This paper presents a DC-excited flux-modulated (DCEFM) machine. It has one rotor with pr poles and two sets of windings on one stator. One of the windings has pf pole-pairs and is excited with DC current. The second winding has pa pole-pairs and is excited with AC sinusoidal current. The relationship between pr, pf and pa is pr = pf + pa. The purpose of this paper is to analyze the torque of the machine in order to optimize the slot regions assigned to the two stator windings for generating the highest torque at the admissible copper losses. Firstly, the torque equation of the machine is derived. The methods described in this paper are also feasible for other machine types such as variable flux reluctance machine, field excited flux-switch...