diff --git a/Zend/tests/gh15938_001.phpt b/Zend/tests/gh15938_001.phpt
new file mode 100644
index 0000000000000..287df51dc0bee
--- /dev/null
+++ b/Zend/tests/gh15938_001.phpt
@@ -0,0 +1,24 @@
+--TEST--
+GH-15938
+--FILE--
+<?php
+
+#[AllowDynamicProperties]
+class C {}
+
+$obj = new C();
+// $obj->a = str_repeat('a', 10);
+$obj->a .= new class {
+    function __toString() {
+        global $obj;
+        unset($obj->a);
+        return str_repeat('c', 10);
+    }
+};
+
+var_dump($obj->a);
+
+?>
+--EXPECTF--
+Warning: Undefined property: C::$a in %s on line %d
+string(10) "cccccccccc"
diff --git a/Zend/tests/gh15938_002.phpt b/Zend/tests/gh15938_002.phpt
new file mode 100644
index 0000000000000..3a98b9ae87ee1
--- /dev/null
+++ b/Zend/tests/gh15938_002.phpt
@@ -0,0 +1,44 @@
+--TEST--
+GH-15938
+--FILE--
+<?php
+
+#[AllowDynamicProperties]
+class C {}
+
+$obj = new C();
+$obj->a = '';
+$obj->a .= new class {
+    function __toString() {
+        global $obj;
+        for ($i = 0; $i < 8; $i++) {
+            $obj->{$i} = 0;
+        }
+        return 'str';
+    }
+};
+
+var_dump($obj);
+
+?>
+--EXPECTF--
+object(C)#%d (9) {
+  ["a"]=>
+  string(3) "str"
+  ["0"]=>
+  int(0)
+  ["1"]=>
+  int(0)
+  ["2"]=>
+  int(0)
+  ["3"]=>
+  int(0)
+  ["4"]=>
+  int(0)
+  ["5"]=>
+  int(0)
+  ["6"]=>
+  int(0)
+  ["7"]=>
+  int(0)
+}
diff --git a/Zend/tests/gh15938_003.phpt b/Zend/tests/gh15938_003.phpt
new file mode 100644
index 0000000000000..120697c1d85d6
--- /dev/null
+++ b/Zend/tests/gh15938_003.phpt
@@ -0,0 +1,25 @@
+--TEST--
+GH-15938
+--FILE--
+<?php
+
+class C {
+    public $a;
+}
+
+$obj = new C();
+$obj->a = '';
+$obj->a .= new class {
+    function __toString() {
+        global $obj;
+        $obj = null;
+        return 'str';
+    }
+};
+
+?>
+--EXPECTF--
+Fatal error: Uncaught Error: Attempt to assign property "a" on null in %s:%d
+Stack trace:
+#0 {main}
+  thrown in %s on line %d
diff --git a/Zend/tests/gh15938_004.phpt b/Zend/tests/gh15938_004.phpt
new file mode 100644
index 0000000000000..591265e325f6b
--- /dev/null
+++ b/Zend/tests/gh15938_004.phpt
@@ -0,0 +1,41 @@
+--TEST--
+GH-15938
+--FILE--
+<?php
+
+$a = [];
+$a[0] = '';
+$a[0] .= new class {
+    function __toString() {
+        global $a;
+        for ($i = 0; $i < 8; $i++) {
+            $a[] = 0;
+        }
+        return 'str';
+    }
+};
+
+var_dump($a);
+
+?>
+--EXPECT--
+array(9) {
+  [0]=>
+  string(3) "str"
+  [1]=>
+  int(0)
+  [2]=>
+  int(0)
+  [3]=>
+  int(0)
+  [4]=>
+  int(0)
+  [5]=>
+  int(0)
+  [6]=>
+  int(0)
+  [7]=>
+  int(0)
+  [8]=>
+  int(0)
+}
diff --git a/Zend/tests/gh15938_005.phpt b/Zend/tests/gh15938_005.phpt
new file mode 100644
index 0000000000000..f21b2938ab937
--- /dev/null
+++ b/Zend/tests/gh15938_005.phpt
@@ -0,0 +1,22 @@
+--TEST--
+GH-15938
+--FILE--
+<?php
+
+$dyn = 'a';
+$$dyn = str_repeat('a', 10);
+try {
+$$dyn .= new class {
+    function __toString() {
+        global $dyn;
+        unset($$dyn);
+        return str_repeat('c', 10);
+    }
+};
+} catch (Exception $e) {}
+
+var_dump(get_defined_vars()['a']);
+
+?>
+--EXPECT--
+string(20) "aaaaaaaaaacccccccccc"
diff --git a/Zend/zend_compile.c b/Zend/zend_compile.c
index 63787c902f647..8aeb541d65e8b 100644
--- a/Zend/zend_compile.c
+++ b/Zend/zend_compile.c
@@ -3627,6 +3627,17 @@ static inline void zend_emit_assign_ref_znode(zend_ast *var_ast, znode *value_no
 }
 /* }}} */
 
