A frequency modulation (FM) transmitter implemented with a delta-sigma modulator and a phase-locked loop (PLL) is described. The delta-sigma modulator receives a modulating signal (e.g., an FM stereo multiplex (MPX) signal) and provides a modulator output signal. The PLL performs frequency modulation based on the modulator output signal and provides an FM signal. The FM transmitter may further include a gain/phase compensation unit and a scaling unit. The compensation unit may compensate the modulating signal for the closed-loop response of the PLL. The scaling unit may scale the amplitude of the modulating signal based on a gain to obtain a target frequency deviation for the FM signal. The PLL may operate in a transmit mode or a receive mode, may perform frequency modulation in the transmit mode, and may provide a local oscillator (LO) signal at a fixed frequency in the receive mode.