A PWM buck-or-boost converter is provided. The converter includes an error amplifier, a rectifier/splitter, a first comparator, and a second comparator. The rectifier/splitter provides two signals proportional to the departure of the error voltage from a central value but increasing in value from zero. Only one of the two signals departs from zero depending on the error voltage. The first comparator compares one of the two signals to a modulating waveform (e.g. a sawtooth waveform), and the second comparator compares the other of the two signals to the modulating waveform. Only one of the two signals intersects the modulating waveform depending on the error voltage. During buck regulation, the first comparator controls the buck switches and the output of the second comparator remains high. During boost regulation, the second comparator controls the boost switches and the output of the first comparator remains high.