diff --git a/.changeset/generate-cache-version.md b/.changeset/generate-cache-version.md
new file mode 100644
index 0000000..fcd2d76
--- /dev/null
+++ b/.changeset/generate-cache-version.md
@@ -0,0 +1,5 @@
+---
+"minimizer-webpack-plugin": patch
+---
+
+invalidate the persistent cache when `generate` or `generatorOptions` change, so a restored module no longer keeps the previous generator's bytes and name
diff --git a/README.md b/README.md
index d879c64..b4687fc 100644
--- a/README.md
+++ b/README.md
@@ -623,6 +623,18 @@ module.exports = {
 import webp from "./image.jpg?as=webp";
 ```
 
+Under [`cache.type: "filesystem"`](https://webpack.js.org/configuration/cache/#cachetype)
+a module is restored from the pack rather than rebuilt across runs. That
+restored result is the generator's, so changing `generate` or
+`generatorOptions` has to invalidate the pack, and the plugin adds their
+identity to
+[`cache.version`](https://webpack.js.org/configuration/cache/#cacheversion) so
+it does. This needs the plugin to be in the config — `plugins` or
+`optimization.minimizer` — since webpack builds the cache while it applies
+them; a plugin applied by hand after `webpack()` returns is too late to reach
+it, and a changed generator would then be ignored until the cache directory is
+removed.
+
 > **Note**
 >
 > `generate` needs a webpack whose `NormalModule` `processResult` hook can be
diff --git a/src/index.js b/src/index.js
index 7c2138a..87b93df 100644
--- a/src/index.js
+++ b/src/index.js
@@ -1,3 +1,4 @@
+const crypto = require("crypto");
 const os = require("os");
 const path = require("path");
 
@@ -1128,6 +1129,39 @@ class TerserPlugin {
     };
   }
 
+  /**
+   * Carries the generator's identity into the persistent cache's version.
+   * A generator rewrites a module's own build result, which the pack restores
+   * without rebuilding, and nothing per-module keys on a plugin.
+   * @private
+   * @param {Compiler} compiler compiler
+   * @returns {void}
+   */
+  saltCacheVersion(compiler) {
+    const { generator } = this.options;
+    const { cache } = compiler.options;
+
+    if (!generator || !cache || cache.type !== "filesystem") {
+      return;
+    }
+
+    const implementations = Array.isArray(generator.implementation)
+      ? generator.implementation
+      : [generator.implementation];
+    // Source rather than `getMinimizerVersion`: a generator already travels as
+    // source, and a custom one has no version to read.
+    const identity = getSerializeJavascript()({
+      generator: implementations.map(String),
+      options: generator.options,
+    });
+
+    cache.version = `${cache.version || ""}|TerserPlugin-generate-${crypto
+      .createHash("sha256")
+      .update(identity)
+      .digest("hex")
+      .slice(0, 16)}`;
+  }
+
   /**
    * Minify one source a module embeds in another language's output — CSS or
    * HTML reaching the bundle inside a JavaScript string literal, an
@@ -1425,6 +1459,8 @@ class TerserPlugin {
   apply(compiler) {
     const pluginName = this.constructor.name;
 
+    this.saltCacheVersion(compiler);
+
     let validated = false;
     const validateOptions = () => {
       if (validated) {
diff --git a/test/generate-filesystem-cache.test.js b/test/generate-filesystem-cache.test.js
new file mode 100644
index 0000000..bf20025
--- /dev/null
+++ b/test/generate-filesystem-cache.test.js
@@ -0,0 +1,300 @@
+import fs from "fs";
+import os from "os";
+import path from "path";
+
+import MinimizerPlugin from "../src";
+import { replaceExtension } from "../src/utils";
+
+import { getCompiler, getErrors } from "./helpers";
+
+// Renaming an asset needs `NormalModule`'s `processResult` hook to be able to
+// await. Read off what the build did rather than off a version number: the
+// release carrying it is not out yet, so a version test would claim the
+// capability on every webpack released before it.
+/**
+ * @param {import("webpack").Stats} stats stats
+ * @returns {boolean} true when the plugin reported that it cannot await
+ */
+function reportedNoAwait(stats) {
+  return getErrors(stats).join("\n").includes("hook can await");
+}
+
+/**
+ * A stand-in for an encoder: it prefixes the bytes and says what the result is
+ * now called, which is all the plugin needs to rename the asset.
