A lead frame-based discrete power inductor is disclosed. The power inductor includes top and bottom lead frames, the leads of which form a coil around a single closed-loop magnetic core. The coil includes interconnections between inner and outer contact sections of the top and bottom lead frames, the magnetic core being sandwiched between the top and bottom lead frames. Ones of the leads of the top and bottom lead frames have a generally non-linear, stepped configuration such that the leads of the top lead frame couple adjacent leads of the bottom lead frame about the magnetic core to form the coil.