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A dual-output dc-dc converter based on the complementary pulsewidth modulation is proposed to overcome the cross-regulation problem between the outputs. Using a special-connected two transformers cell, one operational period is divided into two complementary parts. One output branch gets the pulsewidth and is regulated by the duty cycle; the other output branch gets the complementary pulsewidth and is regulated by the PFM. Only one full bridge and several passive components are needed, but both the two outputs have the fully regulated abilities even in the no-load situation. Moreover, a full zero-voltage-switching (ZVS) range is achieved in all the switches without auxiliary circuits. Therefore, the proposed topology has compact structure, high switching frequency, high-power density, and high efficiency. The operation principle, ZVS conditions, and design considerations are presented in the paper. The analysis is verified by a 300 V input, and 24 V/10 A and 48 V/5 A outputs prototype.