The stability issues of a multi-module distributed DC power system without current-sharing loop are analyzed in this study. The physical understanding of the terminal characteristics of each sub-module is focused on. All the modules are divided into two groups based on the different terminal property types, namely, impedance (Z) and admittance (Y) types. The equivalent circuits of each group are established to analyze the stability issues, and the mathematical equations of the equivalent circuits are derived. A generalized criterion for multi-module distributed systems is proposed based on the stability criterion in a cascade system. The proposed criterion is independent of the power flow direction.