In this paper, we present an analytical method that provides fast and efficient evaluation of the conversion efficiency for switching power supplies. In the proposed method, the conduction losses are evaluated by calculating the effective values of the ideal current waveform first and incorporating them into an exact equivalent circuit model of the switching power supply that includes all the parasitic resistances of the circuit components. While the winding losses and core losses are accurately accounted for the magnetic components, the skin and proximity effects are assumed to be negligible in order to simplify the analysis. The validity and accuracy of the proposed method are verified with experiments on a prototype active-clamped forward converter with synchronous rectification. An excellent correlation between the experiments and theories are obtained for the input voltages of 36-75 V with 4-6 MOSFETs employed for the synchronous rectification.