diff --git a/swh/loader/cvs/loader.py b/swh/loader/cvs/loader.py
--- a/swh/loader/cvs/loader.py
+++ b/swh/loader/cvs/loader.py
@@ -117,6 +117,7 @@
         self.cvsroot_path = cvsroot_path
         self.custom_id_keyword = None
         self.excluded_keywords: List[str] = []
+        self.swh_dir = from_disk.Directory()
 
         self.snapshot: Optional[Snapshot] = None
         self.last_snapshot: Optional[Snapshot] = snapshot_get_latest(
@@ -135,12 +136,12 @@
 
         """
         # Compute SWH revision from the on-disk state
-        swh_dir = from_disk.Directory.from_disk(path=os.fsencode(self.worktree_path))
         parents: Tuple[Sha1Git, ...]
         if self._last_revision:
             parents = (self._last_revision.id,)
         else:
             parents = ()
+        swh_dir = self.swh_dir[self.cvs_module_name.encode()]
         revision = self.build_swh_revision(k, logmsg, swh_dir.hash, parents)
         self.log.debug("SWH revision ID: %s", hashutil.hash_to_hex(revision.id))
         self._last_revision = revision
@@ -158,6 +159,15 @@
         else:
             return True
 
+    def add_content(self, path: bytes, wtpath: bytes):
+        path_parts = path.split(b"/")
+        current_path = b""
+        for p in path_parts[:-1]:
+            current_path = os.path.join(current_path, p)
+            if current_path not in self.swh_dir:
+                self.swh_dir[current_path] = from_disk.Directory()
+        self.swh_dir[path] = from_disk.Content.from_file(path=wtpath)
+
     def checkout_file_with_rcsparse(
         self, k: ChangeSetKey, f: FileRevision, rcsfile: rcsparse.rcsfile
     ) -> None:
@@ -174,6 +184,8 @@
                 os.remove(wtpath)
             except FileNotFoundError:
                 pass
+            if path in self.swh_dir:
+                del self.swh_dir[path]
         else:
             # create, or update, this file in the work tree
             if not rcsfile:
@@ -215,6 +227,8 @@
             outfile.write(contents)
             outfile.close()
 
+            self.add_content(path, wtpath)
+
     def checkout_file_with_cvsclient(
         self, k: ChangeSetKey, f: FileRevision, cvsclient: CVSClient
     ):
@@ -230,6 +244,8 @@
                 os.remove(wtpath)
             except FileNotFoundError:
                 pass
+            if path in self.swh_dir:
+                del self.swh_dir[path]
         else:
             dirname = os.path.dirname(wtpath)
             os.makedirs(dirname, exist_ok=True)
@@ -242,6 +258,8 @@
                 # Well, we have just renamed the file...
                 pass
 
+            self.add_content(path, wtpath)
+
     def process_cvs_changesets(
         self,
         cvs_changesets: List[ChangeSetKey],
@@ -259,6 +277,7 @@
 
         """
         for k in cvs_changesets:
+            modified_paths = set()
             tstr = time.strftime("%c", time.gmtime(k.max_time))
             self.log.debug(
                 "changeset from %s by %s on branch %s", tstr, k.author, k.branch
@@ -282,11 +301,36 @@
                         logmsg = self.rlog.getlog(self.rlog_file, f.path, k.revs[0].rev)
                     self.checkout_file_with_cvsclient(k, f, self.cvsclient)
 
+                assert self.cvsroot_path
+                path = file_path(os.fsencode(self.cvsroot_path), f.path)
+                # skip CVS module name in file path
+                path_parts = path.split(b"/")[1:]
+                for i in range(len(path_parts)):
+                    modified_paths.add(b"/".join(path_parts[:i]))
+                if f.state != "dead":
+                    modified_paths.add(b"/".join(path_parts))
+
             # TODO: prune empty directories?
             (revision, swh_dir) = self.compute_swh_revision(k, logmsg)
-            (contents, skipped_contents, directories) = from_disk.iter_directory(
-                swh_dir
-            )
+
+            contents: List[Content] = []
+            skipped_contents: List[SkippedContent] = []
+            directories: List[Directory] = []
+
+            directories.append(swh_dir.to_model())
+            for path in modified_paths:
+                obj = swh_dir[path].to_model()
+                obj_type = obj.object_type
+                if obj_type in (
+                    Content.object_type,
+                    from_disk.DiskBackedContent.object_type,
+                ):
+                    contents.append(obj.with_data())
+                elif obj_type == SkippedContent.object_type:
+                    skipped_contents.append(obj)
+                elif obj_type == Directory.object_type:
+                    directories.append(obj)
+
             yield contents, skipped_contents, directories, revision
 
     def pre_cleanup(self) -> None: