In this paper, we report on the DC characteristics of the AlGaN/GaN HFETs using physical models on piezoelectric and thermal effects. Employing the models was found to be essential for a realistic prediction of the DC current-voltage characteristics of the AlGaN/GaN HFETs. Though use of the implementation of the physical models, peak drain current, transconductance, pinch-off voltage, and most importantly, the negative slope in the current were accurately predicted. The importance of the heat sink effect was demonstrated by the comparison of the DC characteristics of AlGaN/GaN HFETs fabricated from different substrates including sapphire, Si and SiC. Highest peak current was achieved from the device with SiC by an effective suppression of heat sink effect.