diff --git a/benchmark/babel-helper-compilation-targets/getTargets.mjs b/benchmark/babel-helper-compilation-targets/getTargets.mjs
new file mode 100644
index 000000000000..f9ec4c321bc8
--- /dev/null
+++ b/benchmark/babel-helper-compilation-targets/getTargets.mjs
@@ -0,0 +1,40 @@
+import Benchmark from "benchmark";
+import baseline from "@babel-baseline/helper-compilation-targets";
+import current from "@babel/helper-compilation-targets";
+import { report } from "../util.mjs";
+
+const suite = new Benchmark.Suite("", { initCount: 0 });
+function benchCases(implementation, name) {
+  suite.add(name + "#getTargets last1", () => {
+    implementation({
+      browsers: [
+        "last 1 chrome version",
+        "last 1 firefox version",
+        "last 1 safari version",
+        "last 1 iOS version",
+        "last 1 edge version",
+      ],
+    });
+  });
+  suite.add(name + "#getTargets last100", () => {
+    implementation({
+      browsers: [
+        "last 100 chrome version",
+        "last 100 firefox version",
+        "last 100 safari version",
+        "last 100 iOS version",
+        "last 100 edge version",
+      ],
+    });
+  });
+  suite.add(name + "#getTargets chrome 49 ie 11", () => {
+    implementation({
+      browsers: ["chrome 49", "ie 11"],
+    });
+  });
+}
+
+benchCases(baseline.default, "baseline");
+benchCases(current.default, "current");
+
+suite.on("cycle", report).run();
diff --git a/benchmark/package.json b/benchmark/package.json
index 7042661b5518..aba199ebabb5 100644
--- a/benchmark/package.json
+++ b/benchmark/package.json
@@ -5,12 +5,14 @@
   "devDependencies": {
     "@babel-baseline/core": "npm:@babel/core@7.18.5",
     "@babel-baseline/generator": "npm:@babel/generator@7.18.2",
+    "@babel-baseline/helper-compilation-targets": "npm:@babel/helper-compilation-targets@7.20.0",
     "@babel-baseline/helper-validator-identifier": "npm:@babel/helper-validator-identifier@7.16.7",
     "@babel-baseline/parser": "npm:@babel/parser@7.18.5",
     "@babel-baseline/traverse": "npm:@babel/traverse@7.18.5",
     "@babel-baseline/types": "npm:@babel/types@7.18.4",
     "@babel/core": "workspace:^",
     "@babel/generator": "workspace:^",
+    "@babel/helper-compilation-targets": "workspace:^",
     "@babel/helper-validator-identifier": "workspace:^",
     "@babel/parser": "workspace:^",
     "@babel/preset-env": "workspace:^",
diff --git a/packages/babel-helper-compilation-targets/package.json b/packages/babel-helper-compilation-targets/package.json
index a628ee254235..3f925b8467e0 100644
--- a/packages/babel-helper-compilation-targets/package.json
+++ b/packages/babel-helper-compilation-targets/package.json
@@ -25,6 +25,7 @@
     "@babel/compat-data": "workspace:^",
     "@babel/helper-validator-option": "workspace:^",
     "browserslist": "^4.21.3",
+    "lru-cache": "condition:BABEL_8_BREAKING ? ^7.14.1 : ^5.1.1",
     "semver": "condition:BABEL_8_BREAKING ? ^7.3.4 : ^6.3.0"
   },
   "peerDependencies": {
@@ -33,6 +34,7 @@
   "devDependencies": {
     "@babel/core": "workspace:^",
     "@babel/helper-plugin-test-runner": "workspace:^",
+    "@types/lru-cache": "^5.1.1",
     "@types/semver": "^5.5.0"
   },
   "engines": {
diff --git a/packages/babel-helper-compilation-targets/src/debug.ts b/packages/babel-helper-compilation-targets/src/debug.ts
index d1ee514cd980..7a7aa2c52846 100644
--- a/packages/babel-helper-compilation-targets/src/debug.ts
+++ b/packages/babel-helper-compilation-targets/src/debug.ts
@@ -12,7 +12,7 @@ export function getInclusionReasons(
   targetVersions: Targets,
   list: { [key: string]: Targets },
 ) {
-  const minVersions = list[item] || ({} as Targets);
+  const minVersions = list[item] || {};
 
   return (Object.keys(targetVersions) as Target[]).reduce((result, env) => {
     const minVersion = getLowestImplementedVersion(minVersions, env);
diff --git a/packages/babel-helper-compilation-targets/src/index.ts b/packages/babel-helper-compilation-targets/src/index.ts
index 2cce6d1f53d4..f93194611deb 100644
--- a/packages/babel-helper-compilation-targets/src/index.ts
+++ b/packages/babel-helper-compilation-targets/src/index.ts
@@ -1,6 +1,7 @@
 import browserslist from "browserslist";
 import { findSuggestion } from "@babel/helper-validator-option";
 import browserModulesData from "@babel/compat-data/native-modules";
+import LruCache from "lru-cache";
 
 import {
   semverify,
@@ -45,7 +46,7 @@ function validateTargetNames(targets: Targets): TargetsTuple {
     }
   }
 
