diff --git a/lib/debugobjects.c b/lib/debugobjects.c
index e4ef9d032d17..65e66d7e4386 100644
--- a/lib/debugobjects.c
+++ b/lib/debugobjects.c
@@ -768,6 +768,14 @@ int debug_object_activate(void *addr, const struct debug_obj_descr *descr)
 	}
 
 	raw_spin_unlock_irqrestore(&db->lock, flags);
+
+	/*
+	 * lookup_object_or_alloc() might have raced with a concurrent
+	 * allocation failure which disabled debug objects.
+	 */
+	if (!debug_objects_enabled)
+		return 0;
+
 	debug_print_object(&o, "activate");
 
 	switch (o.state) {
@@ -945,6 +953,15 @@ void debug_object_assert_init(void *addr, const struct debug_obj_descr *descr)
 		return;
 	}
 
+	/*
+	 * lookup_object_or_alloc() might have raced with a concurrent
+	 * allocation failure which disabled debug objects. Don't run the fixup
+	 * as it might turn a valid object useless. See for example
+	 * hrtimer_fixup_assert_init().
+	 */
+	if (!debug_objects_enabled)
+		return;
+
 	/* Object is neither tracked nor static. It's not initialized. */
 	debug_print_object(&o, "assert_init");
 	debug_object_fixup(descr->fixup_assert_init, addr, ODEBUG_STATE_NOTAVAILABLE);