DC transformers have emerged as essential devices for medium voltage DC (MVDC)-low voltage DC (LVDC) distribution systems. However, conventional step-down single-level converters have limits on the voltage level of the MVDC-LVDC distribution system. This paper proposes a non-isolated step-down (NISD) DC transformer based on discontinuous conduction mode (DCM). The proposed structure can withstand high voltage levels by sharing voltages between energy storage modules dividing voltage levels. The proposed NISD DC transformer determines operational modes based on energy storage modules and performs the voltage conversion process. The effectiveness of the proposed NISD DC transformer is verified based on a case study using a power system computer-aided design and electromagnetic transient simulation engine including DC (PSCAD/EMTDC™).