We present here an isothermal, one‐dimensional, steady‐state model for a complete polymer electrolyte fuel cell (PEFC) with a 117 Nafion® membrane. In this model we employ water diffusion coefficients electro‐osmotic drag coefficients, water sorption isotherms, and membrane conductivities, all measured in our laboratory as functions of membrane water content. The model predicts a net‐water‐per‐proton flux ratio of 0.2 under typical operating conditions, which is much less than the measured electro‐osmotic drag coefficient for a fully hydrated membrane. It also predicts an increase in membrane resistance with increased current density and demonstrates the great advantage of a thinner membrane in alleviating this resistance problem. Both of these predictions were verified experimentally under certain conditions.