- Renewal theory is a powerful tool in the analysis of source codes. In this paper, we use renewal theory to obtain some asymptotic properties of finite-state noiseless channels. We discuss the relationship between these results and earlier uses of renewal theory to analyze the Lempel-Ziv codes and the Tunstall code. As a new application of our results, we provide the asymptotic performance of two of the Perl, Garey, and Even prefix condition codes. 2000 IEEE Publisher Item Identifier S 0018-9448(00)04279-6.