diff --git a/debug_toolbar/templates/debug_toolbar/panels/sql_stacktrace.html b/debug_toolbar/templates/debug_toolbar/panels/sql_stacktrace.html
deleted file mode 100644
index 426783b93..000000000
--- a/debug_toolbar/templates/debug_toolbar/panels/sql_stacktrace.html
+++ /dev/null
@@ -1,4 +0,0 @@
-{% for s in stacktrace %}<span class="djdt-path">{{s.0}}/</span><span class="djdt-file">{{s.1}}</span> in <span class="djdt-func">{{s.3}}</span>(<span class="djdt-lineno">{{s.2}}</span>)
-  <span class="djdt-code">{{s.4}}</span>
-  {% if show_locals %}<pre class="djdt-locals">{{s.5|pprint}}</pre>{% endif %}
-{% endfor %}
diff --git a/debug_toolbar/utils.py b/debug_toolbar/utils.py
index c662ab113..57965c457 100644
--- a/debug_toolbar/utils.py
+++ b/debug_toolbar/utils.py
@@ -3,12 +3,12 @@
 import re
 import sys
 from importlib import import_module
-from itertools import chain
+from pprint import pformat
 
 import django
 from django.core.exceptions import ImproperlyConfigured
 from django.template import Node
-from django.template.loader import render_to_string
+from django.utils.html import format_html
 from django.utils.safestring import mark_safe
 
 from debug_toolbar import settings as dt_settings
@@ -69,26 +69,31 @@ def tidy_stacktrace(stack):
 
 
 def render_stacktrace(trace):
-    stacktrace = []
-    for frame in trace:
-        params = (v for v in chain(frame[0].rsplit(os.path.sep, 1), frame[1:]))
-        params_dict = {str(idx): v for idx, v in enumerate(params)}
-        try:
-            stacktrace.append(params_dict)
-        except KeyError:
-            # This frame doesn't have the expected format, so skip it and move
-            # on to the next one
-            continue
-
-    return mark_safe(
-        render_to_string(
-            "debug_toolbar/panels/sql_stacktrace.html",
-            {
-                "stacktrace": stacktrace,
-                "show_locals": dt_settings.get_config()["ENABLE_STACKTRACES_LOCALS"],
-            },
+    show_locals = dt_settings.get_config()["ENABLE_STACKTRACES_LOCALS"]
+    html = ""
+    for abspath, lineno, func, code, locals_ in trace:
+        directory, filename = abspath.rsplit(os.path.sep, 1)
+        html += format_html(
+            (
+                '<span class="djdt-path">{}/</span>'
+                + '<span class="djdt-file">{}</span> in'
+                + ' <span class="djdt-func">{}</span>'
+                + '(<span class="djdt-lineno">{}</span>)\n'
+                + '  <span class="djdt-code">{}</span>\n'
+            ),
+            directory,
+            filename,
+            func,
+            lineno,
+            code,
         )
-    )
+        if show_locals:
+            html += format_html(
+                '  <pre class="djdt-locals">{}</pre>\n',
+                pformat(locals_),
+            )
+        html += "\n"
+    return mark_safe(html)
 
 
 def get_template_info():
diff --git a/docs/changes.rst b/docs/changes.rst
index cacbfa5af..5433326c1 100644
--- a/docs/changes.rst
+++ b/docs/changes.rst
@@ -11,6 +11,7 @@ Next version
 * Reset settings when overridden in tests. Packages or projects using
   django-debug-toolbar can now use Django’s test settings tools, like
   ``@override_settings``, to reconfigure the toolbar during tests.
+* Optimize rendering of SQL panel, saving about 15% of its run time.
 
 3.2.4 (2021-12-15)
 ------------------