A power converter having a switched capacitor buck/boost operation has first and second switches coupled to a first switching node, third and fourth switches coupled to a second switching node, a capacitor coupled between the first and second switching nodes, and an inductor coupled to the first switching node. A switch controller controls the switches to operate in voltage step-down mode and voltage step-up mode depending on a difference between converter output voltage VOUT and converter input voltage VIN. In a buck-optimized topology operating in a step-down mode, an output current flowing through the first switching node flows through only one switch at a given time. In a boost-optimized topology operating in a step-up mode, an output current flowing through the first switching node flows through only one switch at a given time. As a result, a more compact and efficient power converter may be realized at lower cost.