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A two‐dimensional analytical model for the capacitance–voltage characteristics of a pseudomorphic AlGaAs/InGaAs modulation‐doped field‐effect transistor is developed using charge‐control analysis for its microwave frequency applications. The model includes the effect of various fringing field capacitances, and a cutoff frequency of 94.8 GHz is obtained for an L=0.25 μm device. The effect of traps has been included, which decreases the cutoff frequency. The results so obtained are compared with experimental data, and show excellent agreement, thereby proving the validity of the model. ©1999 John Wiley & Sons, Inc. Microwave Opt Technol Lett 23: 312–318, 1999.