This paper presents a comprehensive theoretical analysis and experimental results for three-level isolated dc-dc converter based on the single-ended primary-inductance converter (SEPIC) topology. The main advantage of this structure is the reduction of voltage stress on semiconductors comparing it to the conventional SEPIC converter. Voltage stress is the major challenge associated with the conventional SEPIC structure, and contributions in this area can extend the range of applications for the family of SEPIC converters. The analyzed structure contains two switches, and their commands can be either equal or phase-shifted by 180 . This provides four different modes of operation in discontinuous conduction mode (DCM), which have different operating stages, waveforms, and design equations. In this paper, the topology with parallelconnected output and the static and dynamic theoretical analysis in DCM, for the four command signal profiles, are presented. The advantages and disadvantages, control strategy, experimental results, and a comparative analysis with the conventional SEPIC converter are discussed. The dc-dc SEPIC converter was verified by experimental results from a proof-of-concept prototype with 500 W rated power, 400 V input voltage, 120 V output voltage, and 50 kHz switching frequency. The converter achieved 94.72% efficiency at rated power.