diff --git a/src/engine/native/NativeStack.v3 b/src/engine/native/NativeStack.v3
index 46535641b..21fabe6d3 100644
--- a/src/engine/native/NativeStack.v3
+++ b/src/engine/native/NativeStack.v3
@@ -6,7 +6,7 @@
 // See diagram at the end of the file for mapping layout.
 class NativeStack extends WasmStack {
 	def valuerep = Target.tagging;
-	var range: MemoryRange;
+	var range: NativeStackSegment;
 	var vsp: Pointer;
 	var rsp: Pointer;
 	var func: Function; // TODO: move into "enter-func-stub"
@@ -18,6 +18,7 @@ class NativeStack extends WasmStack {
 	var handlers: Array<byte>;
 	var handler_tier: HandlerTier;
 	var next_stack: NativeStack;
+	var owner: SegmentOwner;	// records the owned segment; see {NativeStackManager.attach}
 
 	new(range) {
 		if (valuerep.tagged) RiGc.registerScanner(this, NativeStack.scan);
@@ -511,6 +512,7 @@ class NativeStack extends WasmStack {
 	}
 	// GC callback to scan (tagged) values on this stack
 	def scan() {
+		if (range == null) return; // no segment attached
 		if (Trace.gc) {
 			Trace.OUT.put1("scanStack obj=0x%x", u64.view(Pointer.atObject(this) - Pointer.NULL)).ln();
 		}
diff --git a/src/engine/native/NativeStackManager.v3 b/src/engine/native/NativeStackManager.v3
index 842f00d09..422ad1907 100644
--- a/src/engine/native/NativeStackManager.v3
+++ b/src/engine/native/NativeStackManager.v3
@@ -6,15 +6,16 @@ def PAGE_SIZE = 4096u;
 
 // Manages native memory mappings for native stacks.
 component NativeStackManager {
-	var all: NativeStackSegment;	// all segments ever mapped; never unmapped
-	var total: int;			// number of segments in {all}
-	var cache: NativeStack;		// used in fast-path allocation in generated code
+	var all: NativeStackSegment;		// all segments ever mapped; never unmapped
+	var total: int;				// number of segments in {all}
+	var cache: NativeStack;			// used in fast-path allocation in generated code
+	var freeSegments: NativeStackSegment;	// segments released by the GC, not yet wrapped in a stack
 
 	// Gets a stack with a segment, or {null} if none is available.
 	def getFreshStack() -> NativeStack {
 		if (Trace.stack) Trace.OUT.puts("Requested fresh x86_stack...\n");
 		if (cache == null) {
-			var ok = tryAllocatingNewStacks() || tryReclaimingSegments() || tryCollectingAndReclaiming() || tryCompressingStacks();
+			var ok = tryReclaimingSegments() || tryAllocatingNewStacks() || tryCollectingAndReclaiming() || tryCompressingStacks();
 			if (!ok) return null;
 		}
 
