A PFM buck-or-boost converter is provided. The converter includes, inter alia, a hysteretic comparator, current sense circuitry, a logic circuit, drivers, current sense circuitry, a first buck switch, and a first boost switch. The current sense circuitry asserts signal Z if the current through the boost switch (from the load to the inductor) is greater than zero, and unasserts Z otherwise. Additionally, the current sense circuitry asserts signal I if the current through the buck switch is greater than a fixed current limit value, and unasserts I otherwise. The logic circuit employs the hysteretic comparator output, signal Z, and signal I to control the switches, and to determine whether to operate in buck regulation mode or boost regulation mode.