This paper discusses our initial efforts in constructing physics of failure models for electrolytic capacitors subjected to electrical stressors in DC-DC power converters. Electrolytic capacitors and MOSFET’s are known to be the primary causes for degradation and failure in DC-DC converter systems. We have employed a topological energy based modeling scheme based on the bond graph (BG) modeling language for building parametric models of multi-domain systems, such as motors and pumps. In previous work, we have conducted experimental studies to validate an empirical physics of failure model based on Arrhenius Law for equivalent series resistance (ESR) increase in electrolytic capacitors operating under nominal conditions. In this paper, our focus shifts to deriving first principle models of capacitor degradation that explain both the ESR increase and the decrease in capacitance over time when the capacitor is operated under electrical stress conditions. Experimental studies are run in parallel, and data collected from these studies are used to validate the generated models. In the future, they will also be used to compute model parameters, so that the overall goal of deriving accurate models of capacitor degradation, and using them to predict performance changes in DC-DC converters is realized.