requested() {
       }
     }
 
+    @Override
+    public void dependenciesRequested() {
+      try {
+        delegate.dependenciesRequested();
+      } catch (RuntimeException e) {
+        logProducerMonitorMethodException(e, delegate, "dependenciesRequested");
+      }
+    }
+
     @Override
     public void ready() {
       try {
@@ -270,6 +279,17 @@ public void requested() {
       }
     }
 
+    @Override
+    public void dependenciesRequested() {
+      for (ProducerMonitor delegate : delegates.reverse()) {
+        try {
+          delegate.dependenciesRequested();
+        } catch (RuntimeException e) {
+          logProducerMonitorMethodException(e, delegate, "dependenciesRequested");
+        }
+      }
+    }
+
     @Override
     public void ready() {
       for (ProducerMonitor delegate : delegates) {
diff --git a/javatests/dagger/functional/producers/monitoring/MonitoringTest.java b/javatests/dagger/functional/producers/monitoring/MonitoringTest.java
index 4991e7e14df..8b7650c8ad7 100644
--- a/javatests/dagger/functional/producers/monitoring/MonitoringTest.java
+++ b/javatests/dagger/functional/producers/monitoring/MonitoringTest.java
@@ -88,13 +88,16 @@ public void basicMonitoring() throws Exception {
     inOrder.verify(callServer2Monitor).requested();
     inOrder.verify(callServer1Monitor).requested();
     inOrder.verify(requestDataMonitor).requested();
+    inOrder.verify(requestDataMonitor).dependenciesRequested();
     inOrder.verify(requestDataMonitor).ready();
     inOrder.verify(requestDataMonitor).methodStarting();
     inOrder.verify(requestDataMonitor).methodFinished();
     inOrder.verify(requestDataMonitor).succeeded("Hello, World!");
+    inOrder.verify(callServer1Monitor).dependenciesRequested();
     inOrder.verify(callServer1Monitor).ready();
     inOrder.verify(callServer1Monitor).methodStarting();
     inOrder.verify(callServer1Monitor).methodFinished();
+    inOrder.verify(callServer2Monitor).dependenciesRequested();
     verifyNoMoreInteractions(requestDataMonitor, callServer1Monitor, callServer2Monitor);
 
     server1Future.set("server 1 response");
@@ -133,13 +136,16 @@ public void basicMonitoringWithFailure() throws Exception {
     inOrder.verify(callServer2Monitor).requested();
     inOrder.verify(callServer1Monitor).requested();
     inOrder.verify(requestDataMonitor).requested();
+    inOrder.verify(requestDataMonitor).dependenciesRequested();
     inOrder.verify(requestDataMonitor).ready();
     inOrder.verify(requestDataMonitor).methodStarting();
     inOrder.verify(requestDataMonitor).methodFinished();
     inOrder.verify(requestDataMonitor).succeeded("Hello, World!");
+    inOrder.verify(callServer1Monitor).dependenciesRequested();
     inOrder.verify(callServer1Monitor).ready();
     inOrder.verify(callServer1Monitor).methodStarting();
     inOrder.verify(callServer1Monitor).methodFinished();
+    inOrder.verify(callServer2Monitor).dependenciesRequested();
     verifyNoMoreInteractions(requestDataMonitor, callServer1Monitor, callServer2Monitor);
 
     RuntimeException cause = new RuntimeException("monkey");
diff --git a/javatests/dagger/producers/internal/AbstractProducesMethodProducerTest.java b/javatests/dagger/producers/internal/AbstractProducesMethodProducerTest.java
index 4cb9794a0ad..efa78c82ee8 100644
--- a/javatests/dagger/producers/internal/AbstractProducesMethodProducerTest.java
+++ b/javatests/dagger/producers/internal/AbstractProducesMethodProducerTest.java
@@ -76,6 +76,7 @@ public void monitor_success() throws Exception {
     assertThat(future.isDone()).isFalse();
     verify(monitor).ready();
     verify(monitor).requested();
+    verify(monitor).dependenciesRequested();
     verify(monitor).addCallbackTo(anyListenableFuture());
     verify(monitor).methodStarting();
     verify(monitor).methodFinished();
@@ -94,6 +95,7 @@ public void monitor_failure() throws Exception {
     assertThat(future.isDone()).isFalse();
     verify(monitor).ready();
     verify(monitor).requested();
+    verify(monitor).dependenciesRequested();
     verify(monitor).addCallbackTo(anyListenableFuture());
     verify(monitor).methodStarting();
     verify(monitor).methodFinished();
diff --git a/javatests/dagger/producers/monitoring/internal/MonitorsTest.java b/javatests/dagger/producers/monitoring/internal/MonitorsTest.java
index ada4e335b0d..efc21b1836b 100644
--- a/javatests/dagger/producers/monitoring/internal/MonitorsTest.java
+++ b/javatests/dagger/producers/monitoring/internal/MonitorsTest.java
@@ -124,12 +124,14 @@ public void singleMonitor_normalProducerMonitorSuccess() {
         monitor.producerMonitorFor(ProducerToken.create(Object.class));
     Object o = new Object();
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.succeeded(o);
 
