One of the most significant reliability issues in switching-mode power supplies is electrolytic capacitor degradation caused by aging. This paper proposes an output voltage transient analysis method to detect capacitor wear-out at the output stage of a step-down dc-dc converter. Changes in the converter output voltage dynamics are evaluated by analyzing the output voltage step response with respect to a decrease in the capacitance. The sensitivity of the method is assessed with respect to parameter variations using an equivalent main circuit model. The feasibility of the presented method is verified by experimental tests using a converter prototype. The results show that the presented method is practical and adequate for detecting capacitor degradation in various operating conditions.