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The phase noise performance of two different microwave analog frequency dividers is characterized and compared with the values obtained using simple theories of noise in injection-locked systems. The direct measurement of the divider noise with a low phase noise synthesizer is not accurate enough, and the residual noise technique is used. The noise levels observed using this technique, between -120 and -155 dBc/Hz at a 10 kHz offset frequency, demonstrate that this divider noise is much lower than the phase noise of most microwave free running oscillators, even if this noise is still high with respect to the residual noise of amplifiers realized with the same active devices. The down conversion of microwave sources up to 40 GHz, is proposed as an application example.