@@ -23,6 +24,31 @@ component NativeStackManager {
 		result.next_stack = null;
 		return result.clear();
 	}
+	// Wraps {segment} in a new cached stack that owns it.
+	private def wrap(segment: NativeStackSegment) {
+		var stack = NativeStack.new(segment);
+		attach(stack, segment);
+		stack.next_stack = cache;
+		cache = stack;
+	}
+	// Makes {stack} the empty owner of {segment}, registering its finalizer the first time.
+	def attach(stack: NativeStack, segment: NativeStackSegment) {
+		var owner = stack.owner;
+		if (owner == null) {
+			owner = stack.owner = SegmentOwner.new();
+			RiGc.registerFinalizer(stack, owner.release);
+		}
+		owner.segment = segment;
+		stack.range = segment;
+		stack.clear();
+	}
+	// Takes the segment away from {stack}, which must not be used until another is attached.
+	def detach(stack: NativeStack) -> NativeStackSegment {
+		var segment = stack.range;
+		stack.owner.segment = null;
+		stack.range = null;
+		return segment;
+	}
 	private def tryAllocatingNewStacks() -> bool {
 		var size = EngineOptions.STACK_SIZE.get();
 		var batch = Ints.min(StackTuning.stackBatchSize, StackTuning.maxStacks - total);
@@ -40,28 +66,24 @@ component NativeStackManager {
 			// insert redzone roughly in the middle of the mapping.
 			var rzStart = t.0 + ((size >> 1) & ~(PAGE_SIZE - 1u)), rzEnd = rzStart + PAGE_SIZE;
 			if (!RedZones.addRedZone(rzStart, rzEnd)) fatal("could not protect value stack red zone");
-			var curr = NativeStack.new(segment);
-			segment.stack.set(curr);
-			curr.next_stack = cache;
-			cache = curr;
+			wrap(segment);
 			total++;
 		}
 		return cache != null; // OK if succeeded in allocating at least one
 	}
+	// Wraps every segment released by the GC in a fresh stack.
 	private def tryReclaimingSegments() -> bool {
 		var ok = false;
-		for (p = all; p != null; p = p.next) {
-			if (p.stack.get() == null) { // weak reference was cleared by GC, can reclaim
-				var s = NativeStack.new(p);
-				p.stack.set(s);
-				s.next_stack = cache;
-				cache = s;
-				ok = true;
-			}
+		while (freeSegments != null) {
+			var segment = freeSegments;
+			freeSegments = segment.next_free;
+			segment.next_free = null;
+			wrap(segment);
+			ok = true;
 		}
 		return ok;
 	}
-	// Weak references are only cleared by a GC, so force one to find dead stacks.
+	// Dead stacks are only found by a GC, so force one to release their segments.
 	private def tryCollectingAndReclaiming() -> bool {
 		if (all == null) return false;
 		Target.forceGC();
@@ -97,8 +119,27 @@ component NativeStackManager {
 
 // Native stack segments are individually mmap'd with a guard page in the middle
 class NativeStackSegment extends MemoryRange {
-	var next: NativeStackSegment;
-	def stack = WeakRef<NativeStack>.new();	// owner, if any; cleared by GC
+	var next: NativeStackSegment;		// link in {NativeStackManager.all}
+	var next_free: NativeStackSegment;	// link in {NativeStackManager.freeSegments}
 
