diff --git a/homeassistant/components/emulated_hue/__init__.py b/homeassistant/components/emulated_hue/__init__.py
index 5dbd52d09b1..9b4da5cfb21 100644
--- a/homeassistant/components/emulated_hue/__init__.py
+++ b/homeassistant/components/emulated_hue/__init__.py
@@ -174,6 +174,7 @@ class Config:
         self.type = conf.get(CONF_TYPE)
         self.numbers = None
         self.cached_states = {}
+        self._exposed_cache = {}
 
         if self.type == TYPE_ALEXA:
             _LOGGER.warning(
@@ -279,6 +280,24 @@ class Config:
         return entity.attributes.get(ATTR_EMULATED_HUE_NAME, entity.name)
 
     def is_entity_exposed(self, entity):
+        """Cache determine if an entity should be exposed on the emulated bridge."""
+        entity_id = entity.entity_id
+        if entity_id not in self._exposed_cache:
+            self._exposed_cache[entity_id] = self._is_entity_exposed(entity)
+        return self._exposed_cache[entity_id]
+
+    def filter_exposed_entities(self, states):
+        """Filter a list of all states down to exposed entities."""
+        exposed = []
+        for entity in states:
+            entity_id = entity.entity_id
+            if entity_id not in self._exposed_cache:
+                self._exposed_cache[entity_id] = self._is_entity_exposed(entity)
+            if self._exposed_cache[entity_id]:
+                exposed.append(entity)
+        return exposed
+
+    def _is_entity_exposed(self, entity):
         """Determine if an entity should be exposed on the emulated bridge.
 
         Async friendly.
diff --git a/homeassistant/components/emulated_hue/hue_api.py b/homeassistant/components/emulated_hue/hue_api.py
index 15d3f323092..c30af5e1cc7 100644
--- a/homeassistant/components/emulated_hue/hue_api.py
+++ b/homeassistant/components/emulated_hue/hue_api.py
@@ -759,10 +759,9 @@ def create_list_of_entities(config, request):
     hass = request.app["hass"]
     json_response = {}
 
-    for entity in hass.states.async_all():
-        if config.is_entity_exposed(entity):
-            number = config.entity_id_to_number(entity.entity_id)
-            json_response[number] = entity_to_json(config, entity)
+    for entity in config.filter_exposed_entities(hass.states.async_all()):
+        number = config.entity_id_to_number(entity.entity_id)
+        json_response[number] = entity_to_json(config, entity)
 
     return json_response
 
diff --git a/tests/components/emulated_hue/test_hue_api.py b/tests/components/emulated_hue/test_hue_api.py
index fa97cd2f417..efda09d54ce 100644
--- a/tests/components/emulated_hue/test_hue_api.py
+++ b/tests/components/emulated_hue/test_hue_api.py
@@ -181,6 +181,8 @@ def hue_client(loop, hass_hue, aiohttp_client):
                 "climate.hvac": {emulated_hue.CONF_ENTITY_HIDDEN: False},
                 # Expose HeatPump
                 "climate.heatpump": {emulated_hue.CONF_ENTITY_HIDDEN: False},
+                # No expose setting (use default of not exposed)
+                "climate.nosetting": {},
             },
         },
     )