+static void zend_cast_to_string_if_concat(uint32_t opcode, zend_ast *expr, znode *result)
+{
+	/* For .=, if the expression may contain objects, cast to a string before
+	 * compiling the lhs W fetches. Otherwise, __toString() may cause the
+	 * volatile zval storage to go away. */
+	if (opcode == ZEND_CONCAT && expr->kind != ZEND_AST_ZVAL) {
+		zend_op *cast_opline = zend_emit_op_tmp(result, ZEND_CAST, result, NULL);
+		cast_opline->extended_value = IS_STRING;
+	}
+}
+
 static void zend_compile_compound_assign(znode *result, zend_ast *ast) /* {{{ */
 {
 	zend_ast *var_ast = ast->child[0];
@@ -3669,6 +3680,7 @@ static void zend_compile_compound_assign(znode *result, zend_ast *ast) /* {{{ */
 			offset = zend_delayed_compile_begin();
 			zend_delayed_compile_dim(result, var_ast, BP_VAR_RW, /* by_ref */ false);
 			zend_compile_expr_with_potential_assign_to_self(&expr_node, expr_ast, var_ast);
+			zend_cast_to_string_if_concat(opcode, expr_ast, &expr_node);
 
 			opline = zend_delayed_compile_end(offset);
 			opline->opcode = ZEND_ASSIGN_DIM_OP;
@@ -3683,6 +3695,7 @@ static void zend_compile_compound_assign(znode *result, zend_ast *ast) /* {{{ */
 			offset = zend_delayed_compile_begin();
 			zend_delayed_compile_prop(result, var_ast, BP_VAR_RW);
 			zend_compile_expr(&expr_node, expr_ast);
+			zend_cast_to_string_if_concat(opcode, expr_ast, &expr_node);
 
 			opline = zend_delayed_compile_end(offset);
 			cache_slot = opline->extended_value;
diff --git a/ext/opcache/tests/jit/assign_obj_op_001.phpt b/ext/opcache/tests/jit/assign_obj_op_001.phpt
index 5b2a6d793d987..adde07240abbc 100644
--- a/ext/opcache/tests/jit/assign_obj_op_001.phpt
+++ b/ext/opcache/tests/jit/assign_obj_op_001.phpt
@@ -13,8 +13,8 @@ $test = new Test;
 (function(){$this->y.=[];})->call($test);
 ?>
 --EXPECTF--
+Warning: Array to string conversion in %sassign_obj_op_001.php on line 6
+
 Deprecated: Creation of dynamic property Test::$y is deprecated in %sassign_obj_op_001.php on line 6
 
 Warning: Undefined property: Test::$y in %sassign_obj_op_001.php on line 6
-
-Warning: Array to string conversion in %sassign_obj_op_001.php on line 6