The modularized subunit of an electronic power transformer (EPT) is a series connection of two H-bridge voltage-source converters and a DC-DC converter with a high-frequency isolation transformer (HFIT). On the basis of cascading and paralleling the modularized subunits, EPT can be used in high-voltage and large-current applications in the power system. This paper discusses the steady state analysis of the modularized subunit of EPT. Theoretical analysis considers the influences of the two H-bridge voltage-source converters on the two sides of the DC-DC converter. We deduce the formulas of the theoretical calculation on the internal electrical characteristics of EPT (e.g., the voltages of the DC-bus capacitor and the primary side peak current of the HFIT). This paper provides guidance on the design and selection of EPT key elements (e.g., the DC-bus capacitors and HFIT). Experimental results are obtained from a single subunit of a laboratory model rated at 962 V, 15 kVA. All calculations, simulations, and experiments confirm the theoretical analysis of the subunit of EPT.