diff --git a/Makefile b/Makefile
index ec7403961a..d622799554 100644
--- a/Makefile
+++ b/Makefile
@@ -376,7 +376,7 @@ endif
 ifneq ($(CONFIG_MODULES),)
 	$(INSTALL_DIR) "$(DESTDIR)$(qemu_moddir)"
 	for s in $(patsubst %.mo,%$(DSOSUF),$(modules-m)); do \
-		$(INSTALL_PROG) $(STRIP_OPT) $$s "$(DESTDIR)$(qemu_moddir)/$${s//\//-}"; \
+		$(INSTALL_PROG) $(STRIP_OPT) $$s "$(DESTDIR)$(qemu_moddir)/$$(echo $$s | tr / -)"; \
 	done
 endif
 ifneq ($(HELPERS-y),)