This paper introduces a new analysis technique for complex switched-capacitor (SC) converters. It uses conventional circuit analysis methods to derive state-space models of each switching mode. Steady-state performance is derived and expressed as an equivalent resistance. Whereas previous techniques have provided either the detailed performance of a simple SC converter or the limiting performance of a complex SC converter, this new method is flexible enough to provide detailed performance for any practical converter. Nonuniform component choices, asymmetric duty cycle, and other deviations from an ideal converter can be readily included. Dynamics can also be analyzed. The model has been validated through simulation techniques and experimental data collected from laboratory testing.