Studies have shown the efficiency benefits of DC dis- tribution systems are largely due to the superior performance of DC/DC converters. Nonetheless, these studies are often based on product data that differs widely in manufacturer and operating voltage. This work develops a rigorous loss model to theoretically compare the efficiency of a DC/DC and an AC/DC PFC boost converter. It ensures each converter has the same components and equivalent operating voltages. The results show AC boost converters below 500 W to have 2.9 to 4.2 times the loss of DC