The disclosure generally relates to dynamic clock and voltage scaling (DCVS) based on program phase. For example, during each program phase, a first hardware counter may count each cycle where a dispatch stall occurs and an oldest instruction in a load queue is a last-level cache miss, a second hardware counter may count total cycles, and a third hardware counter may count committed instructions. Accordingly, a software/firmware mechanism may read the various hardware counters once the committed instruction counter reaches a threshold value and divide a value of first hardware counter by a value of second hardware counter to measure a stall fraction during a current program execution phase. The measured stall fraction can then be used to predict a stall fraction in a next program execution phase such that optimal voltage and frequency settings can be applied in the next phase based on the predicted stall fraction.