diff --git a/rust/src/state/mod.rs b/rust/src/state/mod.rs
index d6d0ac6c56..9d2978d8c0 100644
--- a/rust/src/state/mod.rs
+++ b/rust/src/state/mod.rs
@@ -346,6 +346,8 @@ pub struct StateResStats {
     pub total_time: f64,
     /// Time waiting on the database.
     pub db_time: f64,
+    /// Time building events from database rows.
+    pub parse_time: f64,
     /// Time in the algorithm (sorts and auth checks).
     pub cpu_time: f64,
     pub sort_time: f64,
@@ -498,6 +500,7 @@ impl StateResolutionHandler {
             let stats = StateResStats {
                 total_time: start.elapsed().as_secs_f64(),
                 db_time: db.db_time.as_secs_f64(),
+                parse_time: db.parse_time.as_secs_f64(),
                 cpu_time: (core.sort_time + core.auth_time + core.mainline_time).as_secs_f64(),
                 sort_time: core.sort_time.as_secs_f64(),
                 auth_time: core.auth_time.as_secs_f64(),
diff --git a/rust/src/state/store.rs b/rust/src/state/store.rs
index cd40b7e424..a304409761 100644
--- a/rust/src/state/store.rs
+++ b/rust/src/state/store.rs
@@ -100,6 +100,9 @@ pub struct DbStats {
     pub events_fetched: u64,
     /// Time spent waiting on statements.
     pub db_time: Duration,
+    /// Time spent building events from rows: parsing the JSON and computing
+    /// the event IDs.
+    pub parse_time: Duration,
 }
 
 /// A [`StateResStore`] reading Postgres through the native driver.
@@ -119,6 +122,7 @@ pub struct PostgresStateResStore {
     rows: AtomicU64,
     events_fetched: AtomicU64,
     db_nanos: AtomicU64,
+    parse_nanos: AtomicU64,
 }
 
 /// How many event IDs to send per event-loading statement.
@@ -148,6 +152,7 @@ impl PostgresStateResStore {
             rows: AtomicU64::new(0),
             events_fetched: AtomicU64::new(0),
             db_nanos: AtomicU64::new(0),
+            parse_nanos: AtomicU64::new(0),
         };
         // If this fails, dropping the store sends a ROLLBACK, which is
         // harmless outside a transaction.
@@ -176,6 +181,7 @@ impl PostgresStateResStore {
             rows: self.rows.load(Ordering::Relaxed),
             events_fetched: self.events_fetched.load(Ordering::Relaxed),
             db_time: Duration::from_nanos(self.db_nanos.load(Ordering::Relaxed)),
+            parse_time: Duration::from_nanos(self.parse_nanos.load(Ordering::Relaxed)),
         }
     }
 
@@ -233,11 +239,14 @@ impl StateResStore for PostgresStateResStore {
         for batch in ids.chunks(EVENT_BATCH_SIZE) {
             let batch: Vec<&str> = batch.iter().map(|id| &**id).collect();
             let rows = self.query(LOAD_EVENTS_SQL, &[&batch]).await?;
+            let start = Instant::now();
             for row in rows {
                 if let Some((event_id, event)) = event_from_row(&row)? {
                     events.insert(event_id, StateResEvent::from_rust(event)?);
                 }
             }
+            self.parse_nanos
+                .fetch_add(start.elapsed().as_nanos() as u64, Ordering::Relaxed);
         }
         self.events_fetched
             .fetch_add(events.len() as u64, Ordering::Relaxed);
diff --git a/synapse/synapse_rust/state.pyi b/synapse/synapse_rust/state.pyi
index 7b1b3f7c2f..1ecd8eaf01 100644
--- a/synapse/synapse_rust/state.pyi
+++ b/synapse/synapse_rust/state.pyi
@@ -27,6 +27,7 @@ class StateResStats:
 
     total_time: float
     db_time: float
+    parse_time: float
     cpu_time: float
     sort_time: float
     auth_time: float