diff --git a/tools/perf/Makefile b/tools/perf/Makefile
index 5aa3d040bbf3fa17c9bbffce14b8a3a6a2da70be..91470449516694369b00838d23e393b133ed061f 100644
--- a/tools/perf/Makefile
+++ b/tools/perf/Makefile
@@ -34,7 +34,7 @@ endif
 # Only pass canonical directory names as the output directory:
 #
 ifneq ($(O),)
-  FULL_O := $(shell readlink -f $(O))
+  FULL_O := $(shell readlink -f $(O) || echo $(O))
 endif
 
 define print_msg