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In this paper, we propose a novel transformer-less direct current (dc) converter that features low switch voltage stress and automatic uniform current sharing. An interleaved four-phase voltage divider operating from a 400 V dc bus is used to achieve a high step-down conversion ratio with a moderate duty ratio. Based on the capacitive voltage division, the proposed converter achieves two major objectives, i.e., increased voltage conversion ratio, due to energy storage in the blocking capacitors, and reduced voltage stress of active switches and diodes. As a result, the proposed converter permits the use of lower voltage rating MOSFETs to reduce both switching and conduction losses, thereby improving the overall efficiency. In addition, due to the charge balance of the capacitors, the proposed converter enables automatic uniform current sharing of the interleaved phases without adding extra circuitry or complex control methods. The operation principles and performance analyses of the proposed converter are presented, and its effectiveness is verified by a 500 W output power prototype circuit that converts 400 V input voltage into 24 V output voltage. [ABSTRACT FROM AUTHOR]