This paper describes a correction and an extension in the previously published large signal equivalent circuit model for a circular capacitive micromachined ultrasonic transducer (CMUT) cell. The force model is rederived so that the energy and power is preserved in the equivalent circuit model. The model is able to predict the entire behavior of CMUT until the membrane touches the substrate. Many intrinsic properties of the CMUT cell, such as the collapse condition, collapse voltage, the voltage–displacement interrelation and the force equilibrium before and after collapse voltage in the presence of external static force, are obtained as a direct consequence of the model. The small signal equivalent circuit for any bias condition is obtained from the large signal model. The model can be implemented in circuit simulation tools and model predictions are in excellent agreement with finite element method simulations.