diff --git a/tools/Google.Cloud.Tools.VersionCompat/Assemblies.cs b/tools/Google.Cloud.Tools.VersionCompat/Assemblies.cs
index 20796ab4e5316..2cb899c34c4ee 100644
--- a/tools/Google.Cloud.Tools.VersionCompat/Assemblies.cs
+++ b/tools/Google.Cloud.Tools.VersionCompat/Assemblies.cs
@@ -22,6 +22,7 @@
 using System.IO;
 using System.Linq;
 using System.Net.Http;
+using System.Reflection;
 using System.Text.RegularExpressions;
 using System.Threading.Tasks;
 
@@ -32,21 +33,48 @@ namespace Google.Cloud.Tools.VersionCompat
     /// </summary>
     public static class Assemblies
     {
-        private static DiffResult Compare(IReadOnlyList<TypeDefinition> olderTypes, IReadOnlyList<TypeDefinition> newerTypes)
+        private static IEnumerable<Diff> CompareTypes(IEnumerable<TypeDefinition> olderTypes, IEnumerable<TypeDefinition> newerTypes)
         {
             var oWithNested = olderTypes.WithNested().ToImmutableList();
             var nWithNested = newerTypes.WithNested().ToImmutableList();
 
-            var diffs = TopLevel.Diffs(oWithNested, nWithNested).ToImmutableList();
+            return TopLevel.Diffs(oWithNested, nWithNested).ToImmutableList();
+        }
+
+        private static IEnumerable<Diff> CompareDependencies(AssemblyDefinition older, AssemblyDefinition newer)
+        {
+            var olderDeps = older.MainModule.AssemblyReferences.Where(FilterDep).ToDictionary(d => d.Name, d => d.Version);
+            var newerDeps = newer.MainModule.AssemblyReferences.Where(FilterDep).ToDictionary(d => d.Name, d => d.Version);
 
-            return new DiffResult(diffs);
+            var oldOnly = olderDeps
+                .Where(dep => !newerDeps.ContainsKey(dep.Key))
+                .OrderBy(dep => dep.Key, StringComparer.Ordinal)
+                .Select(pair => Diff.Minor(Cause.DependencyRemoved, $"Dependency {pair.Key} v{pair.Value} removed"));
+            var newOnly = newerDeps
+                .Where(dep => !olderDeps.ContainsKey(dep.Key))
+                .OrderBy(dep => dep.Key, StringComparer.Ordinal)
+                .Select(pair => Diff.Minor(Cause.DependencyAdded, $"Dependency {pair.Key} v{pair.Value} added"));
+            var changed = olderDeps
+                .Join(newerDeps, pair => pair.Key, pair => pair.Key, (oldPair, newPair) => (dep: oldPair.Key, oldVersion: oldPair.Value, newVersion: newPair.Value))
+                .Where(tuple => !tuple.oldVersion.Equals(tuple.newVersion))
+                .OrderBy(tuple => tuple.dep, StringComparer.Ordinal)
+                .Select(tuple => Diff.Create(
+                    tuple.oldVersion.Major == tuple.newVersion.Major ? Level.Minor : Level.Minor,
+                    Cause.DependencyChanged, $"Dependency {tuple.dep} changed from v{tuple.oldVersion} to v{tuple.newVersion}"));
+
+            return oldOnly.Concat(newOnly).Concat(changed);
+
+            // Filtering for aspects we don't care about, such as the actual target framework.
+            bool FilterDep(AssemblyNameReference asmName) => asmName.Name != "netstandard";
         }
 
