diff --git a/base/loading.jl b/base/loading.jl
index 125e9b1302fb5..5cb6ad5467f81 100644
--- a/base/loading.jl
+++ b/base/loading.jl
@@ -2444,7 +2444,21 @@ function compilecache(pkg::PkgId, path::String, internal_stderr::IO = stderr, in
     # create a temporary file in `cachepath` directory, write the cache in it,
     # write the checksum, _and then_ atomically move the file to `cachefile`.
     mkpath(cachepath)
-    cache_objects = JLOptions().use_pkgimages != 0
+    if JLOptions().use_pkgimages == 0
+        cache_objects = false
+    else
+        if JLOptions().tracked_path == C_NULL
+            cache_objects = true
+        else
+            tracked_path = unsafe_string(JLOptions().tracked_path)
+            # disable pkgimages if srcpath falls within a code-coverage or allocation-tracking path 
+            # TODO: disable if any includes fall within tracked_path, not just the srcpath
+            # harder because includes aren't currently known before cache generation
+            # or implement https://github.com/JuliaLang/julia/issues/51412
+            cache_objects = !startswith(path, tracked_path)
+        end
+    end
+
     tmppath, tmpio = mktemp(cachepath)
 
     if cache_objects
@@ -3159,6 +3173,7 @@ end
     return stale_cachefile(PkgId(""), UInt128(0), modpath, cachefile; ignore_loaded)
 end
 @constprop :none function stale_cachefile(modkey::PkgId, build_id::UInt128, modpath::String, cachefile::String; ignore_loaded::Bool = false)
+    tracked_path = JLOptions().tracked_path == C_NULL ? "" : unsafe_string(JLOptions().tracked_path)
     io = open(cachefile, "r")
     try
         checksum = isvalid_cache_header(io)
@@ -3170,10 +3185,19 @@ end
         if isempty(modules)
             return true # ignore empty file
         end
-        if ccall(:jl_match_cache_flags, UInt8, (UInt8,), flags) == 0
+        current_flags = ccall(:jl_cache_flags, UInt8, ())
+        if !isempty(tracked_path) 
+            for chi in includes
+                startswith(chi.filename, tracked_path) || continue
+                @debug "Allowing pkgimages=no for $modkey because it falls in coverage/allocation tracking path $tracked_path"
+                current_flags &= 0b11111110 # disable pkgimages flag
+                break
+            end
+        end
+        if ccall(:jl_match_cache_flags, UInt8, (UInt8, UInt8), flags, current_flags) == 0
             @debug """
             Rejecting cache file $cachefile for $modkey since the flags are mismatched
-              current session: $(CacheFlags())
+              current session: $(CacheFlags(current_flags))
               cache file:      $(CacheFlags(flags))
             """
             return true
@@ -3284,11 +3308,14 @@ end
                 if !ispath(f)
                     _f = fixup_stdlib_path(f)
                     if isfile(_f) && startswith(_f, Sys.STDLIB)
+                        check_if_tracked(_f, tracked_path, cachefile) && return true
                         continue
                     end
                     @debug "Rejecting stale cache file $cachefile because file $f does not exist"
                     return true
                 end
+                check_if_tracked(f, tracked_path, cachefile) && return true
+                
                 if ftime_req >= 0.0
                     # this is an include_dependency for which we only recorded the mtime
                     ftime = mtime(f)
@@ -3341,6 +3368,18 @@ end
     end
 end
 
+function check_if_tracked(included_file::String, tracked_path::String, cachefile::String)
+    if JLOptions().use_pkgimages != 0 && JLOptions().code_coverage == 3 && occursin(tracked_path, included_file)
+        @debug "Rejecting cache file $cachefile because included file $included_file is being tracked by --code-coverage=@$tracked_path"
+        return true
+    end
+    if JLOptions().use_pkgimages != 0 && JLOptions().malloc_log == 3 && occursin(tracked_path, included_file)
+        @debug "Rejecting cache file $cachefile because included file $included_file is being tracked by --track-allocation=@$tracked_path"
+        return true
+    end
+    return false
+end
+
 """
     @__FILE__ -> String
 
diff --git a/base/util.jl b/base/util.jl
index fe04eaf04bd47..89472cdc8b525 100644
--- a/base/util.jl
+++ b/base/util.jl
@@ -245,7 +245,7 @@ function julia_cmd(julia=joinpath(Sys.BINDIR, julia_exename()); cpu_target::Unio
         push!(addflags, "--pkgimages=no")
     else
         # If pkgimage is set, malloc_log and code_coverage should not
-        @assert opts.malloc_log == 0 && opts.code_coverage == 0
+        @assert opts.malloc_log in (0, 3) && opts.code_coverage in (0, 3)
     end
     return `$julia -C$cpu_target -J$image_file $addflags`
 end
diff --git a/src/init.c b/src/init.c
index fef3e73bd2d06..976971ad7347f 100644
--- a/src/init.c
+++ b/src/init.c
@@ -804,7 +804,8 @@ JL_DLLEXPORT void julia_init(JL_IMAGE_SEARCH rel)
 #endif
 
