Flying capacitor voltage balancing is critical for the performance of flying capacitor multilevel (FCML) converters. This paper investigates the intrinsic capacitor voltage balancing of multiphase FCML converters with coupled inductors. It is shown that the coupled inductor provides flying capacitor voltage balancing that minimizes steady-state imbalances due to periodic disturbances compared to converters with uncoupled inductors. A dynamic model of natural balancing of the converter is derived and used to estimate the time required for the flying capacitors to settle from an initial imbalance. The theoretical predictions are verified with analytical derivations, SPICE simulations, and experimental results.