     InOrder order = inOrder(mockProducerMonitor);
     order.verify(mockProducerMonitor).requested();
+    order.verify(mockProducerMonitor).dependenciesRequested();
     order.verify(mockProducerMonitor).methodStarting();
     order.verify(mockProducerMonitor).methodFinished();
     order.verify(mockProducerMonitor).succeeded(o);
@@ -147,12 +149,14 @@ public void singleMonitor_normalProducerMonitorFailure() {
         monitor.producerMonitorFor(ProducerToken.create(Object.class));
     Throwable t = new RuntimeException("monkey");
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.failed(t);
 
     InOrder order = inOrder(mockProducerMonitor);
     order.verify(mockProducerMonitor).requested();
+    order.verify(mockProducerMonitor).dependenciesRequested();
     order.verify(mockProducerMonitor).methodStarting();
     order.verify(mockProducerMonitor).methodFinished();
     order.verify(mockProducerMonitor).failed(t);
@@ -163,6 +167,7 @@ public void singleMonitor_normalProducerMonitorFailure() {
   public void singleMonitor_throwingProducerMonitorSuccess() {
     setUpNormalSingleMonitor();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).requested();
+    doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).dependenciesRequested();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).methodStarting();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).methodFinished();
     doThrow(new RuntimeException("monkey"))
@@ -176,12 +181,14 @@ public void singleMonitor_throwingProducerMonitorSuccess() {
         monitor.producerMonitorFor(ProducerToken.create(Object.class));
     Object o = new Object();
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.succeeded(o);
 
     InOrder order = inOrder(mockProducerMonitor);
     order.verify(mockProducerMonitor).requested();
+    order.verify(mockProducerMonitor).dependenciesRequested();
     order.verify(mockProducerMonitor).methodStarting();
     order.verify(mockProducerMonitor).methodFinished();
     order.verify(mockProducerMonitor).succeeded(o);
@@ -192,6 +199,7 @@ public void singleMonitor_throwingProducerMonitorSuccess() {
   public void singleMonitor_throwingProducerMonitorFailure() {
     setUpNormalSingleMonitor();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).requested();
+    doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).dependenciesRequested();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).methodStarting();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).methodFinished();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitor).failed(any(Throwable.class));
@@ -203,12 +211,14 @@ public void singleMonitor_throwingProducerMonitorFailure() {
         monitor.producerMonitorFor(ProducerToken.create(Object.class));
     Throwable t = new RuntimeException("gorilla");
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.failed(t);
 
     InOrder order = inOrder(mockProducerMonitor);
     order.verify(mockProducerMonitor).requested();
+    order.verify(mockProducerMonitor).dependenciesRequested();
     order.verify(mockProducerMonitor).methodStarting();
     order.verify(mockProducerMonitor).methodFinished();
     order.verify(mockProducerMonitor).failed(t);
@@ -269,12 +279,14 @@ public void multipleMonitors_someNullProductionComponentMonitors() {
 
     Object o = new Object();
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.succeeded(o);
 
     InOrder order = inOrder(mockProducerMonitorA);
     order.verify(mockProducerMonitorA).requested();
+    order.verify(mockProducerMonitorA).dependenciesRequested();
     order.verify(mockProducerMonitorA).methodStarting();
     order.verify(mockProducerMonitorA).methodFinished();
     order.verify(mockProducerMonitorA).succeeded(o);
@@ -305,12 +317,14 @@ public void multipleMonitors_someThrowingProductionComponentMonitorFactories() {
 
     Object o = new Object();
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.succeeded(o);
 
     InOrder order = inOrder(mockProducerMonitorA);
     order.verify(mockProducerMonitorA).requested();
+    order.verify(mockProducerMonitorA).dependenciesRequested();
     order.verify(mockProducerMonitorA).methodStarting();
     order.verify(mockProducerMonitorA).methodFinished();
     order.verify(mockProducerMonitorA).succeeded(o);
@@ -332,6 +346,7 @@ public void multipleMonitors_normalProductionComponentMonitorSuccess() {
 
