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We propose an efficient method for demodulation of phase modulated signals via iterated Hilbert transform embeddings. We show that while a usual approach based on one application of the Hilbert transform provides only an approximation to a proper phase, with iterations the accuracy is essentially improved, up to precision limited mainly by discretization effects. We demonstrate that the method is applicable to arbitrarily complex waveforms, and to modulations fast compared to the basic frequency. Furthermore, we develop a perturbative theory applicable to a simple cosine waveform, showing convergence of the technique.