This document presents an analysis of closed loop operation of single-inductor dual-output buck converters. It begins with an overview of these converters and their applications. It then analyzes the circuit operation in both continuous and discontinuous conduction modes, developing equations for voltage gains, duty cycles, and other parameters. Most importantly, it identifies a new "mix-voltage" operation mode where the input voltage can be lower than one output voltage. Experimental results are presented to validate the analytical equations and this new operating mode.