Direct current (DC) converters play an essential role in electronic circuits. Conventional high-efficiency DC voltage converters, especially step-up type, rely on switching operation, where energy is periodically stored within and released from inductors and/or capacitors connected in a variety of circuit topologies. Since these energy storage components, especially inductors, are fundamentally difficult to scale down, miniaturization of switching converters proves challenging. Furthermore, the resulting switching currents produce significant electromagnetic noise. To overcome the limitations of switching converters, photonic transformers, where voltage conversion is achieved through light emission and detection processes, have been demonstrated. However, the demonstrated efficiency is significantly below that of the switching converter. Here we perform a detailed balance analysis and show that with a monolithically integrated design that enables efficient photon transport, the photonic transformer can operate with a near-unity conversion efficiency and high voltage conversion ratio. We validate the theory with a transformer constructed with off-the-shelf discrete components. Our experiment showcases near noiseless operation and a voltage conversion ratio that is significantly higher than obtained in previous photonic transformers. Our findings point to the possibility of a high-performance optical solution to miniaturizing DC power converters and improving the electromagnetic compatibility and quality of electrical power.