Background: This paper presents the research results of a multilevel switched capacitor DC-DC converter (MLSCC). The converter, for power electronic applications, can operate in ZCS mode by utilizing resonant circuits for recharging the switched capacitors. The main focus of this article is an in-depth original analysis of the waveforms and the converter’s voltage ratio. Material and methods: The concept of the converter is verified by simulation results of the circuit in MATLAB/SIMULINK Sim Power Systems. The formulas given in the mathematical analysis are evaluated for exemplary parameters of the components with the use of numerical approach in MATLAB software. Results: Plot sets are presented in order to judge the parameters’ influence on the converter’s performance. All non-expected relations are explained based on mathematical analysis. The possibilities of the design’s optimization are identified and presented based on the anticipated results. Conclusions: The presented analysis is important for the converter’s design process and can be used for numerical multi-object optimization to further improve the converter’s design.