diff --git a/lib/internal/perf/timerify.js b/lib/internal/perf/timerify.js
index 38f6b3d37acdd2..dc16b4c6c405ef 100644
--- a/lib/internal/perf/timerify.js
+++ b/lib/internal/perf/timerify.js
@@ -20,10 +20,6 @@ const {
   isHistogram
 } = require('internal/histogram');
 
-const {
-  isConstructor,
-} = internalBinding('util');
-
 const {
   codes: {
     ERR_INVALID_ARG_TYPE,
@@ -68,14 +64,13 @@ function timerify(fn, options = {}) {
       histogram);
   }
 
-  const constructor = isConstructor(fn);
-
   function timerified(...args) {
+    const isConstructorCall = !!new.target;
     const start = now();
-    const result = constructor ?
+    const result = isConstructorCall ?
       ReflectConstruct(fn, args, fn) :
       ReflectApply(fn, this, args);
-    if (!constructor && typeof result?.finally === 'function') {
+    if (!isConstructorCall && typeof result?.finally === 'function') {
       return result.finally(
         FunctionPrototypeBind(
           processComplete,
diff --git a/test/parallel/test-performance-function.js b/test/parallel/test-performance-function.js
index fcc3004d02884a..5f774d6c2adcf5 100644
--- a/test/parallel/test-performance-function.js
+++ b/test/parallel/test-performance-function.js
@@ -123,3 +123,22 @@ const {
     });
   });
 })().then(common.mustCall());
+
+// Regression tests for https://github.com/nodejs/node/issues/40623
+{
+  assert.strictEqual(performance.timerify(function func() {
+    return 1;
+  })(), 1);
+  assert.strictEqual(performance.timerify(function() {
+    return 1;
+  })(), 1);
+  assert.strictEqual(performance.timerify(() => {
+    return 1;
+  })(), 1);
+  class C {}
+  const wrap = performance.timerify(C);
+  assert.ok(new wrap() instanceof C);
+  assert.throws(() => wrap(), {
+    name: 'TypeError',
+  });
+}