This paper investigates the steady-state behavior of a semiconductor laser subject to arbitrary levels of external optical feedback by means of an iterative travelling-wave (ITW) model. Analytical expressions are developed based on an iterative equation. We show that, as in good agreement with previous work, in the weak-feedback regime of operation except for a phase shift the ITW model will be simplified to the Lang-Kobayashi (LK) model, and that in the case where this phase shift is equal to zero the ITW model is identical to the LK model. The present work is of use in particular for distinguishing the coherence-collapse regime from the strong-feedback regime where low-intensity-noise and narrow-linewidth laser operation would be possible at high feedback levels with re-stabilization of the compound laser system.