diff --git a/drivers/hwmon/gpio-fan.c b/drivers/hwmon/gpio-fan.c
index 3f78375eeb44..08b58b49be5b 100644
--- a/drivers/hwmon/gpio-fan.c
+++ b/drivers/hwmon/gpio-fan.c
@@ -150,7 +150,10 @@ static int set_fan_speed(struct gpio_fan_data *fan_data, int speed_index)
 
 	__set_fan_ctrl(fan_data, fan_data->speed[speed_index].ctrl_val);
 
-	if (fan_data->speed_index > 0 && speed_index == 0) {
+	/* The GPIOs have changed, and a PM put drops the reference on error. */
+	fan_data->speed_index = speed_index;
+
+	if (speed_index == 0) {
 		int ret;
 
 		ret = pm_runtime_put_sync(fan_data->dev);
@@ -158,8 +161,6 @@ static int set_fan_speed(struct gpio_fan_data *fan_data, int speed_index)
 			return ret;
 	}
 
-	fan_data->speed_index = speed_index;
-
 	return 0;
 }