Equivalent Series Inductance (ESL) is a parasitic inductance in tantalum and aluminum electrolytic capacitors. These capacitors are frequently used as the filter capacitors in DC-DC converters, because of their high ripple current capacity. The effect of ESL is usually neglected when the DC-DC converter performance is analyzed and evaluated. The trend for DC-DC converters is to increase the power density; this causes higher and higher ripple current to flow into the filter capacitors. As the ripple current increases, the effect of the ESL on the converter stability becomes quite significant. This paper discusses the effect of the filter capacitor ESL on converter stability, derives the open loop transfer function in closed form and verifies the model with experimental data.