-  return targets as any;
+  return targets;
 }
 
 export function isBrowsersQueryValid(browsers: unknown): boolean {
@@ -70,7 +71,7 @@ function getLowestVersions(browsers: Array<string>): Targets {
       BrowserslistBrowserName,
       string,
     ];
-    const target: Target = browserNameMap[browserName];
+    const target = browserNameMap[browserName];
 
     if (!target) {
       return all;
@@ -108,7 +109,7 @@ function getLowestVersions(browsers: Array<string>): Targets {
 
 function outputDecimalWarning(
   decimalTargets: Array<{ target: string; value: number }>,
-): void {
+) {
   if (!decimalTargets.length) {
     return;
   }
@@ -123,7 +124,7 @@ getting parsed as 6.1, which can lead to unexpected behavior.
 `);
 }
 
-function semverifyTarget(target: keyof Targets, value: string) {
+function semverifyTarget(target: Target, value: string) {
   try {
     return semverify(value);
   } catch (error) {
@@ -141,7 +142,7 @@ function nodeTargetParser(value: true | string) {
     value === true || value === "current"
       ? process.versions.node
       : semverifyTarget("node", value);
-  return ["node" as const, parsed] as const;
+  return ["node", parsed] as const;
 }
 
 function defaultTargetParser(
@@ -158,7 +159,7 @@ function generateTargets(inputTargets: InputTargets): Targets {
   const input = { ...inputTargets };
   delete input.esmodules;
   delete input.browsers;
-  return input as any as Targets;
+  return input;
 }
 
 function resolveTargets(queries: Browsers, env?: string): Targets {
@@ -169,6 +170,18 @@ function resolveTargets(queries: Browsers, env?: string): Targets {
   return getLowestVersions(resolved);
 }
 
+const targetsCache = new LruCache({ max: 64 });
+
+function resolveTargetsCached(queries: Browsers, env?: string): Targets {
+  const cacheKey = typeof queries === "string" ? queries : queries.join() + env;
+  let cached = targetsCache.get(cacheKey) as Targets | undefined;
+  if (!cached) {
+    cached = resolveTargets(queries, env);
+    targetsCache.set(cacheKey, cached);
+  }
+  return { ...cached };
+}
+
 type GetTargetsOption = {
   // This is not the path of the config file, but the path where start searching it from
   configPath?: string;
@@ -181,7 +194,7 @@ type GetTargetsOption = {
 };
 
 export default function getTargets(
-  inputTargets: InputTargets = {} as InputTargets,
+  inputTargets: InputTargets = {},
   options: GetTargetsOption = {},
 ): Targets {
   let { browsers, esmodules } = inputTargets;
@@ -190,7 +203,7 @@ export default function getTargets(
   validateBrowsers(browsers);
 
   const input = generateTargets(inputTargets);
-  let targets: TargetsTuple = validateTargetNames(input);
+  let targets = validateTargetNames(input);
 
   const shouldParseBrowsers = !!browsers;
   const hasTargets = shouldParseBrowsers || Object.keys(targets).length > 0;
@@ -233,7 +246,10 @@ export default function getTargets(
   // or an empty array (without any user config, use default config),
   // we don't need to call `resolveTargets` to execute the related methods of `browserslist` library.
   if (browsers?.length) {
-    const queryBrowsers = resolveTargets(browsers, options.browserslistEnv);
+    const queryBrowsers = resolveTargetsCached(
+      browsers,
+      options.browserslistEnv,
+    );
 
     if (esmodules === "intersect") {
       for (const browser of Object.keys(queryBrowsers) as Target[]) {
@@ -258,7 +274,7 @@ export default function getTargets(
   }
 
   // Parse remaining targets
-  const result: Targets = {} as Targets;
+  const result: Targets = {};
   const decimalWarnings = [];
   for (const target of Object.keys(targets).sort() as Target[]) {
     const value = targets[target];
diff --git a/packages/babel-helper-compilation-targets/src/pretty.ts b/packages/babel-helper-compilation-targets/src/pretty.ts
index 34f5257b15ae..1902788bdaa4 100644
--- a/packages/babel-helper-compilation-targets/src/pretty.ts
+++ b/packages/babel-helper-compilation-targets/src/pretty.ts
@@ -7,9 +7,9 @@ export function prettifyVersion(version: string) {
     return version;
   }
 
