diff --git a/addons/shared/LRU.ts b/addons/shared/LRU.ts
index fd831c654a..26e79de5b8 100644
--- a/addons/shared/LRU.ts
+++ b/addons/shared/LRU.ts
@@ -289,6 +289,25 @@ function cacheDecorator<T>(opts?: CacheOpts<T>) {
   };
 }
 
+/** Cache an "instance" function like `this.foo`. */
+export function cachedMethod<T, F extends AnyFunction<T>>(originalFunc: F, opts?: CacheOpts<T>): F {
+  const getExtraKeys =
+    opts?.getExtraKeys ??
+    function (this: T): unknown[] {
+      // Use `this` as extra key if it's a value object (hash + eq).
+      if (isValueObject(this)) {
+        return [this];
+      }
+      // Scan through cachable properties.
+      if (this != null && typeof this === 'object') {
+        return Object.values(this).filter(isCachable);
+      }
+      // Give up - do not add extra cache keys.
+      return [];
+    };
+  return cachedFunction(originalFunc, {...opts, getExtraKeys});
+}
+
 const cachableTypeNames = new Set([
   'number',
   'string',
diff --git a/addons/shared/__tests__/LRU.test.ts b/addons/shared/__tests__/LRU.test.ts
index 9897442b9c..8880282b19 100644
--- a/addons/shared/__tests__/LRU.test.ts
+++ b/addons/shared/__tests__/LRU.test.ts
@@ -7,7 +7,7 @@
 
 import type {LRUWithStats} from '../LRU';
 
-import {cached, LRU, clearTrackedCache} from '../LRU';
+import {cached, LRU, clearTrackedCache, cachedMethod} from '../LRU';
 import {SelfUpdate} from '../immutableExt';
 import {List, Record} from 'immutable';
 
@@ -388,3 +388,62 @@ describe('cached()', () => {
     });
   });
 });
+
+describe('cachedMethod', () => {
+  it('is an alternative to `@cached()` decorator', () => {
+    let calledTimes = 0;
+    class Fib {
+      fib = cachedMethod(this.fibImpl);
+      fibImpl(n: number): number {
+        calledTimes += 1;
+        return n < 2 ? n : this.fib(n - 1) + this.fib(n - 2);
+      }
+    }
+    const f = new Fib();
+    expect(f.fib(20)).toBe(6765);
+    expect(calledTimes).toBe(21);
+    // Note new Fib() instance does not share the cache like the decorator version.
+    const f2 = new Fib();
+    expect(f2.fib(20)).toBe(6765);
+    expect(calledTimes).toBe(42);
+  });
+
+  it('supports shared cache among instances', () => {
+    let calledTimes = 0;
+    const cache: LRUWithStats = new LRU(10);
+    class Fib {
+      fib = cachedMethod(this.fibImpl, {cache});
+      fibImpl(n: number): number {
+        calledTimes += 1;
+        return n < 2 ? n : this.fib(n - 1) + this.fib(n - 2);
+      }
+    }
+    const f1 = new Fib();
+    const f2 = new Fib();
+    expect(f1.fib(20)).toBe(6765);
+    expect(calledTimes).toBe(21);
+    expect(f2.fib(20)).toBe(6765);
+    expect(calledTimes).toBe(21); // f2 reuses f1's cache.
+  });
+
+  it('considers state of `this`', () => {
+    let calledTimes = 0;
+    class Add {
+      constructor(public n: number) {}
+      add: (n: number) => number = cachedMethod(this.addImpl);
+      addImpl(n: number): number {
+        calledTimes += 1;
+        return this.n + n;
+      }
+    }
+    const a = new Add(10);
+    expect(a.add(5)).toBe(15);
+    expect(calledTimes).toBe(1);
+    a.n = 20;
+    expect(a.add(5)).toBe(25); // `this` changed
+    expect(calledTimes).toBe(2);
+    a.n = 10;
+    expect(a.add(5)).toBe(15);
+    expect(calledTimes).toBe(2); // reused cache
+  });
+});