diff --git a/homeassistant/components/config/config_entries.py b/homeassistant/components/config/config_entries.py
index 1e26a9c46d4..887c0517d05 100644
--- a/homeassistant/components/config/config_entries.py
+++ b/homeassistant/components/config/config_entries.py
@@ -3,6 +3,7 @@ from __future__ import annotations
 
 from http import HTTPStatus
 
+from aiohttp import web
 import aiohttp.web_exceptions
 import voluptuous as vol
 
@@ -11,7 +12,7 @@ from homeassistant.auth.permissions.const import CAT_CONFIG_ENTRIES, POLICY_EDIT
 from homeassistant.components import websocket_api
 from homeassistant.components.http import HomeAssistantView
 from homeassistant.core import HomeAssistant, callback
-from homeassistant.exceptions import Unauthorized
+from homeassistant.exceptions import DependencyError, Unauthorized
 from homeassistant.helpers.data_entry_flow import (
     FlowManagerIndexView,
     FlowManagerResourceView,
@@ -127,7 +128,13 @@ class ConfigManagerFlowIndexView(FlowManagerIndexView):
             raise Unauthorized(perm_category=CAT_CONFIG_ENTRIES, permission="add")
 
         # pylint: disable=no-value-for-parameter
-        return await super().post(request)
+        try:
+            return await super().post(request)
+        except DependencyError as exc:
+            return web.Response(
+                text=f"Failed dependencies {', '.join(exc.failed_dependencies)}",
+                status=HTTPStatus.BAD_REQUEST,
+            )
 
     def _prepare_result_json(self, result):
         """Convert result to JSON."""
diff --git a/homeassistant/exceptions.py b/homeassistant/exceptions.py
index ff8fb295cd5..052d3de4768 100644
--- a/homeassistant/exceptions.py
+++ b/homeassistant/exceptions.py
@@ -199,3 +199,15 @@ class RequiredParameterMissing(HomeAssistantError):
             ),
         )
         self.parameter_names = parameter_names
+
+
+class DependencyError(HomeAssistantError):
+    """Raised when dependencies can not be setup."""
+
+    def __init__(self, failed_dependencies: list[str]) -> None:
+        """Initialize error."""
+        super().__init__(
+            self,
+            f"Could not setup dependencies: {', '.join(failed_dependencies)}",
+        )
+        self.failed_dependencies = failed_dependencies
diff --git a/homeassistant/setup.py b/homeassistant/setup.py
index 5ff6519f6ec..5c56cb55b19 100644
--- a/homeassistant/setup.py
+++ b/homeassistant/setup.py
@@ -18,7 +18,7 @@ from .const import (
     Platform,
 )
 from .core import CALLBACK_TYPE
-from .exceptions import HomeAssistantError
+from .exceptions import DependencyError, HomeAssistantError
 from .helpers.typing import ConfigType
 from .util import dt as dt_util, ensure_unique_string
 
@@ -83,8 +83,11 @@ async def async_setup_component(
 
 async def _async_process_dependencies(
     hass: core.HomeAssistant, config: ConfigType, integration: loader.Integration
-) -> bool:
-    """Ensure all dependencies are set up."""
+) -> list[str]:
+    """Ensure all dependencies are set up.
+
+    Returns a list of dependencies which failed to set up.
+    """
     dependencies_tasks = {
         dep: hass.loop.create_task(async_setup_component(hass, dep, config))
         for dep in integration.dependencies
@@ -104,7 +107,7 @@ async def _async_process_dependencies(
             )
 
     if not dependencies_tasks and not after_dependencies_tasks:
-        return True
+        return []
 
     if dependencies_tasks:
         _LOGGER.debug(
@@ -135,8 +138,7 @@ async def _async_process_dependencies(
             ", ".join(failed),
         )
 
-        return False
-    return True
+    return failed
 
 
 async def _async_setup_component(
@@ -341,8 +343,8 @@ async def async_process_deps_reqs(
     elif integration.domain in processed:
         return
 
-    if not await _async_process_dependencies(hass, config, integration):
-        raise HomeAssistantError("Could not set up all dependencies.")
+    if failed_deps := await _async_process_dependencies(hass, config, integration):
+        raise DependencyError(failed_deps)
 
     if not hass.config.skip_pip and integration.requirements:
         async with hass.timeout.async_freeze(integration.domain):
diff --git a/tests/components/config/test_config_entries.py b/tests/components/config/test_config_entries.py
index 7f88d9b482b..6608bf3471d 100644
--- a/tests/components/config/test_config_entries.py
+++ b/tests/components/config/test_config_entries.py
@@ -252,6 +252,35 @@ async def test_initialize_flow(hass, client):
     }
 
 
+async def test_initialize_flow_unmet_dependency(hass, client):
+    """Test unmet dependencies are listed."""
+    mock_entity_platform(hass, "config_flow.test", None)
+
+    config_schema = vol.Schema({"comp_conf": {"hello": str}}, required=True)
+    mock_integration(
+        hass, MockModule(domain="dependency_1", config_schema=config_schema)
+    )
+    # The test2 config flow should  fail because dependency_1 can't be automatically setup
+    mock_integration(
+        hass,
+        MockModule(domain="test2", partial_manifest={"dependencies": ["dependency_1"]}),
+    )
+
+    class TestFlow(core_ce.ConfigFlow):
+        async def async_step_user(self, user_input=None):
+            pass
+
+    with patch.dict(HANDLERS, {"test2": TestFlow}):
+        resp = await client.post(
+            "/api/config/config_entries/flow",
+            json={"handler": "test2", "show_advanced_options": True},
+        )
+
+    assert resp.status == HTTPStatus.BAD_REQUEST
+    data = await resp.text()
+    assert data == "Failed dependencies dependency_1"
+
+
 async def test_initialize_flow_unauth(hass, client, hass_admin_user):
     """Test we can initialize a flow."""
     hass_admin_user.groups = []