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The occurrence of imbalance conditions within the cells of a battery pack can be reduced or mitigated by an active cell equalization circuit integrated in the Battery Management System (BMS), which transfers energy between the most charged cells and the least charged ones in the pack. However, incomplete knowledge on the performances and range of operability in real-world scenarios is still limiting the adoption of active equalizers for lithium-ion battery systems in different fields of application. In this paper, among the different architectures presented in literature for active cell equalizers, the multi-inductor configuration has been investigated. For the generalized category of inductor-based configuration, an analytical model has been developed by taking into account the static and dynamic parasitic parameters of the components of the equalization circuit as well as the operating conditions of the cells.