diff --git a/analysis/low-level-api-fir/src/org/jetbrains/kotlin/analysis/low/level/api/fir/caches/ValueWithPostCompute.kt b/analysis/low-level-api-fir/src/org/jetbrains/kotlin/analysis/low/level/api/fir/caches/ValueWithPostCompute.kt
index 0da7421a185..23ddeb12c3a 100644
--- a/analysis/low-level-api-fir/src/org/jetbrains/kotlin/analysis/low/level/api/fir/caches/ValueWithPostCompute.kt
+++ b/analysis/low-level-api-fir/src/org/jetbrains/kotlin/analysis/low/level/api/fir/caches/ValueWithPostCompute.kt
@@ -62,36 +62,18 @@ internal class ValueWithPostCompute<KEY, VALUE, DATA>(
                     return stateSnapshot.value as VALUE
                 } else {
                     synchronized(this) { // wait until other thread which holds the lock now computes the value
-                        return value as VALUE
+                        if (value == ValueIsNotComputed) {
+                            // if we have a PCE during value computation, then we will enter the critical section with `value == ValueIsNotComputed`
+                            // in this case, we should try to recalculate the value
+                            return computeValueWithoutLock()
+                        } else {
+                            return value as VALUE
+                        }
                     }
                 }
             }
             ValueIsNotComputed -> synchronized(this) {
-                // if we entered synchronized section that's mean that the value is not yet calculated and was not started to be calculated
-                // or the some other thread calculated the value while we were waiting to acquire the lock
-
-                if (value != ValueIsNotComputed) { // some other thread calculated our value
-                    return value as VALUE
-                }
-                val calculatedValue = try {
-                    val (calculated, data) = recursiveGuarded {
-                        _calculate!!(key)
-                    }
-                    value = ValueIsPostComputingNow(calculated, Thread.currentThread().id) // only current thread may see the value
-                    _postCompute!!(key, calculated, data)
-                    calculated
-                } catch (e: Throwable) {
-                    if (exceptionShouldBeSavedInCache(e)) {
-                        value = ExceptionWasThrownDuringValueComputation(e)
-                    } else {
-                        value = ValueIsNotComputed
-                    }
-                    throw e
-                }
-                _calculate = null
-                _postCompute = null
-                value = calculatedValue
-                return calculatedValue
+                return computeValueWithoutLock()
             }
             is ExceptionWasThrownDuringValueComputation -> {
                 throw stateSnapshot.error
@@ -102,6 +84,36 @@ internal class ValueWithPostCompute<KEY, VALUE, DATA>(
         }
     }
 
+    @Suppress("UNCHECKED_CAST")
+    // should be called under a synchronized section
+    private fun computeValueWithoutLock(): VALUE {
+        // if we entered synchronized section that's mean that the value is not yet calculated and was not started to be calculated
+        // or the some other thread calculated the value while we were waiting to acquire the lock
+
+        if (value != ValueIsNotComputed) { // some other thread calculated our value
+            return value as VALUE
+        }
+        val calculatedValue = try {
+            val (calculated, data) = recursiveGuarded {
+                _calculate!!(key)
+            }
+            value = ValueIsPostComputingNow(calculated, Thread.currentThread().id) // only current thread may see the value
+            _postCompute!!(key, calculated, data)
+            calculated
+        } catch (e: Throwable) {
+            if (exceptionShouldBeSavedInCache(e)) {
+                value = ExceptionWasThrownDuringValueComputation(e)
+            } else {
+                value = ValueIsNotComputed
+            }
+            throw e
+        }
+        _calculate = null
+        _postCompute = null
+        value = calculatedValue
+        return calculatedValue
+    }
+
     private fun exceptionShouldBeSavedInCache(exception: Throwable): Boolean =
         !shouldIjPlatformExceptionBeRethrown(exception)
 
diff --git a/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/caches/ValueWithPostComputeTest.kt b/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/caches/ValueWithPostComputeTest.kt
new file mode 100644
index 00000000000..da7a4ea14d2
--- /dev/null
+++ b/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/caches/ValueWithPostComputeTest.kt
@@ -0,0 +1,74 @@
+/*
+ * Copyright 2010-2022 JetBrains s.r.o. and Kotlin Programming Language contributors.
+ * Use of this source code is governed by the Apache 2.0 license that can be found in the license/LICENSE.txt file.
+ */
+
+package org.jetbrains.kotlin.analysis.low.level.api.fir.caches
+
+import com.intellij.openapi.progress.ProcessCanceledException
+import org.jetbrains.kotlin.analysis.low.level.api.fir.fir.caches.ValueWithPostCompute
+import org.junit.jupiter.api.Assertions
+import org.junit.jupiter.api.Test
+import java.util.concurrent.CountDownLatch
+import java.util.concurrent.atomic.AtomicReference
+import kotlin.concurrent.thread
+
+class ValueWithPostComputeTest {
+    /**
+     * Tests the following scenario:
+     *  - thread `t1` access the cache and executes `calculate()` and then `postCompute()` under a lock hold
+     *  - while the lock hold  by `t1`, `t2` tries to also access the value and waits for the lock to be released by `t1`
+     *  - t1: during the post compute, some recoverable (e.g., PCE) exception happens inside the `postCompute()` and exception is not saved in the cache and rethrown
+     *  - t1 releases the lock with the `value` set to `ValueIsNotComputed`
+     *  - t2 acquires the lock and should try to recalculate the value in this case
+     */
+    @Test
+    fun testPCEFromPostCompute() {
+        for (i in 1..100) {
+            val t1CalledCalculate = CountDownLatch(1)
+            val t2AccessedTheCache = CountDownLatch(1)
+
+            val resultRef = AtomicReference<Any?>(null)
+
+            val valueWithPostCompute = ValueWithPostCompute(
+                key = 1,
+                calculate = {
+                    if (Thread.currentThread().name == "t1") {
+                        t1CalledCalculate.countDown()
+                    }
+                    Thread.currentThread().name to Unit
+                },
+                postCompute = { _, _, _ ->
+                    t2AccessedTheCache.await()
+                    if (Thread.currentThread().name == "t1") {
+                        throw ProcessCanceledException()
+                    }
+                }
+            )
+
+            val t1 = thread(name = "t1") {
+                try {
+                    valueWithPostCompute.getValue()
+                } catch (_: ProcessCanceledException) {
+                }
+            }
+
+            val t2 = thread(name = "t2") {
+                t1CalledCalculate.await()
+                t2AccessedTheCache.countDown()
+
+                try {
+                    resultRef.set(valueWithPostCompute.getValue())
+                } catch (e: Throwable) {
+                    resultRef.set(e)
+                }
+            }
+            t2.join()
+            t1.join()
+            when (val result = resultRef.get()) {
+                is Throwable -> throw result
+                else -> Assertions.assertEquals("t2", result)
+            }
+        }
+    }
+}
\ No newline at end of file