diff --git a/docs/en/api-guides/build-system.rst b/docs/en/api-guides/build-system.rst
index a0cb96d39..f409c0219 100644
--- a/docs/en/api-guides/build-system.rst
+++ b/docs/en/api-guides/build-system.rst
@@ -1422,6 +1422,8 @@ The tool will convert the project Makefile and any component ``component.mk`` fi
 
 It does so by running ``make`` to expand the ESP-IDF build system variables which are set by the build, and then producing equivalent CMakelists files to set the same variables.
 
+.. important:: When the conversion tool converts a ``component.mk`` file, it doesn't determine what other components that component depends on. This information needs to be added manually by editing the new component ``CMakeLists.txt`` file and adding ``REQUIRES`` and/or ``PRIV_REQUIRES`` clauses. Otherwise, source files in the component will fail to compile as headers from other components are not found. See :ref:`component requirements`.
+
 The conversion tool is not capable of dealing with complex Makefile logic or unusual targets. These will need to be converted by hand.
 
 No Longer Available in CMake
diff --git a/tools/cmake/convert_to_cmake.py b/tools/cmake/convert_to_cmake.py
index 0ba7fa62f..588b9bdd5 100755
--- a/tools/cmake/convert_to_cmake.py
+++ b/tools/cmake/convert_to_cmake.py
@@ -78,14 +78,14 @@ def get_component_variables(project_path, component_path):
             return None
 
         srcs = []
-        for obj in make_vars["COMPONENT_OBJS"].split(" "):
+        for obj in make_vars["COMPONENT_OBJS"].split():
             src = find_src(obj)
             if src is not None:
                 srcs.append(src)
         make_vars["COMPONENT_SRCS"] = " ".join(srcs)
     else:
         component_srcs = list()
-        for component_srcdir in make_vars.get("COMPONENT_SRCDIRS", ".").split(" "):
+        for component_srcdir in make_vars.get("COMPONENT_SRCDIRS", ".").split():
             component_srcdir_path = os.path.abspath(os.path.join(component_path, component_srcdir))
 
             srcs = list()
@@ -114,7 +114,9 @@ def convert_project(project_path):
     if "PROJECT_NAME" not in project_vars:
         raise RuntimeError("PROJECT_NAME does not appear to be defined in IDF project Makefile at %s" % project_path)
 
-    component_paths = project_vars["COMPONENT_PATHS"].split(" ")
+    component_paths = project_vars["COMPONENT_PATHS"].split()
+
+    converted_components = 0
 
     # Convert components as needed
     for p in component_paths:
@@ -122,7 +124,7 @@ def convert_project(project_path):
             cmd = ["cygpath", "-w", p]
             p = subprocess.check_output(cmd).strip()
 
-        convert_component(project_path, p)
+        converted_components += convert_component(project_path, p)
 
     project_name = project_vars["PROJECT_NAME"]
 
@@ -143,6 +145,13 @@ include($ENV{IDF_PATH}/tools/cmake/project.cmake)
 
     print("Converted project %s" % project_cmakelists)
 
+    if converted_components > 0:
+        print("Note: Newly created component CMakeLists.txt do not have any REQUIRES or PRIV_REQUIRES "
+              "lists to declare their component requirements. Builds may fail to include other "
+              "components' header files. If so requirements need to be added to the components' "
+              "CMakeLists.txt files. See the 'Component Requirements' section of the "
+              "Build System docs for more details.")
+
 
 def convert_component(project_path, component_path):
     if debug:
@@ -150,7 +159,7 @@ def convert_component(project_path, component_path):
     cmakelists_path = os.path.join(component_path, "CMakeLists.txt")
     if os.path.exists(cmakelists_path):
         print("Skipping already-converted component %s..." % cmakelists_path)
-        return
+        return 0
     v = get_component_variables(project_path, component_path)
 
     # Look up all the variables before we start writing the file, so it's not
@@ -173,6 +182,7 @@ def convert_component(project_path, component_path):
             f.write("target_compile_options(${COMPONENT_LIB} PRIVATE %s)\n" % cflags)
 
     print("Converted %s" % cmakelists_path)
+    return 1
 
 
 def main():