In this paper, the main electrical and magnetic parameters of five-phase machines are described in terms of the main dimensions and the winding characteristics. An analytical model is presented that accounts for the effects of saturation and losses; both effects have been neglected in most published works on high-phase machines. The model validation is performed through finite element analysis for a five-phase machine operating at steady state. In addition, the proposed model was also validated using experimental data obtained for a prototype five-phase machine working under several distinct load conditions and with varying third harmonic airgap induction. Special attention is given to the determination of the losses, due their influence on the overall performance of the machine. As shown through an example, the model and parameterization presented are well suited for the purposes of analysis design and optimization, as in volume reduction and efficiency maximization. To illustrate the model utilization, a comparison of a five-phase machine operating with sinusoidal and trapezoidal airgap induction is presented. The comparison indicates that the effects of saturation and losses can compromise some of the claimed advantages of this type of machine.