When performing AC/DC-DC/AC power conversions, multilevel converters provide several advantages as compared to classical two-level converters. This paper deals with the dynamic modeling, control, and robustness assessment of multilevel flying-capacitor converters. The dynamic model is derived using the Power-Oriented Graphs modeling technique, which provides the user with block schemes that are directly implementable in the Matlab/Simulink environment by employing standard Simulink libraries. The performed robustness assessment has led to the proposal of a divergence index, which allows for evaluating the voltage balancing capability of the converter using different voltage vector configurations for the extended operation of the converter, namely when the number of output voltage levels is increased for a given number of capacitors. A new variable-step control algorithm is then proposed. The variable-step control algorithm safely enables the converter extended operation, which prevents voltage balancing issues, even under particularly unfavorable conditions, such as a constant desired output voltage or a sudden load change. The simulation results showing the good performances of the proposed variable-step control as compared to a classical minimum distance approach are finally provided and commented in detail.