 	new(start: Pointer, end: Pointer) super(start, end) { }
+
+	// Returns this segment, which no stack owns, to {NativeStackManager.freeSegments}.
+	def release() {
+		next_free = NativeStackManager.freeSegments;
+		NativeStackManager.freeSegments = this;
+	}
+}
+
+// Records which segment a stack owns, so that the stack's finalizer releases the right one.
+class SegmentOwner {
+	var segment: NativeStackSegment;
+
+	// Finalizer run by the GC once the owning stack has been collected.
+	def release() {
+		var s = segment;
+		if (s == null) return; // the segment was detached before the stack died
+		segment = null;
+		s.release();
+	}
 }
diff --git a/test/unittest/x86-64-linux/NativeStackManagerTest.v3 b/test/unittest/x86-64-linux/NativeStackManagerTest.v3
index fa8e7c109..2d2ad7759 100644
--- a/test/unittest/x86-64-linux/NativeStackManagerTest.v3
+++ b/test/unittest/x86-64-linux/NativeStackManagerTest.v3
@@ -16,7 +16,12 @@ def X_ = void(
 	T("recycle_reuse", test_recycle_reuse),
 	T("recycle_clears", test_recycle_clears),
 	T("limit_batch", test_limit_batch),
-	T("weak_ref_survives_gc", test_weak_ref_survives_gc),
+	T("live_survives_gc", test_live_survives_gc),
+	T("release_on_gc", test_release_on_gc),
+	T("release_once_per_stack", test_release_once_per_stack),
+	T("owner_tracks_segment", test_owner_tracks_segment),
+	T("owner_moved_segment", test_owner_moved_segment),
+	T("owner_reattach", test_owner_reattach),
 	T("reclaim_explicit_gc", test_reclaim_explicit_gc),
 	T("reclaim_implicit_gc", test_reclaim_implicit_gc),
 	T("reclaim_skips_live", test_reclaim_skips_live),
@@ -48,14 +53,11 @@ private class NativeStackManagerTester extends ExeTester {
 		StackTuning.maxStacks = M.total;
 		M.cache = null;
 		Target.forceGC();
-		var free = 0;
-		for (seg = M.all; seg != null; seg = seg.next) if (seg.stack.get() == null) free++;
+		var free = countFree();
 		held = Array<NativeStack>.new(free);
 		for (i < free) held[i] = fresh();
 		if (M.cache != null) t.fail("expected cache to be empty after pinning");
-		for (seg = M.all; seg != null; seg = seg.next) {
-			if (seg.stack.get() == null) t.fail("expected all segments to be owned after pinning");
-		}
+		if (M.freeSegments != null) t.fail("expected no free segments after pinning");
 		StackTuning.maxStacks = M.total + extra;
 		limit_total = StackTuning.maxStacks;
 	}
@@ -69,8 +71,44 @@ private class NativeStackManagerTester extends ExeTester {
 		if (s.vsp != s.range.start) t.fail("expected fresh stack vsp == range.start");
 		if (s.rsp != s.range.end) t.fail("expected fresh stack rsp == range.end");
 		if (s.next_stack != null) t.fail("expected fresh stack to be unlinked from the cache");
+		checkOwner(s);
 		return s;
 	}
+	def checkOwner(s: NativeStack) {
+		if (s.owner == null) return t.fail("expected stack to have a segment owner");
+		if (s.owner.segment != s.range) t.fail("expected stack owner to record the attached segment");
+	}
+	// Moves a fresh stack's segment to a new stack and drops the fresh stack, returning the new owner.
+	def moveSegmentToNewStack() -> NativeStack #no-inline {
+		var a = fresh();
+		var b = NativeStack.new(null);
+		M.attach(b, M.detach(a));
+		if (a.range != null || a.owner.segment != null) t.fail("expected detached stack to own nothing");
+		return b;
+	}
+	// Checks that a moved segment survives the death of its previous owner, then drops the new owner.
+	def checkMovedSegment() -> NativeStackSegment #no-inline {
+		var b = moveSegmentToNewStack();
+		var seg = b.range;
+		Target.forceGC();
+		Target.forceGC();
+		if (isFree(seg)) t.fail("expected moved segment not to be released by its previous owner");
