This picture show that PWM mode Vout_nom and PFM mode Vout_nom is differerent. The PFM Mode FB reference is higher than PWM's.
And I use webeach power design simulate the Load Transient.
And when tlv61040a worked in PFM mode, the output voltage will reach 12.3V; And when tvl91046a worked in PWM mode, the output voltage will reach 12V.
SO Why the tlv61046A PWM Mode and PFM Mode FB reference is different? It will cause the different output.