This paper presents signal flow graph nonlinear modeling of two-cell cascade buck converters. A systematic procedure for developing the unified flow graph model of the cascade converter is discussed. A simplified procedure is described that can be used to deduce large, small-signal and steady-state models from the unified signal flow graph of the converter. Converter performance expressions, and small-signal and steady-state transfer functions are derived. The large-signal model is developed and programmed into a TUTSIM simulator. Converter large-signal responses are obtained against supply and load disturbances. The validity of the proposed signal flow graph modeling of cascade converters is verified and comparisons are made via PSIM simulator results. A few experimental results are provided to verify the proposed method.