Lets take the example of this ModelAdmin we have for Origin:
@admin.register(Origin)
class OriginAdmin(admin.ModelAdmin):
    list_display = ("name", "hero_count", "villain_count")

    def hero_count(self, obj):
        return obj.hero_set.count()

    def villain_count(self, obj):
        return obj.villain_set.count()
This adds two extra queries per row in your listview page. To fix this you can override the get_queryset to annotate the counted fields, and then use the annotated fields in your ModelAdmin methods.
With the changes, your ModelAdmin field looks like this:
@admin.register(Origin)
class OriginAdmin(admin.ModelAdmin):
    list_display = ("name", "hero_count", "villain_count")

    def get_queryset(self, request):
        queryset = super().get_queryset(request)
        queryset = queryset.annotate(
            _hero_count=Count("hero", distinct=True),
            _villain_count=Count("villain", distinct=True),
        )
        return queryset

    def hero_count(self, obj):
        return obj._hero_count

    def villain_count(self, obj):
        return obj._villain_count
There are no per object extra queries. Your admin continues to look like it did before the annotatecall.
_images/calculated_field.png