A multi-phase current mode hysteretic modulator implements phase current balancing among the multiple power stages using slope-compensated emulated phase current signals and individual phase control signal for each phase. In some embodiments, the slope-compensated emulated phase current signals of all the phases are averaged and compared to the slope-compensated emulated phase current signal of each phase to generate a phase current balance control signal for each phase. The phase current balance control signal is combined with the voltage control loop error signal to generate a phase control signal for each phase where the phase control signals are generated for the multiple phases to control the phase current delivered by each power stage.