A state machine for a multi-phase voltage converter controls cycle-by-cycle switching of the phases by: entering a first state in which a control signal for the high-side switch is activate and control signals for the low-side and SR (synchronous rectification) switches are deactivate; entering a second state in which the control signals for all switches are deactivate; entering a third state in which the control signal for the high-side switch is deactivate and the control signals for the low-side and SR switches are activate; entering a fourth state in which the control signals for the high-side and low-side switches are deactivate and the control signal for the SR switch is activate and then entering a fifth state in which the control signals for all switches are deactivate, or entering the fifth state without entering the fourth state; and entering the first state at the beginning of the next switching cycle.