         public static DiffResult Compare(AssemblyDefinition older, AssemblyDefinition newer, string testNamespace)
         {
             if (testNamespace == null)
             {
-                return Compare(older.Modules.SelectMany(x => x.Types).ToList(), newer.Modules.SelectMany(x => x.Types).ToList());
+                var diffs = CompareTypes(GetAllTypes(older), GetAllTypes(newer))
+                    .Concat(CompareDependencies(older, newer));
+                return new DiffResult(diffs);
             }
             else
             {
@@ -54,12 +82,12 @@ public static DiffResult Compare(AssemblyDefinition older, AssemblyDefinition ne
                 var newerTypesList = new List<TypeDefinition>();
                 var nsOlder = $"{testNamespace}.A.";
                 var nsNewer = $"{testNamespace}.B.";
-                foreach (var type in older.Modules.SelectMany(x => x.Types).Where(x => x.FullName.StartsWith(nsOlder)))
+                foreach (var type in GetAllTypes(older).Where(x => x.FullName.StartsWith(nsOlder)))
                 {
                     type.Namespace = type.Namespace.Replace($"{testNamespace}.A", testNamespace);
                     olderTypesList.Add(type);
                 }
-                foreach (var type in newer.Modules.SelectMany(x => x.Types).Where(x => x.FullName.StartsWith(nsNewer)))
+                foreach (var type in GetAllTypes(newer).Where(x => x.FullName.StartsWith(nsNewer)))
                 {
                     type.Namespace = type.Namespace.Replace($"{testNamespace}.B", testNamespace);
                     newerTypesList.Add(type);
@@ -68,8 +96,10 @@ public static DiffResult Compare(AssemblyDefinition older, AssemblyDefinition ne
                 {
                     throw new InvalidOperationException("Test data has no relevant types.");
                 }
-                return Compare(olderTypesList, newerTypesList);
+                return new DiffResult(CompareTypes(olderTypesList, newerTypesList));
             }
+
+            IEnumerable<TypeDefinition> GetAllTypes(AssemblyDefinition asm) => asm.Modules.SelectMany(x => x.Types);
         }
 
         /// <summary>
diff --git a/tools/Google.Cloud.Tools.VersionCompat/Cause.cs b/tools/Google.Cloud.Tools.VersionCompat/Cause.cs
index d49b48a1d379f..ef581fe501f31 100644
--- a/tools/Google.Cloud.Tools.VersionCompat/Cause.cs
+++ b/tools/Google.Cloud.Tools.VersionCompat/Cause.cs
@@ -70,6 +70,9 @@ public enum Cause
         ConstantMadeExported,
         ConstantTypeChanged,
         ConstantAccessModifierChanged,
-        ConstantValueChanged
+        ConstantValueChanged,
+        DependencyAdded,
+        DependencyChanged,
+        DependencyRemoved,
     }
 }
diff --git a/tools/Google.Cloud.Tools.VersionCompat/Diff.cs b/tools/Google.Cloud.Tools.VersionCompat/Diff.cs
index 73bc088abf35e..2193b2043ddf6 100644
--- a/tools/Google.Cloud.Tools.VersionCompat/Diff.cs
+++ b/tools/Google.Cloud.Tools.VersionCompat/Diff.cs
@@ -1,4 +1,4 @@
-// Copyright 2019 Google LLC
+// Copyright 2019 Google LLC
 //
 // Licensed under the Apache License, Version 2.0 (the "License");
 // you may not use this file except in compliance with the License.
@@ -24,6 +24,7 @@ public class Diff
     {
         public static Diff Major(Cause cause, FormattableString msg) => new Diff(Level.Major, cause, msg);
         public static Diff Minor(Cause cause, FormattableString msg) => new Diff(Level.Minor, cause, msg);
+        public static Diff Create(Level level, Cause cause, FormattableString msg) => new Diff(level, cause, msg);
 
         private Diff(Level level, Cause cause, FormattableString msg) => (Level, Cause, Msg) = (level, cause, msg);
 
diff --git a/tools/Google.Cloud.Tools.VersionCompat/DiffResult.cs b/tools/Google.Cloud.Tools.VersionCompat/DiffResult.cs
index 22f5bc7db9a3d..0d7d910dcc4cb 100644
--- a/tools/Google.Cloud.Tools.VersionCompat/DiffResult.cs
+++ b/tools/Google.Cloud.Tools.VersionCompat/DiffResult.cs
@@ -1,4 +1,4 @@
-// Copyright 2019 Google LLC
+// Copyright 2019 Google LLC
 //
 // Licensed under the Apache License, Version 2.0 (the "License");
 // you may not use this file except in compliance with the License.
@@ -14,13 +14,14 @@
 
 using System;
 using System.Collections.Generic;
+using System.Collections.Immutable;
 using System.Linq;
 
 namespace Google.Cloud.Tools.VersionCompat
 {
     public class DiffResult
     {
-        public DiffResult(IReadOnlyList<Diff> diffs) => All = diffs;
+        public DiffResult(IEnumerable<Diff> diffs) => All = diffs.ToImmutableList();
         public IReadOnlyList<Diff> All { get; }
         public IEnumerable<Diff> Major => All.Where(x => x.Level == Level.Major);
         public IEnumerable<Diff> Minor => All.Where(x => x.Level == Level.Minor);