+ * @param {{ [file: string]: string | Buffer }} input input
+ * @returns {{ code: Buffer, filename: string }} the re-encoded result
+ */
+function toWebp(input) {
+  const [[name, code]] = Object.entries(input);
+
+  toWebp.calls += 1;
+
+  return {
+    code: Buffer.concat([Buffer.from("WEBP:"), Buffer.from(code)]),
+    filename: replaceExtension(name, "webp"),
+  };
+}
+
+toWebp.supportsBinary = () => true;
+toWebp.supportsWorker = () => false;
+toWebp.calls = 0;
+
+/**
+ * A second encoder. Its source differs from `toWebp`'s deliberately: source is
+ * what tells two generators apart when neither reports a version.
+ * @param {{ [file: string]: string | Buffer }} input input
+ * @returns {{ code: Buffer, filename: string }} the re-encoded result
+ */
+function toAvif(input) {
+  const [[name, code]] = Object.entries(input);
+  const marker = Buffer.from("AVIF:");
+
+  toAvif.calls += 1;
+
+  return {
+    code: Buffer.concat([marker, Buffer.from(code)]),
+    filename: replaceExtension(name, "avif"),
+  };
+}
+
+toAvif.supportsBinary = () => true;
+toAvif.supportsWorker = () => false;
+toAvif.calls = 0;
+
+/**
+ * @param {string} directory directory to remove, with everything under it
+ * @returns {void}
+ */
+function removeRecursive(directory) {
+  for (const entry of fs.readdirSync(directory)) {
+    const full = path.join(directory, entry);
+
+    if (fs.statSync(full).isDirectory()) {
+      removeRecursive(full);
+    } else {
+      fs.unlinkSync(full);
+    }
+  }
+
+  fs.rmdirSync(directory);
+}
+
+/**
+ * @param {import("webpack").Stats} stats stats
+ * @param {string} name the module's short name
+ * @returns {{ cached: boolean, built: boolean }} how it came to be in the build
+ */
+function moduleState(stats, name) {
+  const { modules } = stats.toJson({
+    all: false,
+    modules: true,
+    cachedModules: true,
+  });
+  const found = modules.find((item) => item.name === name);
+
+  return { cached: Boolean(found.cached), built: Boolean(found.built) };
+}
+
+describe("generate option with the filesystem cache", () => {
+  let context;
+  let cacheDirectory;
+
+  beforeEach(() => {
+    toWebp.calls = 0;
+    toAvif.calls = 0;
+    context = fs.mkdtempSync(path.join(os.tmpdir(), "minimizer-fs-cache-"));
+    cacheDirectory = path.join(context, "cache");
+
+    fs.writeFileSync(
+      path.join(context, "index.js"),
+      'import jpg from "./image.jpg";\n\n// eslint-disable-next-line no-console\nconsole.log(jpg);\n',
+    );
+    fs.writeFileSync(path.join(context, "image.jpg"), Buffer.from("first"));
+  });
+
+  afterEach(() => {
+    removeRecursive(context);
+  });
+
+  /**
+   * Runs one build against the shared cache directory and closes the compiler,
+   * which is what writes the pack out for the next run to read.
+   * @param {object=} options plugin options overriding the defaults
+   * @returns {Promise<{ stats: import("webpack").Stats, assets: string[], read: (name: string) => string }>} what the build produced
+   */
+  function run(options) {
+    const compiler = getCompiler({
+      context,
+      entry: path.join(context, "index.js"),
+      // Through the config rather than a later `apply`: the cache strategy is
+      // built while webpack applies the configured plugins, so a plugin
+      // applied after `webpack()` returns cannot reach its version.
+      plugins: [
+        new MinimizerPlugin({
+          test: /\.jpe?g$/i,
+          generate: toWebp,
+          ...options,
+        }),
+      ],
+      cache: {
+        type: "filesystem",
+        cacheDirectory,
+        // The test writes no config file for webpack to watch, and the
+        // default points at one that does not exist here.
+        buildDependencies: {},
+      },
+      module: {
+        rules: [
+          {
+            test: /\.jpe?g$/i,
+            type: "asset/resource",
+            generator: { filename: "[name][ext]" },
+          },
+        ],
+      },
+    });
+
+    return new Promise((resolve, reject) => {
+      compiler.run((error, stats) => {
+        if (error) {
+          compiler.close(() => reject(error));
+
+          return;
+        }
+
+        // Nothing is read here: on a webpack that cannot await, the build
+        // reports an error and emits no bundle, and the caller checks that
+        // before asking for one.
+        const assets = Object.keys(stats.compilation.assets);
+        const output = stats.compilation.outputOptions.path;
+
+        compiler.close((closeError) => {
+          if (closeError) {
+            reject(closeError);
+
+            return;
+          }
+
+          resolve({
+            stats,
+            assets,
+            read: (name) =>
+              compiler.outputFileSystem
+                .readFileSync(path.join(output, name))
+                .toString(),
+          });
+        });
+      });
+    });
+  }
+
+  it("should keep the rename when the module is restored from the pack", async () => {
+    const first = await run();
+
+    if (reportedNoAwait(first.stats)) {
+      return;
+    }
+
+    expect(getErrors(first.stats)).toEqual([]);
+    expect(first.assets).toContain("image.webp");
+    expect(toWebp.calls).toBe(1);
+
+    const second = await run();
+
+    expect(getErrors(second.stats)).toEqual([]);
+
+    // The second compiler is a new one reading the pack the first wrote, so
+    // the image module is restored rather than rebuilt. `assetResource` is
+    // serialized with it, which is what has to carry the rename -- a
+    // `matchResource` would not survive.
+    expect(toWebp.calls).toBe(1);
+    expect(moduleState(second.stats, "./image.jpg")).toEqual({
+      cached: true,
+      built: false,
+    });
+    expect(second.assets).toContain("image.webp");
+    expect(second.assets).not.toContain("image.jpg");
+    const bundle = second.read("main.js");
+
+    expect(bundle).toContain('"image.webp"');
+    expect(bundle).not.toContain('"image.jpg"');
+  });
+
+  it("should re-encode when the image changed between runs", async () => {
+    const first = await run();
+
+    if (reportedNoAwait(first.stats)) {
+      return;
+    }
+
+    expect(first.assets).toContain("image.webp");
+
+    fs.writeFileSync(path.join(context, "image.jpg"), Buffer.from("second"));
+
+    const second = await run();
+
+    expect(getErrors(second.stats)).toEqual([]);
+    // New bytes, so neither the module nor the generator's own cache entry
+    // may answer from the pack.
+    expect(moduleState(second.stats, "./image.jpg").built).toBe(true);
+    expect(toWebp.calls).toBe(2);
+    expect(second.assets).toContain("image.webp");
+    expect(second.assets).not.toContain("image.jpg");
+  });
+
+  it("should re-run a changed generator against a warm pack", async () => {
+    const first = await run();
+
+    if (reportedNoAwait(first.stats)) {
+      return;
+    }
+
+    expect(first.assets).toContain("image.webp");
+
+    const second = await run({ generate: toAvif });
+
+    expect(getErrors(second.stats)).toEqual([]);
+    // Nothing per-module keys on the plugin, so without the generator in the
+    // pack's version the restored module would keep the previous generator's
+    // bytes and name.
+    expect(toAvif.calls).toBe(1);
+    expect(second.assets).toContain("image.avif");
+    expect(second.assets).not.toContain("image.webp");
+    expect(second.read("image.avif")).toBe("AVIF:first");
+  });
+
+  it("should re-run the generator when only its options changed", async () => {
+    const first = await run({ generatorOptions: { quality: 50 } });
+
+    if (reportedNoAwait(first.stats)) {
+      return;
+    }
+
+    expect(toWebp.calls).toBe(1);
+
+    const second = await run({ generatorOptions: { quality: 90 } });
+
+    expect(getErrors(second.stats)).toEqual([]);
+    expect(toWebp.calls).toBe(2);
+    expect(second.assets).toContain("image.webp");
+  });
+
+  it("should read an array of generators for the identity too", async () => {
+    const first = await run({ generate: [toWebp] });
+
+    if (reportedNoAwait(first.stats)) {
+      return;
+    }
+
+    expect(first.assets).toContain("image.webp");
+    expect(toWebp.calls).toBe(1);
+
+    const second = await run({ generate: [toAvif] });
+
+    expect(getErrors(second.stats)).toEqual([]);
+    expect(toAvif.calls).toBe(1);
+    expect(second.assets).toContain("image.avif");
+    expect(second.assets).not.toContain("image.webp");
+  });
+});
diff --git a/types/index.d.ts b/types/index.d.ts
index 71c6f39..5c54ee7 100644
--- a/types/index.d.ts
+++ b/types/index.d.ts
@@ -89,6 +89,15 @@ declare class TerserPlugin<T = import("terser").MinifyOptions> {
    * @returns {{ implementation: MinimizerImplementation<T>, options: MinimizerOptions<T>, claims: string[][], offers: string[][], at: number[] } | undefined} every configured minimizer, or undefined when nothing nested could be reached
    */
   private embeddedMinimizer;
+  /**
+   * Carries the generator's identity into the persistent cache's version.
+   * A generator rewrites a module's own build result, which the pack restores
+   * without rebuilding, and nothing per-module keys on a plugin.
+   * @private
+   * @param {Compiler} compiler compiler
+   * @returns {void}
+   */
+  private saltCacheVersion;
   /**
    * Minify one source a module embeds in another language's output — CSS or
    * HTML reaching the bundle inside a JavaScript string literal, an