diff --git a/lib/template-compiler-plugin.js b/lib/template-compiler-plugin.js
index 4beb2d80..e341b8e3 100644
--- a/lib/template-compiler-plugin.js
+++ b/lib/template-compiler-plugin.js
@@ -118,7 +118,7 @@ class TemplateCompiler extends Filter {
       this._optionsHash = crypto
         .createHash('md5')
         .update(stringify(this._buildOptionsForHash()), 'utf8')
-        .update(stringify(this._templateCompilerContents()), 'utf8')
+        .update(utils.getTemplateCompilerCacheKey(this.options.templateCompilerPath), 'utf8')
         .digest('hex');
     }
 
diff --git a/lib/utils.js b/lib/utils.js
index dd051799..de3d4264 100644
--- a/lib/utils.js
+++ b/lib/utils.js
@@ -262,10 +262,15 @@ function setup(pluginInfo, options) {
   return plugin;
 }
 
-function makeCacheKey(templateCompilerPath, pluginInfo, extra) {
+function getTemplateCompilerCacheKey(templateCompilerPath) {
   let templateCompilerFullPath = require.resolve(templateCompilerPath);
   let { templateCompilerCacheKey } = TemplateCompilerCache.get(templateCompilerFullPath);
 
+  return templateCompilerCacheKey;
+}
+
+function makeCacheKey(templateCompilerPath, pluginInfo, extra) {
+  let templateCompilerCacheKey = getTemplateCompilerCacheKey(templateCompilerPath);
   let cacheItems = [templateCompilerCacheKey, extra].concat(pluginInfo.cacheKeys.sort());
 
   // extra may be undefined
@@ -347,4 +352,5 @@ module.exports = {
   isInlinePrecompileBabelPluginRegistered,
   buildParalleizedBabelPlugin,
   getTemplateCompiler,
+  getTemplateCompilerCacheKey,
 };