Abstract This paper presents an analysis of the unsteady heat release rate response of premixed flames to equivalence ratio perturbations for an industrial premixed swirl-based burner. During this investigation, perfectly and technically premixed flames were acoustically forced via fuel/air mixture flow and air flow modulations, respectively, at the same operating conditions. From the resulting flame transfer functions (FTFs), measured using the multimicrophone method, the equivalence ratio driven FTF was isolated and extracted by removing the velocity driven component, i.e., the measured FTF from the perfectly premixed flame, from the technically premixed FTF with two novel extraction techniques. The results are compared with FTFs obtained directly in a previous experimental campaign where the fuel flow was acoustically forced, the resulting equivalence ratio fluctuations measured via an infrared absorption technique, and the heat release rate response to the forcing was quantified using chemiluminescence measurements. The results from both measurement approaches agreed well highlighting the validity of the techniques. Further, to understand the governing features of the equivalence ratio driven FTF, a physics-based analytical model following the G-equation approach was developed. The contributions from flame surface area, flame speed, and heat of reaction oscillations were modeled to describe the heat release rate dynamics. A limited number of physical parameters in the analytical model were anchored on one test condition, optimized and restricted to values, which were all physically reasonable, and were subsequently used for model predictions at other operating conditions. The FTF model predictions compared well with experimental data across a range of different operating conditions. Finally, the relative contributions from flame surface area, flame speed, and heat of reaction oscillations on the features of the FTFs were identified and explored.