diff --git a/netbox/dcim/models/devices.py b/netbox/dcim/models/devices.py
index 4233ba992..fe15f9fb4 100644
--- a/netbox/dcim/models/devices.py
+++ b/netbox/dcim/models/devices.py
@@ -1277,9 +1277,9 @@ class Module(PrimaryModel, ConfigContextModel):
                 if not disable_replication:
                     create_instances.append(template_instance)
 
-            for component in create_instances:
-                # Set default values for any applicable custom fields
-                if cf_defaults := CustomField.objects.get_defaults_for_model(component_model):
+            # Set default values for any applicable custom fields
+            if cf_defaults := CustomField.objects.get_defaults_for_model(component_model):
+                for component in create_instances:
                     component.custom_field_data = cf_defaults
 
             if component_model is not ModuleBay: