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In this paper, a novel transformerless interleaved high step-down conversion ratio dc–dc converter with low switch voltage stress is proposed. In the proposed converter, two input capacitors are series-charged by the input voltage and parallel-discharged by a new two-phase interleaved buck converter for providing a much higher step-down conversion ratio without adopting an extreme short duty cycle. Based on the capacitive voltage division, the main objectives of the new voltage-divider circuit in the converter are for both storing energy in the blocking capacitors for increasing the step-down conversion ratio and reducing voltage stresses of active switches. As a result, the proposed converter topology possesses the low switch voltage stress characteristic. This will allow one to choose lower voltage rating MOSFETs to reduce both switching and conduction losses, and the overall efficiency is consequently improved. Moreover, due to the charge balance of the blocking capacitor, the converter features automatic uniform current sharing characteristic of the interleaved phases without adding extra circuitry or complex control methods. The operation principles and relevant analysis of the proposed converter are presented in this paper. Finally, a 400-V input voltage, 25-V output voltage, and 400-W output power prototype circuit is implemented in the laboratory to verify the performance. [ABSTRACT FROM PUBLISHER]