This paper presents a study of the nonlinear dynamic behavior a flying capacitor four-level three-cell DC-DC buck converter. Its stability analysis is performed and its stability boundaries is determined in the multi-dimensional paramertic space. First, the switched model of the converter is presented. Then, a discrete-time controller for the converter is proposed. The controller is is responsible for both balancing the flying capacitor voltages from one hand and for output current regulation. Simulation results from the switched model of the converter under the proposed controller are presented. The results show that the system may undergo bifurcation phenomena and period doubling route to chaos when some system parameters are varied. One-dimensional bifurcation diagrams are computed and used to explore the possible dynamical behavior of the system. By using Floquet theory and Filippov method to derive the monodromy matrix, the bifurcation behavior observed in the converter is accurately predicted. Based on justified and realistic approximations of the system state variables waveforms, simple and accurate expressions for these steady-state values and the monodromy matrix are derived and validated. The simple expression of the steady-state operation and the monodromy matrix allow to analytically predict the onset of instability in the system and the stability region in the parametric space is determined. Numerical simulations from the exact switched model validate the theoretical predictions.