Multiple hybrid DC-DC converter topologies emerged to achieve better efficiency and power density for various applications. However, it is unclear how these topologies evolve from the original DC model. Therefore, it would be difficult to intuitively understand the pros and cons of the topologies only from the circuit level point-of-view. In this work, we propose an improved transformer model for hybrid converters. The proposed model demystifies the converters, explaining how they evolve, and how such evolution affects efficiency and other performances. Meanwhile, we can directly predict the important features of the converters from the proposed model, such as the working principles, conversion ratio, switch stress, inductor currents balance/equalization, switch loss, switching node voltage changing times, and flying capacitor voltage balance. To verify the effectiveness of the proposed model we utilize it in six popular hybrid converters.