-  const parts = [semver.major(version)];
-  const minor = semver.minor(version);
-  const patch = semver.patch(version);
+  const { major, minor, patch } = semver.parse(version);
+
+  const parts = [major];
 
   if (minor || patch) {
     parts.push(minor);
diff --git a/packages/babel-helper-compilation-targets/src/types.d.ts b/packages/babel-helper-compilation-targets/src/types.d.ts
index e64cb458c97a..c2436c7e5291 100644
--- a/packages/babel-helper-compilation-targets/src/types.d.ts
+++ b/packages/babel-helper-compilation-targets/src/types.d.ts
@@ -17,10 +17,8 @@ export type Targets = {
   [target in Target]?: string;
 };
 
-export type TargetsTuple = {
-  [target in Exclude<Target, "node">]: string;
-} & {
-  node: string | true;
+export type TargetsTuple = Omit<Targets, "node"> & {
+  node?: string | true;
 };
 
 export type Browsers = string | ReadonlyArray<string>;
diff --git a/packages/babel-helper-compilation-targets/src/utils.ts b/packages/babel-helper-compilation-targets/src/utils.ts
index 4fba5a5c7959..984eba747df1 100644
--- a/packages/babel-helper-compilation-targets/src/utils.ts
+++ b/packages/babel-helper-compilation-targets/src/utils.ts
@@ -29,11 +29,14 @@ export function semverify(version: number | string): string {
     `'${version}' is not a valid version`,
   );
 
-  const split = version.toString().split(".");
-  while (split.length < 3) {
-    split.push("0");
+  version = version.toString();
+
+  let pos = 0;
+  let num = 0;
+  while ((pos = version.indexOf(".", pos + 1)) > 0) {
+    num++;
   }
-  return split.join(".");
+  return version + ".0".repeat(2 - num);
 }
 
 export function isUnreleasedVersion(
diff --git a/yarn.lock b/yarn.lock
index 8ba1cf3aed27..e940a46144e0 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -55,6 +55,20 @@ __metadata:
   languageName: node
   linkType: hard
 
+"@babel-baseline/helper-compilation-targets@npm:@babel/helper-compilation-targets@7.20.0, @babel/helper-compilation-targets@npm:^7.17.7, @babel/helper-compilation-targets@npm:^7.18.2, @babel/helper-compilation-targets@npm:^7.18.9, @babel/helper-compilation-targets@npm:^7.20.0":
+  version: 7.20.0
+  resolution: "@babel/helper-compilation-targets@npm:7.20.0"
+  dependencies:
+    "@babel/compat-data": ^7.20.0
+    "@babel/helper-validator-option": ^7.18.6
+    browserslist: ^4.21.3
+    semver: ^6.3.0
+  peerDependencies:
+    "@babel/core": ^7.0.0
+  checksum: bc183f2109648849c8fde0b3c5cf08adf2f7ad6dc617b546fd20f34c8ef574ee5ee293c8d1bd0ed0221212e8f5907cdc2c42097870f1dcc769a654107d82c95b
+  languageName: node
+  linkType: hard
+
 "@babel-baseline/helper-validator-identifier@npm:@babel/helper-validator-identifier@7.16.7":
   version: 7.16.7
   resolution: "@babel/helper-validator-identifier@npm:7.16.7"
@@ -154,12 +168,14 @@ __metadata:
   dependencies:
     "@babel-baseline/core": "npm:@babel/core@7.18.5"
     "@babel-baseline/generator": "npm:@babel/generator@7.18.2"
+    "@babel-baseline/helper-compilation-targets": "npm:@babel/helper-compilation-targets@7.20.0"
     "@babel-baseline/helper-validator-identifier": "npm:@babel/helper-validator-identifier@7.16.7"
     "@babel-baseline/parser": "npm:@babel/parser@7.18.5"
     "@babel-baseline/traverse": "npm:@babel/traverse@7.18.5"
     "@babel-baseline/types": "npm:@babel/types@7.18.4"
     "@babel/core": "workspace:^"
     "@babel/generator": "workspace:^"
+    "@babel/helper-compilation-targets": "workspace:^"
     "@babel/helper-validator-identifier": "workspace:^"
     "@babel/parser": "workspace:^"
     "@babel/preset-env": "workspace:^"
@@ -528,20 +544,6 @@ __metadata:
   languageName: unknown
   linkType: soft
 
