diff --git a/mypy/stubtest.py b/mypy/stubtest.py
index 756f90dccf2e..0de5411b01de 100644
--- a/mypy/stubtest.py
+++ b/mypy/stubtest.py
@@ -348,6 +348,8 @@ def verify_mypyfile(
             # Only verify the contents of the stub's __all__
             # if the stub actually defines __all__
             yield from _verify_exported_names(object_path, stub, runtime_all_as_set)
+        else:
+            yield Error(object_path + ["__all__"], "is not present in stub", MISSING, runtime)
     else:
         runtime_all_as_set = None
 
diff --git a/mypy/test/teststubtest.py b/mypy/test/teststubtest.py
index 70687b499651..4cab62875647 100644
--- a/mypy/test/teststubtest.py
+++ b/mypy/test/teststubtest.py
@@ -1403,7 +1403,7 @@ def test_all_at_runtime_not_stub(self) -> Iterator[Case]:
             runtime="""
             __all__ = []
             Z = 5""",
-            error=None,
+            error="__all__",
         )
 
     @collect_cases
@@ -1443,7 +1443,7 @@ def h(x: str): ...
             runtime="",
             error="h",
         )
-        yield Case(stub="", runtime="__all__ = []", error=None)  # dummy case
+        yield Case(stub="", runtime="__all__ = []", error="__all__")  # dummy case
         yield Case(stub="", runtime="__all__ += ['y']\ny = 5", error="y")
         yield Case(stub="", runtime="__all__ += ['g']\ndef g(): pass", error="g")
         # Here we should only check that runtime has B, since the stub explicitly re-exports it