The main objective of the paper consists in elaborating a unified framework that allows the theoretical assessment of sheet metal formability. Hill’s localized necking model and the Extended Maximum Force Criterion proposed by Mattiasson, Sigvant, and Larsson have been selected for this purpose. Both models are thoroughly described together with their solution procedures. A comparison of the theoretical predictions with experimental data referring to the formability of a DP600 steel sheet is also presented by the authors.