diff --git a/core/dbt/parser/manifest.py b/core/dbt/parser/manifest.py
index fd94d34b098..3251be82928 100644
--- a/core/dbt/parser/manifest.py
+++ b/core/dbt/parser/manifest.py
@@ -1527,43 +1527,66 @@ def _process_refs(
         node.depends_on.add_node(target_model_id)
 
 
-def _process_metric_node(
+def _process_metric_depends_on(
     manifest: Manifest,
     current_project: str,
     metric: Metric,
 ) -> None:
-    """Sets a metric's `input_measures` and `depends_on` properties"""
-
-    # This ensures that if this metrics input_measures have already been set
-    # we skip the work. This could happen either due to recursion or if multiple
-    # metrics derive from another given metric.
-    # NOTE: This does not protect against infinite loops
-    if len(metric.type_params.input_measures) > 0:
-        return
+    """For a given metric, set the `depends_on` property"""
 
-    if metric.type is MetricType.SIMPLE or metric.type is MetricType.CUMULATIVE:
-        assert (
-            metric.type_params.measure is not None
-        ), f"{metric} should have a measure defined, but it does not."
-        metric.type_params.input_measures.append(metric.type_params.measure)
+    assert len(metric.type_params.input_measures) > 0
+    for input_measure in metric.type_params.input_measures:
         target_semantic_model = manifest.resolve_semantic_model_for_measure(
-            target_measure_name=metric.type_params.measure.name,
+            target_measure_name=input_measure.name,
             current_project=current_project,
             node_package=metric.package_name,
         )
         if target_semantic_model is None:
             raise dbt.exceptions.ParsingError(
-                f"A semantic model having a measure `{metric.type_params.measure.name}` does not exist but was referenced.",
+                f"A semantic model having a measure `{input_measure.name}` does not exist but was referenced.",
                 node=metric,
             )
         if target_semantic_model.config.enabled is False:
             raise dbt.exceptions.ParsingError(
-                f"The measure `{metric.type_params.measure.name}` is referenced on disabled semantic model `{target_semantic_model.name}`.",
+                f"The measure `{input_measure.name}` is referenced on disabled semantic model `{target_semantic_model.name}`.",
                 node=metric,
             )
 
         metric.depends_on.add_node(target_semantic_model.unique_id)
 
+
+def _process_metric_node(
+    manifest: Manifest,
+    current_project: str,
+    metric: Metric,
+) -> None:
+    """Sets a metric's `input_measures` and `depends_on` properties"""
+
+    # This ensures that if this metrics input_measures have already been set
+    # we skip the work. This could happen either due to recursion or if multiple
+    # metrics derive from another given metric.
+    # NOTE: This does not protect against infinite loops
+    if len(metric.type_params.input_measures) > 0:
+        return
+
+    if metric.type is MetricType.SIMPLE or metric.type is MetricType.CUMULATIVE:
+        assert (
+            metric.type_params.measure is not None
+        ), f"{metric} should have a measure defined, but it does not."
+        metric.type_params.input_measures.append(metric.type_params.measure)
+        _process_metric_depends_on(
+            manifest=manifest, current_project=current_project, metric=metric
+        )
+    elif metric.type is MetricType.CONVERSION:
+        conversion_type_params = metric.type_params.conversion_type_params
+        assert (
+            conversion_type_params
+        ), f"{metric.name} is a conversion metric and must have conversion_type_params defined."
+        metric.type_params.input_measures.append(conversion_type_params.base_measure)
+        metric.type_params.input_measures.append(conversion_type_params.conversion_measure)
+        _process_metric_depends_on(
+            manifest=manifest, current_project=current_project, metric=metric
+        )
     elif metric.type is MetricType.DERIVED or metric.type is MetricType.RATIO:
         input_metrics = metric.input_metrics
         if metric.type is MetricType.RATIO: