diff --git a/packages/kbn-pm/dist/index.js b/packages/kbn-pm/dist/index.js
index 13bddfd0f110a..edf5e2e1557c1 100644
--- a/packages/kbn-pm/dist/index.js
+++ b/packages/kbn-pm/dist/index.js
@@ -8810,13 +8810,13 @@ const BootstrapCommand = {
 
         if (valid) {
           _utils_log__WEBPACK_IMPORTED_MODULE_1__["log"].debug(`[${project.name}] cache up to date`);
+          cachedProjectCount += 1;
         }
 
         caches.set(project, {
           file,
           valid
         });
-        cachedProjectCount += 1;
       }
     }
 
diff --git a/packages/kbn-pm/src/commands/bootstrap.ts b/packages/kbn-pm/src/commands/bootstrap.ts
index 80ccc5daecc56..f8e50a8247856 100644
--- a/packages/kbn-pm/src/commands/bootstrap.ts
+++ b/packages/kbn-pm/src/commands/bootstrap.ts
@@ -74,10 +74,10 @@ export const BootstrapCommand: ICommand = {
 
         if (valid) {
           log.debug(`[${project.name}] cache up to date`);
+          cachedProjectCount += 1;
         }
 
         caches.set(project, { file, valid });
-        cachedProjectCount += 1;
       }
     }