     Object o = new Object();
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.succeeded(o);
@@ -340,6 +355,9 @@ public void multipleMonitors_normalProductionComponentMonitorSuccess() {
     order.verify(mockProducerMonitorA).requested();
     order.verify(mockProducerMonitorB).requested();
     order.verify(mockProducerMonitorC).requested();
+    order.verify(mockProducerMonitorC).dependenciesRequested();
+    order.verify(mockProducerMonitorB).dependenciesRequested();
+    order.verify(mockProducerMonitorA).dependenciesRequested();
     order.verify(mockProducerMonitorA).methodStarting();
     order.verify(mockProducerMonitorB).methodStarting();
     order.verify(mockProducerMonitorC).methodStarting();
@@ -367,6 +385,7 @@ public void multipleMonitors_normalProductionComponentMonitorFailure() {
 
     Throwable t = new RuntimeException("chimpanzee");
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.failed(t);
@@ -375,6 +394,9 @@ public void multipleMonitors_normalProductionComponentMonitorFailure() {
     order.verify(mockProducerMonitorA).requested();
     order.verify(mockProducerMonitorB).requested();
     order.verify(mockProducerMonitorC).requested();
+    order.verify(mockProducerMonitorC).dependenciesRequested();
+    order.verify(mockProducerMonitorB).dependenciesRequested();
+    order.verify(mockProducerMonitorA).dependenciesRequested();
     order.verify(mockProducerMonitorA).methodStarting();
     order.verify(mockProducerMonitorB).methodStarting();
     order.verify(mockProducerMonitorC).methodStarting();
@@ -391,6 +413,7 @@ public void multipleMonitors_normalProductionComponentMonitorFailure() {
   public void multipleMonitors_someThrowingProducerMonitorsSuccess() {
     setUpNormalMultipleMonitors();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitorA).requested();
+    doThrow(new RuntimeException("monkey")).when(mockProducerMonitorA).dependenciesRequested();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitorA).methodStarting();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitorB).methodFinished();
     doThrow(new RuntimeException("monkey"))
@@ -408,6 +431,7 @@ public void multipleMonitors_someThrowingProducerMonitorsSuccess() {
 
     Object o = new Object();
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.succeeded(o);
@@ -416,6 +440,9 @@ public void multipleMonitors_someThrowingProducerMonitorsSuccess() {
     order.verify(mockProducerMonitorA).requested();
     order.verify(mockProducerMonitorB).requested();
     order.verify(mockProducerMonitorC).requested();
+    order.verify(mockProducerMonitorC).dependenciesRequested();
+    order.verify(mockProducerMonitorB).dependenciesRequested();
+    order.verify(mockProducerMonitorA).dependenciesRequested();
     order.verify(mockProducerMonitorA).methodStarting();
     order.verify(mockProducerMonitorB).methodStarting();
     order.verify(mockProducerMonitorC).methodStarting();
@@ -432,6 +459,7 @@ public void multipleMonitors_someThrowingProducerMonitorsSuccess() {
   public void multipleMonitors_someThrowingProducerMonitorsFailure() {
     setUpNormalMultipleMonitors();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitorA).requested();
+    doThrow(new RuntimeException("monkey")).when(mockProducerMonitorA).dependenciesRequested();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitorA).methodStarting();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitorB).methodFinished();
     doThrow(new RuntimeException("monkey")).when(mockProducerMonitorC).failed(any(Throwable.class));
@@ -447,6 +475,7 @@ public void multipleMonitors_someThrowingProducerMonitorsFailure() {
 
     Throwable t = new RuntimeException("chimpanzee");
     producerMonitor.requested();
+    producerMonitor.dependenciesRequested();
     producerMonitor.methodStarting();
     producerMonitor.methodFinished();
     producerMonitor.failed(t);
@@ -455,6 +484,9 @@ public void multipleMonitors_someThrowingProducerMonitorsFailure() {
     order.verify(mockProducerMonitorA).requested();
     order.verify(mockProducerMonitorB).requested();
     order.verify(mockProducerMonitorC).requested();
+    order.verify(mockProducerMonitorC).dependenciesRequested();
+    order.verify(mockProducerMonitorB).dependenciesRequested();
+    order.verify(mockProducerMonitorA).dependenciesRequested();
     order.verify(mockProducerMonitorA).methodStarting();
     order.verify(mockProducerMonitorB).methodStarting();
     order.verify(mockProducerMonitorC).methodStarting();