The DC-DC flyback converter is one of the most suitable topologies to generate the voltages necessary to operate Dielectric Elastomer Actuators. Voltages which can range from 5 to 20 kV. Previous works demonstrated through experiments the flyback’s ability to generate such voltages but also revealed that parasitic elements – mainly parasitic capacitances – have a major influence on limiting how high the output voltage could be increased. In this paper, through the development of an analytical model of the system, the influence of each of the aforementioned parasitic elements is confirmed and also quantifiable. Thanks to this model, it is now possible to anticipate the theoretical maximum output voltage a given system is capable to reach.