An improved multi-junction waveguide circulator that eliminates the transitions to dielectric transformers and air-filled waveguides between ferrite elements is described. The elimination of the additional transformer sections between the ferrite elements allows for closer spacing of the ferrite elements. With the ferrite elements spaced in close proximity, it is feasible to run a single magnetizing winding through multiple ferrite elements without first exiting the conductive waveguide structure. This decreases the total number of magnetizing windings required for the assembly, resulting in a more efficient and lower cost manufacturing and assembly process.