diff --git a/drivers/net/bonding/bond_main.c b/drivers/net/bonding/bond_main.c
index eb5682a6d9df3574fe4f25fa3c59a4019a7aefbd..ef2b4f94c35333d160318aa0f3d95e9955849980 100644
--- a/drivers/net/bonding/bond_main.c
+++ b/drivers/net/bonding/bond_main.c
@@ -1689,6 +1689,19 @@ void bond_lower_state_changed(struct slave *slave)
 	netdev_lower_state_changed(slave->dev, &info);
 }
 
+/* The bonding driver uses ether_setup() to convert a master bond device
+ * to ARPHRD_ETHER, that resets the target netdevice's flags so we always
+ * have to restore the IFF_MASTER flag, and only restore IFF_SLAVE if it was set
+ */
+static void bond_ether_setup(struct net_device *bond_dev)
+{
+	unsigned int slave_flag = bond_dev->flags & IFF_SLAVE;
+
+	ether_setup(bond_dev);
+	bond_dev->flags |= IFF_MASTER | slave_flag;
+	bond_dev->priv_flags &= ~IFF_TX_SKB_SHARING;
+}
+
 /* enslave device <slave> to bond device <master> */
 int bond_enslave(struct net_device *bond_dev, struct net_device *slave_dev,
 		 struct netlink_ext_ack *extack)
@@ -1783,10 +1796,8 @@ int bond_enslave(struct net_device *bond_dev, struct net_device *slave_dev,
 
 			if (slave_dev->type != ARPHRD_ETHER)
 				bond_setup_by_slave(bond_dev, slave_dev);
-			else {
-				ether_setup(bond_dev);
-				bond_dev->priv_flags &= ~IFF_TX_SKB_SHARING;
-			}
+			else
+				bond_ether_setup(bond_dev);
 
 			call_netdevice_notifiers(NETDEV_POST_TYPE_CHANGE,
 						 bond_dev);