An algorithm for determining the maximum net power available from a fuel cell stack as the stack degrades over time using an online adaptive estimation of a polarization curve of the stack. The algorithm separates the current density range of the stack into sample regions, and selects a first sample region from the far left of the estimated polarization curve. The algorithm then calculates the cell voltage for that current density sample region, and determines whether the calculated cell voltage is less than or equal to a predetermined cell voltage limit. If the calculated cell voltage is not less than the cell voltage limit, then the algorithm selects the next sample region along the polarization curve. When the calculated cell voltage does reach the cell voltage limit, then the algorithm uses that current density for the sample region being analyzed to calculate the maximum power of the fuel cell stack.