A voltage/current regulator supplying controlled current with PVT headroom adjustment. In an example application, an LED backlight driver controls ILED string current, and controls a voltage regulator supplying VOUT string voltage with sufficient headroom voltage VHDRM to supply the ILED string current. The LED driver controls ILED string current with an MLED current control transistor, including gate drive referenced to a reference voltage VREF. VOUT/VHDRM are adjusted for PVT operating conditions by generating a replica/reference current ILED/RATIO (proportional to ILED string current) with a replica current control transistor MLED/RATIO based on VREF. ILED/RATIO is mirrored to a second replica MLED/RATIO transistor that saturates at a PVT_REF reference voltage corresponding to a minimum voltage that can supply the required ILED current (as represented by the ILED/RATIO replica/reference current), accounting for PVT operating conditions.