A low profile power converter structure is provide wherein volume is reduced and power density is increased to approach 1 KW/in3 by at least one of forming an inductor as a body of magnetic material embedded in a substrate formed by a plurality of printed circuit board (PCB) lamina and forming inductor windings of PCB cladding and vias which may be of any desired number of turns and may include inversely coupled windings and which provide a lateral flux path, forming the body of magnetic material from high aspect ratio flakes of magnetic material which are aligned with the inductor magnetic field in an insulating organic binder and hot-pressed and providing a four-layer architecture comprising two layers of PCB lamina including the embedded body of magnetic material, a shield layer and an additional layer of PCB lamina, including cladding for supporting and connecting a switching circuit, a capacitor and the inductor.