     if ((jl_options.outputo || jl_options.outputbc || jl_options.outputasm) &&
-        (jl_options.code_coverage || jl_options.malloc_log)) {
+        (jl_options.code_coverage == 1 || jl_options.code_coverage == 2 || 
+         jl_options.malloc_log == 1 || jl_options.malloc_log == 2)) {
         jl_error("cannot generate code-coverage or track allocation information while generating a .o, .bc, or .s output file");
     }
 
diff --git a/src/jloptions.c b/src/jloptions.c
index f9443ed8f5704..1341b4c7a09f2 100644
--- a/src/jloptions.c
+++ b/src/jloptions.c
@@ -860,10 +860,17 @@ JL_DLLEXPORT void jl_parse_opts(int *argcp, char ***argvp)
                       "This is a bug, please report it.", c);
         }
     }
-    if (codecov || malloclog) {
+    if (codecov == 1 || codecov == 2) {
         if (pkgimage_explicit && jl_options.use_pkgimages) {
             jl_errorf("julia: Can't use --pkgimages=yes together "
-                      "with --track-allocation or --code-coverage.");
+                      "with --code-coverage=user|all");
+        }
+        jl_options.use_pkgimages = 0;
+    }
+    if (malloclog == 1 || malloclog == 2) {
+        if (pkgimage_explicit && jl_options.use_pkgimages) {
+            jl_errorf("julia: Can't use --pkgimages=yes together "
+                      "with --track-allocation=user|all");
         }
         jl_options.use_pkgimages = 0;
     }
diff --git a/src/staticdata.c b/src/staticdata.c
index 72fac1c3c845e..d86dddc96d8fd 100644
--- a/src/staticdata.c
+++ b/src/staticdata.c
@@ -3494,7 +3494,7 @@ static jl_value_t *jl_validate_cache_file(ios_t *f, jl_array_t *depmods, uint64_
                 "Precompile file header verification checks failed.");
     }
     uint8_t flags = read_uint8(f);
-    if (pkgimage && !jl_match_cache_flags(flags)) {
+    if (pkgimage && !jl_match_cache_flags(flags, jl_cache_flags())) {
         return jl_get_exceptionf(jl_errorexception_type, "Pkgimage flags mismatch");
     }
     if (!pkgimage) {
diff --git a/src/staticdata_utils.c b/src/staticdata_utils.c
index 384c479b10f58..12203ff5d784c 100644
--- a/src/staticdata_utils.c
+++ b/src/staticdata_utils.c
@@ -599,7 +599,8 @@ JL_DLLEXPORT uint8_t jl_cache_flags(void)
 {
     // OOICCDDP
     uint8_t flags = 0;
-    flags |= (jl_options.use_pkgimages & 1); // 0-bit
+    // don't use use_pkgimages here because no outputo overrides it
+    flags |= ((jl_options.outputo == NULL || jl_options.outputo[0] == '\0') | 1); // 0-bit
     flags |= (jl_options.debug_level & 3) << 1; // 1-2 bit
     flags |= (jl_options.check_bounds & 3) << 3; // 3-4 bit
     flags |= (jl_options.can_inline & 1) << 5; // 5-bit
@@ -607,12 +608,11 @@ JL_DLLEXPORT uint8_t jl_cache_flags(void)
     return flags;
 }
 
-JL_DLLEXPORT uint8_t jl_match_cache_flags(uint8_t flags)
+JL_DLLEXPORT uint8_t jl_match_cache_flags(uint8_t cache_flags, uint8_t current_flags)
 {
     // 1. Check which flags are relevant
-    uint8_t current_flags = jl_cache_flags();
     uint8_t supports_pkgimage = (current_flags & 1);
-    uint8_t is_pkgimage = (flags & 1);
+    uint8_t is_pkgimage = (cache_flags & 1);
 
     // For .ji packages ignore other flags
     if (!supports_pkgimage && !is_pkgimage) {
@@ -621,12 +621,12 @@ JL_DLLEXPORT uint8_t jl_match_cache_flags(uint8_t flags)
 
     // 2. Check all flags, execept opt level must be exact
     uint8_t mask = (1 << OPT_LEVEL)-1;
-    if ((flags & mask) != (current_flags & mask))
+    if ((cache_flags & mask) != (current_flags & mask))
         return 0;
     // 3. allow for higher optimization flags in cache
-    flags >>= OPT_LEVEL;
+    cache_flags >>= OPT_LEVEL;
     current_flags >>= OPT_LEVEL;
-    return flags >= current_flags;
+    return cache_flags >= current_flags;
 }
 
 // "magic" string and version header of .ji file