diff --git a/erpnext/stock/__init__.py b/erpnext/stock/__init__.py
index 871b590c0c1..38ab94ef644 100644
--- a/erpnext/stock/__init__.py
+++ b/erpnext/stock/__init__.py
@@ -30,14 +30,25 @@ def get_warehouse_account_map(company=None):
 			filters["company"] = company
 			frappe.flags.setdefault("warehouse_account_map", {}).setdefault(company, {})
 
-		for d in frappe.get_all(
+		warehouses = frappe.get_all(
 			"Warehouse",
 			fields=["name", "account", "parent_warehouse", "company", "is_group"],
 			filters=filters,
 			order_by="lft, rgt",
-		):
+		)
+		stock_accounts = {
+			company_name: get_company_stock_accounts(company_name)
+			for company_name in {d.company for d in warehouses if d.company and not d.account}
+		}
+
+		for d in warehouses:
 			if not d.account:
-				d.account = get_warehouse_account(d, warehouse_account, raise_error=False)
+				d.account = get_warehouse_account(
+					d,
+					warehouse_account,
+					raise_error=False,
+					stock_accounts=stock_accounts.get(d.company, []),
+				)
 
 			if d.account:
 				d.account_currency = frappe.db.get_value("Account", d.account, "account_currency", cache=True)
@@ -53,7 +64,7 @@ def get_warehouse_account_map(company=None):
 	return frappe.flags.warehouse_account_map
 
 
-def get_warehouse_account(warehouse, warehouse_account=None, *, raise_error=True):
+def get_warehouse_account(warehouse, warehouse_account=None, *, raise_error=True, stock_accounts=None):
 	account = warehouse.account
 	if not account and warehouse.parent_warehouse:
 		if warehouse_account:
@@ -79,12 +90,11 @@ def get_warehouse_account(warehouse, warehouse_account=None, *, raise_error=True
 		account = get_company_default_inventory_account(warehouse.company)
 
 	if not account and warehouse.company:
-		inventory_accounts = frappe.get_all(
-			"Account", {"account_type": "Stock", "is_group": 0, "company": warehouse.company}, pluck="name"
-		)
+		if stock_accounts is None:
+			stock_accounts = get_company_stock_accounts(warehouse.company)
 
-		if len(inventory_accounts) == 1:
-			account = inventory_accounts[0]
+		if len(stock_accounts) == 1:
+			account = stock_accounts[0]
 
 	if raise_error and not account and warehouse.company and not warehouse.is_group:
 		frappe.throw(
@@ -97,3 +107,9 @@ def get_warehouse_account(warehouse, warehouse_account=None, *, raise_error=True
 
 def get_company_default_inventory_account(company):
 	return frappe.get_cached_value("Company", company, "default_inventory_account")
+
+
+def get_company_stock_accounts(company):
+	return frappe.get_all(
+		"Account", {"account_type": "Stock", "is_group": 0, "company": company}, pluck="name"
+	)
diff --git a/erpnext/stock/doctype/warehouse/test_warehouse.py b/erpnext/stock/doctype/warehouse/test_warehouse.py
index 6d17b21984d..bb0f2098de7 100644
--- a/erpnext/stock/doctype/warehouse/test_warehouse.py
+++ b/erpnext/stock/doctype/warehouse/test_warehouse.py
@@ -227,6 +227,27 @@ class TestWarehouse(ERPNextTestSuite):
 
 		self.assertNotIn("account", warehouse.get_onload())
 
+	def test_stock_accounts_are_fetched_once_per_company(self):
+		from unittest.mock import patch
+
+		from erpnext.stock import get_company_stock_accounts, get_warehouse_account_map
+
+		company, warehouse = create_ambiguous_inventory_account_warehouse()
+		other_warehouse = frappe.get_all(
+			"Warehouse",
+			filters={"company": company, "is_group": 0, "name": ["!=", warehouse.name]},
+			pluck="name",
+			limit=1,
+		)[0]
+		frappe.db.set_value("Warehouse", other_warehouse, "account", None)
+
+		with patch(
+			"erpnext.stock.get_company_stock_accounts", wraps=get_company_stock_accounts
+		) as fetch_stock_accounts:
+			get_warehouse_account_map(company)
+
+		fetch_stock_accounts.assert_called_once_with(company)
+
 
 def create_inventory_fallback_company():
 	company = "_Test Company Inventory Fallback"