diff --git a/cli/factory.rs b/cli/factory.rs
index cb835181c1..330865744f 100644
--- a/cli/factory.rs
+++ b/cli/factory.rs
@@ -475,7 +475,8 @@ impl CliFactory {
         let caches = self.caches()?;
         let node_analysis_cache =
           NodeAnalysisCache::new(caches.node_analysis_db());
-        let cjs_esm_analyzer = CliCjsCodeAnalyzer::new(node_analysis_cache);
+        let cjs_esm_analyzer =
+          CliCjsCodeAnalyzer::new(node_analysis_cache, self.fs().clone());
 
         Ok(Arc::new(NodeCodeTranslator::new(
           cjs_esm_analyzer,
diff --git a/cli/node.rs b/cli/node.rs
index 75e0d9ef91..2a9a84ef95 100644
--- a/cli/node.rs
+++ b/cli/node.rs
@@ -1,9 +1,12 @@
 // Copyright 2018-2023 the Deno authors. All rights reserved. MIT license.
 
+use std::borrow::Cow;
+
 use deno_ast::CjsAnalysis;
 use deno_ast::MediaType;
 use deno_ast::ModuleSpecifier;
 use deno_core::error::AnyError;
+use deno_runtime::deno_fs;
 use deno_runtime::deno_node::analyze::CjsAnalysis as ExtNodeCjsAnalysis;
 use deno_runtime::deno_node::analyze::CjsCodeAnalyzer;
 use deno_runtime::deno_node::analyze::NodeCodeTranslator;
@@ -34,11 +37,12 @@ pub fn resolve_specifier_into_node_modules(
 
 pub struct CliCjsCodeAnalyzer {
   cache: NodeAnalysisCache,
+  fs: deno_fs::FileSystemRc,
 }
 
 impl CliCjsCodeAnalyzer {
-  pub fn new(cache: NodeAnalysisCache) -> Self {
-    Self { cache }
+  pub fn new(cache: NodeAnalysisCache, fs: deno_fs::FileSystemRc) -> Self {
+    Self { cache, fs }
   }
 
   fn inner_cjs_analysis(
@@ -83,9 +87,15 @@ impl CjsCodeAnalyzer for CliCjsCodeAnalyzer {
   fn analyze_cjs(
     &self,
     specifier: &ModuleSpecifier,
-    source: &str,
+    source: Option<&str>,
   ) -> Result<ExtNodeCjsAnalysis, AnyError> {
-    let analysis = self.inner_cjs_analysis(specifier, source)?;
+    let source = match source {
+      Some(source) => Cow::Borrowed(source),
+      None => {
+        Cow::Owned(self.fs.read_to_string(&specifier.to_file_path().unwrap())?)
+      }
+    };
+    let analysis = self.inner_cjs_analysis(specifier, &source)?;
     Ok(ExtNodeCjsAnalysis {
       exports: analysis.exports,
       reexports: analysis.reexports,
diff --git a/cli/standalone/mod.rs b/cli/standalone/mod.rs
index d08df4b12a..dfa71cf6f7 100644
--- a/cli/standalone/mod.rs
+++ b/cli/standalone/mod.rs
@@ -366,7 +366,8 @@ pub async fn run(
   let cjs_resolutions = Arc::new(CjsResolutionStore::default());
   let cache_db = Caches::new(deno_dir_provider.clone());
   let node_analysis_cache = NodeAnalysisCache::new(cache_db.node_analysis_db());
-  let cjs_esm_code_analyzer = CliCjsCodeAnalyzer::new(node_analysis_cache);
+  let cjs_esm_code_analyzer =
+    CliCjsCodeAnalyzer::new(node_analysis_cache, fs.clone());
   let node_code_translator = Arc::new(NodeCodeTranslator::new(
     cjs_esm_code_analyzer,
     fs.clone(),
diff --git a/ext/node/analyze.rs b/ext/node/analyze.rs
index d811122d5c..cf292d82fa 100644
--- a/ext/node/analyze.rs
+++ b/ext/node/analyze.rs
@@ -29,10 +29,15 @@ pub struct CjsAnalysis {
 pub trait CjsCodeAnalyzer {
   /// Analyzes CommonJs code for exports and reexports, which is
   /// then used to determine the wrapper ESM module exports.
+  ///
+  /// Note that the source is provided by the caller when the caller
+  /// already has it. If the source is needed by the implementation,
+  /// then it can use the provided source, or otherwise load it if
+  /// necessary.
   fn analyze_cjs(
     &self,
     specifier: &ModuleSpecifier,
-    source: &str,
+    maybe_source: Option<&str>,
   ) -> Result<CjsAnalysis, AnyError>;
 }
 
@@ -73,7 +78,9 @@ impl<TCjsCodeAnalyzer: CjsCodeAnalyzer> NodeCodeTranslator<TCjsCodeAnalyzer> {
     let mut temp_var_count = 0;
     let mut handled_reexports: HashSet<String> = HashSet::default();
 
-    let analysis = self.cjs_code_analyzer.analyze_cjs(specifier, source)?;
+    let analysis = self
+      .cjs_code_analyzer
+      .analyze_cjs(specifier, Some(source))?;
 
     let mut source = vec![
       r#"import {createRequire as __internalCreateRequire} from "node:module";
@@ -100,7 +107,7 @@ impl<TCjsCodeAnalyzer: CjsCodeAnalyzer> NodeCodeTranslator<TCjsCodeAnalyzer> {
 
       handled_reexports.insert(reexport.to_string());
 
-      // First, resolve relate reexport specifier
+      // First, resolve the reexport specifier
       let resolved_reexport = self.resolve(
         &reexport,
         &referrer,
@@ -110,35 +117,30 @@ impl<TCjsCodeAnalyzer: CjsCodeAnalyzer> NodeCodeTranslator<TCjsCodeAnalyzer> {
         NodeResolutionMode::Execution,
         permissions,
       )?;
-      // Second, read the source code from disk
+
+      // Second, resolve its exports and re-exports
       let reexport_specifier =
         ModuleSpecifier::from_file_path(&resolved_reexport).unwrap();
-      let reexport_file_text = self
-        .fs
-        .read_to_string(&resolved_reexport)
-        .map_err(AnyError::from)
+      let analysis = self
+        .cjs_code_analyzer
+        .analyze_cjs(&reexport_specifier, None)
         .with_context(|| {
           format!(
-            "Could not find '{}' ({}) referenced from {}",
+            "Could not load '{}' ({}) referenced from {}",
             reexport, reexport_specifier, referrer
           )
         })?;
-      {
-        let analysis = self
-          .cjs_code_analyzer
-          .analyze_cjs(&reexport_specifier, &reexport_file_text)?;
 
-        for reexport in analysis.reexports {
-          reexports_to_handle.push_back((reexport, reexport_specifier.clone()));
-        }
-
-        all_exports.extend(
-          analysis
-            .exports
-            .into_iter()
-            .filter(|e| e.as_str() != "default"),
-        );
+      for reexport in analysis.reexports {
+        reexports_to_handle.push_back((reexport, reexport_specifier.clone()));
       }
+
+      all_exports.extend(
+        analysis
+          .exports
+          .into_iter()
+          .filter(|e| e.as_str() != "default"),
+      );
     }
 
     source.push(format!(