The typical configuration of an ultracapacitor-based energy storage system comprises of an ultracapacitor stack along with a bidirectional DC/DC converter. Accordingly, this paper focuses on developing mathematical models for an ultracapacitor-based energy storage system considering non-idealities. Subsequently, small signal stability analysis is carried out based on the developed mathematical models. In particular, the impact of non-idealities such as ON-state resistance of the switches on the small signal model of the system is highlighted. It is shown that the transfer function of the system derived by considering the non-idealities has a zero on the right-hand side of the s−plane during the discharging mode. The operating conditions under which a right hand zero can occur are derived, and the behavior of the converter under these operating points is analyzed with the help of simulation results. © 2020 Elsevier Ltd