diff --git a/include/linux/page_ext.h b/include/linux/page_ext.h
index 09592951725c..682fd465df06 100644
--- a/include/linux/page_ext.h
+++ b/include/linux/page_ext.h
@@ -18,6 +18,7 @@ struct page_ext_operations {
 
 enum page_ext_flags {
 	PAGE_EXT_OWNER,
+	PAGE_EXT_OWNER_ACTIVE,
 #if defined(CONFIG_IDLE_PAGE_TRACKING) && !defined(CONFIG_64BIT)
 	PAGE_EXT_YOUNG,
 	PAGE_EXT_IDLE,
diff --git a/mm/page_owner.c b/mm/page_owner.c
index 813fcb70547b..4a48e018dbdf 100644
--- a/mm/page_owner.c
+++ b/mm/page_owner.c
@@ -111,7 +111,7 @@ void __reset_page_owner(struct page *page, unsigned int order)
 		page_ext = lookup_page_ext(page + i);
 		if (unlikely(!page_ext))
 			continue;
-		__clear_bit(PAGE_EXT_OWNER, &page_ext->flags);
+		__clear_bit(PAGE_EXT_OWNER_ACTIVE, &page_ext->flags);
 	}
 }
 
@@ -168,6 +168,7 @@ static inline void __set_page_owner_handle(struct page *page,
 		page_owner->gfp_mask = gfp_mask;
 		page_owner->last_migrate_reason = -1;
 		__set_bit(PAGE_EXT_OWNER, &page_ext->flags);
+		__set_bit(PAGE_EXT_OWNER_ACTIVE, &page_ext->flags);
 
 		page_ext = lookup_page_ext(page + i);
 	}
@@ -243,6 +244,7 @@ void __copy_page_owner(struct page *oldpage, struct page *newpage)
 	 * the new page, which will be freed.
 	 */
 	__set_bit(PAGE_EXT_OWNER, &new_ext->flags);
+	__set_bit(PAGE_EXT_OWNER_ACTIVE, &new_ext->flags);
 }
 
 void pagetypeinfo_showmixedcount_print(struct seq_file *m,
@@ -302,7 +304,7 @@ void pagetypeinfo_showmixedcount_print(struct seq_file *m,
 			if (unlikely(!page_ext))
 				continue;
 
-			if (!test_bit(PAGE_EXT_OWNER, &page_ext->flags))
+			if (!test_bit(PAGE_EXT_OWNER_ACTIVE, &page_ext->flags))
 				continue;
 
 			page_owner = get_page_owner(page_ext);
@@ -413,21 +415,26 @@ void __dump_page_owner(struct page *page)
 	mt = gfpflags_to_migratetype(gfp_mask);
 
 	if (!test_bit(PAGE_EXT_OWNER, &page_ext->flags)) {
-		pr_alert("page_owner info is not active (free page?)\n");
+		pr_alert("page_owner info is not present (never set?)\n");
 		return;
 	}
 
+	if (test_bit(PAGE_EXT_OWNER_ACTIVE, &page_ext->flags))
+		pr_alert("page_owner tracks the page as allocated\n");
+	else
+		pr_alert("page_owner tracks the page as freed\n");
+
+	pr_alert("page last allocated via order %u, migratetype %s, gfp_mask %#x(%pGg)\n",
+		 page_owner->order, migratetype_names[mt], gfp_mask, &gfp_mask);
+
 	handle = READ_ONCE(page_owner->handle);
 	if (!handle) {
-		pr_alert("page_owner info is not active (free page?)\n");
-		return;
+		pr_alert("page_owner allocation stack trace missing\n");
+	} else {
+		nr_entries = stack_depot_fetch(handle, &entries);
+		stack_trace_print(entries, nr_entries, 0);
 	}
 
-	nr_entries = stack_depot_fetch(handle, &entries);
-	pr_alert("page allocated via order %u, migratetype %s, gfp_mask %#x(%pGg)\n",
-		 page_owner->order, migratetype_names[mt], gfp_mask, &gfp_mask);
-	stack_trace_print(entries, nr_entries, 0);
-
 	if (page_owner->last_migrate_reason != -1)
 		pr_alert("page has been migrated, last migrate reason: %s\n",
 			migrate_reason_names[page_owner->last_migrate_reason]);
@@ -489,6 +496,13 @@ read_page_owner(struct file *file, char __user *buf, size_t count, loff_t *ppos)
 		if (!test_bit(PAGE_EXT_OWNER, &page_ext->flags))
 			continue;
 
+		/*
+		 * Although we do have the info about past allocation of free
+		 * pages, it's not relevant for current memory usage.
+		 */
+		if (!test_bit(PAGE_EXT_OWNER_ACTIVE, &page_ext->flags))
+			continue;
+
 		page_owner = get_page_owner(page_ext);
 
 		/*