diff --git a/clash-lib/src/Clash/Normalize/Transformations/Letrec.hs b/clash-lib/src/Clash/Normalize/Transformations/Letrec.hs
index b6b9bbb379..3d3936f208 100644
--- a/clash-lib/src/Clash/Normalize/Transformations/Letrec.hs
+++ b/clash-lib/src/Clash/Normalize/Transformations/Letrec.hs
@@ -391,9 +391,10 @@ isClassConstraint _ = False
 -- On the two examples that were tested, Reducer and PipelinesViaFolds, this new
 -- version of CSE removed the same amount of let-binders.
 simpleCSE :: HasCallStack => NormRewrite
-simpleCSE (TransformContext is0 _) (inverseTopSortLetBindings -> Letrec bndrs body) = do
+simpleCSE (TransformContext is0 _) term@Letrec{} = do
+  let Letrec bndrs body = inverseTopSortLetBindings term
   let is1 = extendInScopeSetList is0 (map fst bndrs)
-  (subst,bndrs1) <- reduceBinders (mkSubst is1) [] bndrs
+  ((subst,bndrs1), change) <- listen $ reduceBinders (mkSubst is1) [] bndrs
   -- TODO: check whether a substitution over the body is enough, the reason I'm
   -- doing a substitution over the the binders as well is that I don't know in
   -- what order a recursive group shows up in a inverse topological sort.
@@ -403,9 +404,13 @@ simpleCSE (TransformContext is0 _) (inverseTopSortLetBindings -> Letrec bndrs bo
   -- NB: don't apply the substitution to the entire let-expression, and that
   -- would rename the let-bindings because they've been added to the InScopeSet
   -- of the substitution.
-  let bndrs2 = map (second (substTm "simpleCSE.bndrs" subst)) bndrs1
-      body1  = substTm "simpleCSE.body" subst body
-  return (Letrec bndrs2 body1)
+  if Monoid.getAny change
+     then
+       let bndrs2 = map (second (substTm "simpleCSE.bndrs" subst)) bndrs1
+           body1 = substTm "simpleCSE.body" subst body
+        in changed (Letrec bndrs2 body1)
+     else
+       return term
 
 simpleCSE _ e = return e
 {-# SCC simpleCSE #-}