We calculate voltage-matching considerations for stacked independent cells. The calculations show that designs using independent junctions that are voltage matched can achieve better efficiency across temperature, spectrum, and a yearly metric compared to traditional monolithic cells. Voltage matching is shown to be relatively insensitive to temperature and spectrum, but dependent on open circuit voltage as a measure of cell efficiency. Voltage matching can usually yield yearly efficiencies of 98%–99% of the efficiency of a system with each junction operating at its own maximum power point.