A two-stage step-down converter includes a first stage and a second stage operatively connected to the first stage. The first stage is to step down an input voltage to an intermediate periodic signal and includes a primary side, a secondary side, and a plurality of transformers to electromagnetically couple the primary side and the secondary side to step down the input voltage to the intermediate periodic signal. The primary windings of the transformers are connected in series and the secondary windings are connected in parallel.