The five-phase coupled-inductor inverter is a newly proposed option for three-level five-phase inverter drives. This paper comprehensively analyzes the inverter including the coupled-inductor current, current stress on the dc-link capacitors, and a comparison of these performance aspects using three pulse width modulation (PWM) strategies. Mathematical derivations of the inverter currents and the associated current stress reveal that the current stress is not only influenced by the choice of modulation strategy, as in the neutral-point-clamped topology, but also by the value of coupled inductance; furthermore, the choice of the modulation strategy impacts the core loss of the coupled inductors. Three carrier-based PWM methods are considered: sinusoidal PWM (SPWM), and two methods with the common-mode voltage reduction (referred to as CMVR1 and CMVR2) for the five-phase coupled-inductor inverter. CMVR2 is shown to be the best solution if common-mode voltage reduction is required. The analysis demonstrates that SPWM performs better with respect to current stress and inverter losses, therefore is the preferable modulating strategy for the five-phase coupled-inductor inverter if common-mode voltage reduction is not required. The analysis is verified by simulations and experiments.