A freewheeling MOSFET is connected in parallel with the inductor in a switched DC/DC converter. When the freewheeling MOSFET is turned on during the switching operation of the converter, while the low-side and energy transfer MOSFETs are turned off, the inductor current circulates or “freewheels” through the freewheeling MOSFET. The frequency of the converter is thereby made independent of the lengths of the magnetizing and energy transfer stages, allowing far greater flexibility in operating and converter and overcoming numerous problems associated with conventional DC/DC converters. For example, the converter may operate in either step-up or step-down mode and may even transition for one mode to the other as the values of the input voltage and desired output voltage vary.