Disclosed herein is an improved flyback converter that separates the magnetic components of the converter into a transformer and a separate, discrete energy storage inductor. This arrangement can improve the operating efficiency of the converter by reducing the commutation losses as compared to a conventional flyback converter. The magnetic components may be constructed on separate magnetic cores or may be constructed on magnetic cores having at least one common element, thereby allowing for at least partial magnetic flux cancellation in a portion of the core, reducing core losses.