diff --git a/libexec/pyenv-version b/libexec/pyenv-version
index cec2c945..dd5fa29a 100755
--- a/libexec/pyenv-version
+++ b/libexec/pyenv-version
@@ -8,10 +8,13 @@
 set -e
 [ -n "$PYENV_DEBUG" ] && set -x
 
+exitcode=0
 OLDIFS="$IFS"
-IFS=: PYENV_VERSION_NAMES=($(pyenv-version-name))
+IFS=: PYENV_VERSION_NAMES=($(pyenv-version-name)) || exitcode=$?
 IFS="$OLDIFS"
 
 for PYENV_VERSION_NAME in "${PYENV_VERSION_NAMES[@]}"; do
   echo "$PYENV_VERSION_NAME (set by $(pyenv-version-origin))"
 done
+
+exit $exitcode
diff --git a/libexec/pyenv-version-name b/libexec/pyenv-version-name
index 42c04c62..02820012 100755
--- a/libexec/pyenv-version-name
+++ b/libexec/pyenv-version-name
@@ -21,6 +21,7 @@ version_exists() {
 versions=()
 OLDIFS="$IFS"
 { IFS=:
+  any_not_installed=0
   for version in ${PYENV_VERSION}; do
     if version_exists "$version" || [ "$version" = "system" ]; then
       versions=("${versions[@]}" "${version}")
@@ -28,7 +29,7 @@ OLDIFS="$IFS"
       versions=("${versions[@]}" "${version#python-}")
     else
       echo "pyenv: version \`$version' is not installed" >&2
-      exit 1
+      any_not_installed=1
     fi
   done
 }
@@ -39,3 +40,7 @@ OLDIFS="$IFS"
   echo "${versions[*]}"
 }
 IFS="$OLDIFS"
+
+if [ "$any_not_installed" = 1 ]; then
+  exit 1
+fi
diff --git a/test/version-name.bats b/test/version-name.bats
index 951d3e72..6d386076 100644
--- a/test/version-name.bats
+++ b/test/version-name.bats
@@ -52,6 +52,39 @@ setup() {
   assert_failure "pyenv: version \`1.2' is not installed"
 }
 
+@test "one missing version (second missing)" {
+  create_version "3.4.2"
+  PYENV_VERSION="3.4.2:1.2" run pyenv-version-name
+  assert_failure
+  assert_output <<OUT
+pyenv: version \`1.2' is not installed
+3.4.2
+OUT
+}
+
+@test "one missing version (first missing)" {
+  create_version "3.4.2"
+  PYENV_VERSION="1.2:3.4.2" run pyenv-version-name
+  assert_failure
+  assert_output <<OUT
+pyenv: version \`1.2' is not installed
+3.4.2
+OUT
+}
+
+pyenv-version-name-without-stderr() {
+  pyenv-version-name 2>/dev/null
+}
+
+@test "one missing version (without stderr)" {
+  create_version "3.4.2"
+  PYENV_VERSION="1.2:3.4.2" run pyenv-version-name-without-stderr
+  assert_failure
+  assert_output <<OUT
+3.4.2
+OUT
+}
+
 @test "version with prefix in name" {
   create_version "2.7.6"
   cat > ".python-version" <<<"python-2.7.6"
diff --git a/test/version.bats b/test/version.bats
index 296cfd59..120ec51d 100644
--- a/test/version.bats
+++ b/test/version.bats
@@ -36,3 +36,37 @@ setup() {
   run pyenv-version
   assert_success "3.3.3 (set by ${PYENV_ROOT}/version)"
 }
+
+@test "set by PYENV_VERSION, one missing" {
+  create_version "3.3.3"
+  PYENV_VERSION=3.3.3:1.2 run pyenv-version
+  assert_failure
+  assert_output <<OUT
+pyenv: version \`1.2' is not installed
+3.3.3 (set by PYENV_VERSION environment variable)
+OUT
+}
+
+@test "set by PYENV_VERSION, two missing" {
+  create_version "3.3.3"
+  PYENV_VERSION=3.4.2:3.3.3:1.2 run pyenv-version
+  assert_failure
+  assert_output <<OUT
+pyenv: version \`3.4.2' is not installed
+pyenv: version \`1.2' is not installed
+3.3.3 (set by PYENV_VERSION environment variable)
+OUT
+}
+
+pyenv-version-without-stderr() {
+  pyenv-version 2>/dev/null
+}
+
+@test "set by PYENV_VERSION, one missing (stderr filtered)" {
+  create_version "3.3.3"
+  PYENV_VERSION=3.4.2:3.3.3 run pyenv-version-without-stderr
+  assert_failure
+  assert_output <<OUT
+3.3.3 (set by PYENV_VERSION environment variable)
+OUT
+}