-"@babel/helper-compilation-targets@npm:^7.17.7, @babel/helper-compilation-targets@npm:^7.18.2, @babel/helper-compilation-targets@npm:^7.18.9, @babel/helper-compilation-targets@npm:^7.20.0":
-  version: 7.20.0
-  resolution: "@babel/helper-compilation-targets@npm:7.20.0"
-  dependencies:
-    "@babel/compat-data": ^7.20.0
-    "@babel/helper-validator-option": ^7.18.6
-    browserslist: ^4.21.3
-    semver: ^6.3.0
-  peerDependencies:
-    "@babel/core": ^7.0.0
-  checksum: bc183f2109648849c8fde0b3c5cf08adf2f7ad6dc617b546fd20f34c8ef574ee5ee293c8d1bd0ed0221212e8f5907cdc2c42097870f1dcc769a654107d82c95b
-  languageName: node
-  linkType: hard
-
 "@babel/helper-compilation-targets@workspace:^, @babel/helper-compilation-targets@workspace:packages/babel-helper-compilation-targets":
   version: 0.0.0-use.local
   resolution: "@babel/helper-compilation-targets@workspace:packages/babel-helper-compilation-targets"
@@ -550,8 +552,10 @@ __metadata:
     "@babel/core": "workspace:^"
     "@babel/helper-plugin-test-runner": "workspace:^"
     "@babel/helper-validator-option": "workspace:^"
+    "@types/lru-cache": ^5.1.1
     "@types/semver": ^5.5.0
     browserslist: ^4.21.3
+    lru-cache: "condition:BABEL_8_BREAKING ? ^7.14.1 : ^5.1.1"
     semver: "condition:BABEL_8_BREAKING ? ^7.3.4 : ^6.3.0"
   peerDependencies:
     "@babel/core": ^7.0.0
@@ -4553,6 +4557,13 @@ __metadata:
   languageName: node
   linkType: hard
 
+"@types/lru-cache@npm:^5.1.1":
+  version: 5.1.1
+  resolution: "@types/lru-cache@npm:5.1.1"
+  checksum: e1d6c0085f61b16ec5b3073ec76ad1be4844ea036561c3f145fc19f71f084b58a6eb600b14128aa95809d057d28f1d147c910186ae51219f58366ffd2ff2e118
+  languageName: node
+  linkType: hard
+
 "@types/minimatch@npm:*, @types/minimatch@npm:^3.0.3":
   version: 3.0.5
   resolution: "@types/minimatch@npm:3.0.5"
@@ -11157,6 +11168,32 @@ fsevents@^1.2.7:
   languageName: node
   linkType: hard
 
+"lru-cache-BABEL_8_BREAKING-false@npm:lru-cache@^5.1.1, lru-cache@npm:^5.1.1":
+  version: 5.1.1
+  resolution: "lru-cache@npm:5.1.1"
+  dependencies:
+    yallist: ^3.0.2
+  checksum: c154ae1cbb0c2206d1501a0e94df349653c92c8cbb25236d7e85190bcaf4567a03ac6eb43166fabfa36fd35623694da7233e88d9601fbf411a9a481d85dbd2cb
+  languageName: node
+  linkType: hard
+
+"lru-cache-BABEL_8_BREAKING-true@npm:lru-cache@^7.14.1":
+  version: 7.14.1
+  resolution: "lru-cache@npm:7.14.1"
+  checksum: d72c6713c6a6d86836a7a6523b3f1ac6764768cca47ec99341c3e76db06aacd4764620e5e2cda719a36848785a52a70e531822dc2b33fb071fa709683746c104
+  languageName: node
+  linkType: hard
+
+"lru-cache@condition:BABEL_8_BREAKING ? ^7.14.1 : ^5.1.1":
+  version: 0.0.0-condition-86c673
+  resolution: "lru-cache@condition:BABEL_8_BREAKING?^7.14.1:^5.1.1#86c673"
+  dependencies:
+    lru-cache-BABEL_8_BREAKING-false: "npm:lru-cache@^5.1.1"
+    lru-cache-BABEL_8_BREAKING-true: "npm:lru-cache@^7.14.1"
+  checksum: 9a90e9b7fff14a71bd363ac5e40cea193f2da3380ca92d012589d3da49cc6af9c9a8399fc59b57b206e62753347ff4d77769a1e3bc0dd5550f3a8225a1a78a9a
+  languageName: node
+  linkType: hard
+
 "lru-cache@npm:^4.0.1":
   version: 4.1.5
   resolution: "lru-cache@npm:4.1.5"
@@ -11167,15 +11204,6 @@ fsevents@^1.2.7:
   languageName: node
   linkType: hard
 
-"lru-cache@npm:^5.1.1":
-  version: 5.1.1
-  resolution: "lru-cache@npm:5.1.1"
-  dependencies:
-    yallist: ^3.0.2
-  checksum: c154ae1cbb0c2206d1501a0e94df349653c92c8cbb25236d7e85190bcaf4567a03ac6eb43166fabfa36fd35623694da7233e88d9601fbf411a9a481d85dbd2cb
-  languageName: node
-  linkType: hard
-
 "lru-cache@npm:^6.0.0":
   version: 6.0.0
   resolution: "lru-cache@npm:6.0.0"