diff --git a/libexec/pyenv-rehash b/libexec/pyenv-rehash
index e2041301..253ab68a 100755
--- a/libexec/pyenv-rehash
+++ b/libexec/pyenv-rehash
@@ -110,17 +110,6 @@ remove_outdated_shims() {
   done
 }
 
-# List basenames of executables for every Python version
-list_executable_names() {
-  local version file
-  pyenv-versions --bare --skip-aliases | \
-  while read -r version; do
-    for file in "${PYENV_ROOT}/versions/${version}/bin/"*; do
-      echo "${file##*/}"
-    done
-  done
-}
-
 # The basename of each argument passed to `make_shims` will be
 # registered for installation as a shim. In this way, plugins may call
 # `make_shims` with a glob to register many shims at once.
@@ -196,7 +185,7 @@ shopt -s nullglob
 create_prototype_shim
 remove_outdated_shims
 # shellcheck disable=SC2046
-make_shims $(list_executable_names)
+make_shims $(pyenv-versions --executables)
 
 
 # Allow plugins to register shims.
diff --git a/libexec/pyenv-versions b/libexec/pyenv-versions
index afe8747f..bfd67c70 100755
--- a/libexec/pyenv-versions
+++ b/libexec/pyenv-versions
@@ -1,13 +1,21 @@
 #!/usr/bin/env bash
 # Summary: List all Python versions available to pyenv
-# Usage: pyenv versions [--bare] [--skip-aliases] [--skip-envs]
+# Usage: pyenv versions [--bare] [--skip-aliases] [--skip-envs] [--executables]
 #
 # Lists all Python versions found in `$PYENV_ROOT/versions/*'.
+#
+#   --bare            List just the names, omit `system'
+#   --skip-aliases    Skip symlinks to other versions and to virtual environments
+#   --skip-envs       Skip virtual environments (under <version>/envs)
+#   --executables     Internal. Overrides other options.
+#                     Optimally get a deduplicated list of all executable names in Pyenv-managed
+#                     versions and environments for `pyenv rehash'
+#
 
 set -e
 [ -n "$PYENV_DEBUG" ] && set -x
 
-unset bare skip_aliases skip_envs
+unset bare skip_aliases skip_envs executables
 # Provide pyenv completions
 for arg; do
   case "$arg" in
@@ -16,6 +24,7 @@ for arg; do
     echo --skip-aliases
     echo --skip-envs
     exit ;;
+  --executables ) executables=1; break ;;
   --bare ) bare=1 ;;
   --skip-aliases ) skip_aliases=1 ;;
   --skip-envs ) skip_envs=1 ;;
@@ -26,31 +35,21 @@ for arg; do
   esac
 done
 
-# Fast path for --bare --skip-aliases: skip sort and full realpath resolution
-if [[ -n "$bare" && -n "$skip_aliases" ]]; then
-  versions_dir="${PYENV_ROOT}/versions"
+
+versions_dir="${PYENV_ROOT}/versions"
+
+# Fast path for rehash: skip filtering and link resolution
+if [[ -n "$executables" ]]; then
   if [ -d "$versions_dir" ]; then
     shopt -s dotglob nullglob
-    for path in "$versions_dir"/*/; do
-      path="${path%/}"
-      if [ -L "$path" ]; then
-        # Relative link = internal alias → skip; absolute = external → keep
-        [[ "$(readlink "$path")" == /* ]] || continue
-      fi
-      echo "${path##*/}"
-      if [[ -z "$skip_envs" ]]; then
-        for env_path in "${path}/envs/"*; do
-          [ -d "$env_path" ] && echo "${env_path#${versions_dir}/}"
-        done
-      fi
-    done
+    # MacOS 12+ and FreeBSD 15 support `xargs -r -0' and `basename -a'
+    # `sort -u` is simpler and a bit faster than `awk '!seen[$0]++'`, with the same result for rehash purposes
+    printf '%s\0' "$versions_dir"/*/bin/* "$versions_dir"/*/envs/*/bin/* | xargs -0 -r basename -a | sort -u
     shopt -u dotglob nullglob
   fi
   exit 0
 fi
 
-versions_dir="${PYENV_ROOT}/versions"
-
 if ! enable -f "${BASH_SOURCE%/*}"/pyenv-realpath.dylib realpath 2>/dev/null; then
   if [ -n "$PYENV_NATIVE_EXT" ]; then
     echo "pyenv: failed to load \`realpath' builtin" >&2
diff --git a/test/test_helper.bash b/test/test_helper.bash
index dba2e58c..9df7a1ce 100644
--- a/test/test_helper.bash
+++ b/test/test_helper.bash
@@ -135,7 +135,7 @@ path_without() {
       if [ "$found" != "${PYENV_ROOT}/shims" ]; then
         alt="${PYENV_TEST_DIR}/$(echo "${found#/}" | tr '/' '-')"
         mkdir -p "$alt"
-        for util in bash head cut readlink greadlink tr sed; do
+        for util in bash head cut readlink greadlink tr sed xargs basename sort; do
           if [ -x "${found}/$util" ]; then
             ln -s "${found}/$util" "${alt}/$util"
           fi
diff --git a/test/versions.bats b/test/versions.bats
index 58ab032c..07acc4f6 100644
--- a/test/versions.bats
+++ b/test/versions.bats
@@ -11,6 +11,11 @@ create_alias() {
   ln -s "$2" "${PYENV_ROOT}/versions/$1"
 }
 
+create_external_version() {
+  mkdir -p "$PYENV_TEST_DIR/${1:?}"
+  create_alias "${1:?}" "$PYENV_TEST_DIR/${1:?}"
+}
+
 _setup() {
   mkdir -p "$PYENV_TEST_DIR"
   cd "$PYENV_TEST_DIR"
@@ -168,15 +173,39 @@ OUT
 @test "doesn't list symlink aliases when --skip-aliases" {
   create_version "1.8.7"
   create_alias "1.8" "1.8.7"
-  mkdir moo
-  create_alias "1.9" "${PWD}/moo"
+  create_external_version "moo"
 
   run pyenv-versions --bare --skip-aliases
   assert_success
 
   assert_output <<OUT
 1.8.7
-1.9
+moo
+OUT
+}
+
+@test "--executables lists executables everywhere and overrides other switches" {
+  create_alt_executable_in_version "3.5.0" "python"
+  create_alt_executable_in_version "3.5.0" "python1"
+  create_alt_executable_in_version "3.6.0" "python"
+  create_alt_executable_in_version "3.5.0/envs/foo" "python_foo"
+  create_alt_executable_in_version "3.6.0/envs/bar" "python_bar"
+  create_alias "bar" "3.6.0/envs/bar"
+  create_external_version "moo"
+  create_alt_executable_in_version "moo" "moopython"
+
+  run pyenv-versions --skip-aliases --skip-envs --executables
+  assert_success
+  #The sort order does not matter for this functionality. However,
+  #MacOS 15 `sort` sorts differently that Linux's due to a different LC_COLLATE definition for en-US:
+  #https://unix.stackexchange.com/questions/362728/why-does-gnu-sort-sort-differently-on-my-osx-machine-and-linux-machine
+  #So to get a match, we have to check against the same order that the local `sort` produces
+  sort <<OUT | assert_output
+moopython
+python
+python1
+python_bar
+python_foo
 OUT
 }