Small-signal transmittances of the power stage of a flyback converter in continuous conduction mode are derived on the averaged model obtained by the separation of variables approach. The precise knowledge of these transmittances is necessary in the design process of the converter control circuit. Apart from mathematical formulas for transmittances, the numerical calculations of the frequency dependencies of the transmittances for the assumed set of the converter parameters are presented with the parasitic resistances of components taken into account. The results of the calculations are compared with the measurements performed on the laboratory model of the converter and a good consistency is observed. It is concluded, that the results of the paper may be useful in the designing process of a control circuit of the flyback converter.