A method of trace optimization in a flattened netlist of a circuit is disclosed. The method generally includes the steps of (A) generating a first total result by tracing a first path through the flattened netlist, (B) writing an intermediate result in a memory, the intermediate result characterizing a module having a plurality of instances in the circuit, (C) adding the intermediate result as read from the memory to the first total result upon crossing each of the instances of the module along the first path and (D) writing the first total result into the memory.