This paper demonstrates that in the Phase-Shifted Full-Bridge (PSFB) buck-derived converter, there is a random delay associated with the blanking time produced by the leakage inductance. This random delay predicts the additional phase drop that is present in the frequency response of the open-loop audio-susceptibility transfer function when the converter shows a significant blanking time. The existing models of the PSFB converter do not contemplate the delay and gain differences associated to voltage drop produced in the leakage inductor of the transformer. The small-signal model proposed in this paper is based on the combination of two types of analysis: the first analysis consists of obtaining a small-signal model using the average modeling technique and the second analysis consists of studying the natural response of the power converter. The dynamic modeling of the Phase-Shifted Full-Bridge converter, including the random delay, has been validated by simulations and experimental test.