To accurately calculate efficiencies $\eta$ of experimentally produced multijunction solar cells (MJSCs) and optimize their parameters, we offer semi-analytical photoconversion formalism that incorporates radiative recombination, Shockley-Read-Hall (SRH) recombination, surface recombination at the front and back surfaces of the cells, recombination in the space charge region (SCR) and the recombination at the heterojunction boundaries. Selfconsistent balance between the MJSC temperature and efficiency was imposed by jointly solving the equations for the photocurrent, photovoltage, and heat balance. Finally, we incorporate into the formalism the effect of additional photocurrent decrease with subcell number increase. It is shown that for an experimentally observed Shockley-Read-Hall lifetimes, the effect of re-absorption and re-emission of photons on MJSC efficiency can be neglected for non-concentrated radiation conditions. A significant efficiency $\eta$ increase can be achieved by improving the heat dissipation using radiators and bringing the MJSC emissivity to unity, that is closer to black body radiation rather than grey body radiation. Our calculated efficiencies compare well with other numerical results available and are consistent with the experimentally achieved efficiencies. The formalism can be used to optimize parameters of MJSCs for maximum photoconversion efficiency.