+		checkOwner(b);
+		return seg;
+	}
+	def countFree() -> int {
+		var count = 0;
+		for (seg = M.freeSegments; seg != null; seg = seg.next_free) count++;
+		return count;
+	}
+	def isMapped(seg: NativeStackSegment) -> bool {
+		for (m = M.all; m != null; m = m.next) if (m == seg) return true;
+		return false;
+	}
+	def isFree(seg: NativeStackSegment) -> bool {
+		for (f = M.freeSegments; f != null; f = f.next_free) if (f == seg) return true;
+		return false;
+	}
 	def allocN(n: int) -> Array<NativeStack> {
 		var r = Array<NativeStack>.new(n);
 		for (i < n) r[i] = fresh();
@@ -95,6 +133,17 @@ private class NativeStackManagerTester extends ExeTester {
 		}
 		return r;
 	}
+	// Detaches and reattaches a fresh stack's segment several times, runs it, then drops the stack.
+	def reattachAndDrop(f: Function) -> NativeStackSegment #no-inline {
+		var s = fresh();
+		var seg = s.range;
+		for (i < 3) M.attach(s, M.detach(s));
+		checkOwner(s);
+		assertResult(Result.Value([Values.box_i(2)]), s.reset(f).bind([Values.box_i(7), Values.box_i(5)]).resume());
+		// Returning recycled the stack into the cache; take it out again so that it can die.
+		if (fresh() != s) t.fail("expected the finished stack to be recycled into the cache");
+		return seg;
+	}
 	// Checks global invariants of the manager.
 	def checkInvariants(where: string) {
 		var count = 0, size = EngineOptions.STACK_SIZE.get();
@@ -102,8 +151,6 @@ private class NativeStackManagerTester extends ExeTester {
 		for (seg = M.all; seg != null; seg = seg.next) {
 			count++;
 			if (seg.size() != u64.view(size)) t.fail1("%s: segment has wrong size", where);
-			var s = seg.stack.get();
-			if (s != null && s.range != seg) t.fail1("%s: owning stack does not point back at its segment", where);
 			var rz = seg.start + ((size >> 1) & ~(PAGE_SIZE - 1u));
 			if (!RedZones.isInRedZone(rz)) t.fail1("%s: segment is missing its red zone", where);
 			for (i < starts.length) {
@@ -113,11 +160,17 @@ private class NativeStackManagerTester extends ExeTester {
 		}
 		if (count != M.total) t.fail3("%s: expected %d segments, got %d", where, M.total, count);
 		if (limit_total >= 0 && M.total > limit_total) t.fail3("%s: expected at most %d segments, got %d", where, limit_total, M.total);
-		// Every stack in the cache owns its segment.
-		for (s = M.cache; s != null; s = s.next_stack) {
-			var seg = NativeStackSegment.!(s.range);
-			if (seg.stack.get() != s) t.fail1("%s: cached stack does not own its segment", where);
+		// Every free segment is a mapped segment, and no cached stack owns a free segment.
+		var free = 0;
+		for (seg = M.freeSegments; seg != null; seg = seg.next_free) {
+			free++;
+			if (!isMapped(seg)) t.fail1("%s: free segment is not a mapped segment", where);
+			for (s = M.cache; s != null; s = s.next_stack) {
+				if (s.range == seg) t.fail1("%s: cached stack owns a free segment", where);
+			}
 		}
+		if (free > M.total) t.fail3("%s: expected at most %d free segments, got %d", where, M.total, free);
+		for (s = M.cache; s != null; s = s.next_stack) checkOwner(s);
 	}
 	def assertDisjoint(stacks: Array<NativeStack>) {
 		for (i < stacks.length) {
@@ -183,8 +236,7 @@ def EMPTY_STRUCT = StructDecl.new(false, ValueTypes.NO_HEAPTYPES, []);
 def test_fresh_empty(t: NativeStackManagerTester) {
 	var s = t.fresh();
 	t.t.assert_eq(u64.view(EngineOptions.STACK_SIZE.get()), s.range.size());
-	var seg = NativeStackSegment.!(s.range);
-	if (seg.stack.get() != s) t.t.fail("expected segment to point back at its stack");
+	if (t.isFree(s.range)) t.t.fail("expected fresh stack's segment not to be free");
 	t.checkInvariants("fresh");
 }
 
