diff --git a/src/linkgraph/linkgraph_gui.h b/src/linkgraph/linkgraph_gui.h
index b2d74baa6c..fcf81817f7 100644
--- a/src/linkgraph/linkgraph_gui.h
+++ b/src/linkgraph/linkgraph_gui.h
@@ -51,8 +51,7 @@ public:
 	 * @param company_mask Bitmask of companies to be shown.
 	 * @param scale Desired thickness of lines and size of station dots.
 	 */
-	LinkGraphOverlay(const Window *w, uint wid, uint32 cargo_mask = 0xFFFFFFFF,
-			uint32 company_mask = 1 << _local_company, uint scale = 1) :
+	LinkGraphOverlay(const Window *w, uint wid, uint32 cargo_mask, uint32 company_mask, uint scale) :
 			window(w), widget_id(wid), cargo_mask(cargo_mask), company_mask(company_mask), scale(scale)
 	{}
 
diff --git a/src/smallmap_gui.cpp b/src/smallmap_gui.cpp
index e144ddb0cb..b4137038fc 100644
--- a/src/smallmap_gui.cpp
+++ b/src/smallmap_gui.cpp
@@ -1049,7 +1049,7 @@ void SmallMapWindow::SetupWidgetData()
 SmallMapWindow::SmallMapWindow(WindowDesc *desc, int window_number) : Window(desc), refresh(FORCE_REFRESH_PERIOD)
 {
 	_smallmap_industry_highlight = INVALID_INDUSTRYTYPE;
-	this->overlay = new LinkGraphOverlay(this, WID_SM_MAP);
+	this->overlay = new LinkGraphOverlay(this, WID_SM_MAP, 0, this->GetOverlayCompanyMask(), 1);
 	this->InitNested(window_number);
 	this->LowerWidget(this->map_type + WID_SM_CONTOUR);
 
@@ -1530,7 +1530,14 @@ int SmallMapWindow::GetPositionOnLegend(Point pt)
 	/* Update the window every now and then */
 	if (--this->refresh != 0) return;
 
-	if (this->map_type == SMT_LINKSTATS) this->overlay->RebuildCache();
+	if (this->map_type == SMT_LINKSTATS) {
+		uint32 company_mask = this->GetOverlayCompanyMask();
+		if (this->overlay->GetCompanyMask() != company_mask) {
+			this->overlay->SetCompanyMask(company_mask);
+		} else {
+			this->overlay->RebuildCache();
+		}
+	}
 	_smallmap_industry_highlight_state = !_smallmap_industry_highlight_state;
 
 	this->refresh = _smallmap_industry_highlight != INVALID_INDUSTRYTYPE ? BLINK_PERIOD : FORCE_REFRESH_PERIOD;
diff --git a/src/smallmap_gui.h b/src/smallmap_gui.h
index 4b180f547f..6652f83d8c 100644
--- a/src/smallmap_gui.h
+++ b/src/smallmap_gui.h
@@ -13,6 +13,7 @@
 #define SMALLMAP_GUI_H
 
 #include "industry_type.h"
+#include "company_base.h"
 #include "window_gui.h"
 #include "strings_func.h"
 #include "blitter/factory.hpp"
@@ -135,6 +136,16 @@ protected:
 				this->GetNumberRowsLegend(num_columns) * FONT_HEIGHT_SMALL;
 	}
 
+	/**
+	 * Get a bitmask for company links to be displayed. Usually this will be
+	 * the _local_company. Spectators get to see all companies' links.
+	 * @return Company mask.
+	 */
+	inline uint32 GetOverlayCompanyMask() const
+	{
+		return Company::IsValidID(_local_company) ? 1U << _local_company : 0xffffffff;
+	}
+
 	uint GetNumberRowsLegend(uint columns) const;
 	void SelectLegendItem(int click_pos, LegendAndColour *legend, int end_legend_item, int begin_legend_item = 0);
 	void SwitchMapType(SmallMapType map_type);