A new multiple-output dc-dc converter is analyzed, in which the cross regulation is performed by the energy-storage reactor as well as the transformer. The steady state and the dynamic characteristics of this converter is compared both theoretically and experimentally with those of the conventional one composed of the step-up-down type circuit. As the results of comparative analysis, it is revealed that this new converter is superior to the conventional one in the steady state and the dynamic performances. Further, it is demonstrated experimentally that the cross regulation performance of this new multiple-output converter is less affected by the leakage flux in the energy-storage reactor, and also that this converter is very useful as a preregulator for the continuous series regulator in cases requiring a high degree of regulation of the multiple-output voltages.