@@ -221,17 +273,88 @@ def test_limit_batch(t: NativeStackManagerTester) {
 	t.checkInvariants("limit");
 }
 
-def test_weak_ref_survives_gc(t: NativeStackManagerTester) {
+def test_live_survives_gc(t: NativeStackManagerTester) {
+	t.limit(5);
 	var stacks = t.allocN(5);
 	Target.forceGC();
 	Target.forceGC();
 	for (s in stacks) {
-		var seg = NativeStackSegment.!(s.range);
-		if (seg.stack.get() != s) t.t.fail("expected weak reference to live stack to survive GC");
+		if (t.isFree(s.range)) t.t.fail("expected live stack to keep its segment across GC");
 	}
+	if (M.freeSegments != null) t.t.fail("expected no free segments while all stacks are live");
 	t.checkInvariants("after GC");
 }
 
+def test_release_on_gc(t: NativeStackManagerTester) {
+	// Dropped stacks are released by the GC finalizer without the manager asking for a stack.
+	t.limit(4);
+	var dropped = t.allocAndDrop(4);
+	Target.forceGC();
+	t.t.assert_eq(4, t.countFree());
+	for (seg = M.freeSegments; seg != null; seg = seg.next_free) {
+		if (!t.contains(dropped, seg.start)) t.t.fail("expected only dropped segments to be free");
+	}
+	t.checkInvariants("released");
+	var stacks = t.allocN(4);
+	t.t.assert_eq(0, t.countFree());
+	t.assertAllIn(stacks, dropped);
+	t.assertDisjoint(stacks);
+}
+
+def test_release_once_per_stack(t: NativeStackManagerTester) {
+	// A segment is released exactly once per stack that owned it, even across several GCs.
+	t.limit(2);
+	for (i < 10) {
+		var dropped = t.allocAndDrop(2);
+		Target.forceGC();
+		Target.forceGC();
+		t.t.assert_eq(2, t.countFree());
+		var stacks = t.allocN(2);
+		t.assertAllIn(stacks, dropped);
+		Target.forceGC();
+		t.t.assert_eq(0, t.countFree());
+		// Recycled stacks keep their finalizers and are released again when dropped.
+		for (s in stacks) M.recycleStack(s);
+	}
+	t.checkInvariants("release once");
+}
+
+def test_owner_tracks_segment(t: NativeStackManagerTester) {
+	var s = t.fresh();
+	var seg = s.range;
+	if (M.detach(s) != seg) t.t.fail("expected detach to return the attached segment");
+	if (s.range != null || s.owner.segment != null) t.t.fail("expected detached stack to own nothing");
+	M.attach(s, seg);
+	if (s.range != seg) t.t.fail("expected attach to set the segment");
+	if (s.state() != StackState.EMPTY || s.vsp != seg.start || s.rsp != seg.end) t.t.fail("expected attach to leave the stack empty");
+	t.checkOwner(s);
+	t.checkInvariants("owner");
+}
+
+def test_owner_moved_segment(t: NativeStackManagerTester) {
+	// A segment moved to another stack is released only when the new owner dies.
+	t.limit(1);
+	var seg = t.checkMovedSegment();
+	Target.forceGC();
+	if (!t.isFree(seg)) t.t.fail("expected moved segment to be released by its new owner");
+	t.t.assert_eq(1, t.countFree());
+	var s = t.fresh();
+	if (s.range != seg) t.t.fail("expected the released segment to be reused");
+	t.checkInvariants("moved");
+}
+
+def test_owner_reattach(t: NativeStackManagerTester) {
+	// Detaching and reattaching keeps a single finalizer that still releases the segment.
+	var f = t.subFunc();
+	t.limit(1);
+	var dropped = t.reattachAndDrop(f);
+	Target.forceGC();
+	t.t.assert_eq(1, t.countFree());
+	if (!t.isFree(dropped)) t.t.fail("expected reattached segment to be released");
+	var s = t.fresh();
+	t.assertResult(Result.Value([Values.box_i(3)]), s.reset(f).bind([Values.box_i(8), Values.box_i(5)]).resume());
+}
+
 def test_reclaim_explicit_gc(t: NativeStackManagerTester) {
 	t.limit(4);
 	var dropped = t.allocAndDrop(4);
@@ -265,7 +388,7 @@ def test_reclaim_skips_live(t: NativeStackManagerTester) {
 	t.assertAllIn(stacks, dropped);
 	t.assertNoneIn(stacks, live_starts);
 	for (s in live) {
-		if (NativeStackSegment.!(s.range).stack.get() != s) t.t.fail("expected live stack to keep its segment");
+		if (t.isFree(s.range)) t.t.fail("expected live stack to keep its segment");
 	}
 	t.checkInvariants("skips live");
 }