diff --git a/benchmark/vm/source-text-module-leaf.js b/benchmark/vm/source-text-module-leaf.js
new file mode 100644
index 0000000000..66d942556c
--- /dev/null
+++ b/benchmark/vm/source-text-module-leaf.js
@@ -0,0 +1,84 @@
+'use strict';
+
+const vm = require('vm');
+const common = require('../common.js');
+const assert = require('assert');
+
+const bench = common.createBenchmark(main, {
+  stage: ['all', 'compile', 'link', 'instantiate', 'evaluate'],
+  type: ['sync', 'async'],
+  n: [1000],
+}, {
+  flags: ['--experimental-vm-modules'],
+});
+
+function main({ stage, type, n }) {
+  const arr = [];
+  if (stage === 'all' || stage === 'compile') {
+    bench.start();
+  }
+
+  for (let i = 0; i < n; i++) {
+    let source = `export const value${i} = 1;`;
+    if (type === 'async') {
+      source += `\nawait Promise.resolve();\n`;
+    }
+    const m = new vm.SourceTextModule(source);
+    arr.push(m);
+  }
+
+  if (stage === 'compile') {
+    bench.end(n);
+    return;
+  }
+
+  if (stage === 'link') {
+    bench.start();
+  }
+
+  for (let i = 0; i < n; i++) {
+    arr[i].linkRequests([]);
+  }
+
+  if (stage === 'link') {
+    bench.end(n);
+    return;
+  }
+
+  if (stage === 'instantiate') {
+    bench.start();
+  }
+
+  for (let i = 0; i < n; i++) {
+    arr[i].instantiate();
+  }
+
+  if (stage === 'instantiate') {
+    bench.end(n);
+    return;
+  }
+
+  if (stage === 'evaluate') {
+    bench.start();
+  }
+
+  function finalize() {
+    bench.end(n);
+    for (let i = 0; i < n; i++) {
+      assert.strictEqual(arr[i].namespace[`value${i}`], 1);
+    }
+  }
+
+  if (type === 'sync') {
+    for (let i = 0; i < n; i++) {
+      arr[i].evaluate();
+    }
+    finalize();
+  } else {
+    const promises = [];
+    for (let i = 0; i < n; i++) {
+      promises.push(arr[i].evaluate());
+    }
+    Promise.all(promises).then(finalize);
+  }
+}