Formability in sheet metal forming refers to the material's ability to undergo plastic deformation without incurring defects during the manufacturing process. This typically involves shaping the metal sheet by applying force through a punch and die system, resulting in a three-dimensional deformation of the material. A key tool for evaluating formability is the Forming Limit Diagram (FLD), which graphically represents the forming limit curves. These curves illustrate combinations of major and minor strains at which localized necking also known as local throat initiation begins, thus indicating the material’s plastic deformation threshold under various loading conditions. In this study, the tensile behavior of a sheet metal component was analyzed under different strain rates to assess its formability. The forming limit curve was derived through three distinct approaches: experimental testing, theoretical modeling, and finite element analysis. To support these methods, the material’s work-hardening behavior was characterized using Swift’s law, with its parameters determined from experimental data. The comparison of the results obtained from all three methodologies revealed a high degree of consistency, confirming the validity and reliability of the theoretical and simulation models in predicting the material’s formability. These findings offer valuable guidance for improving sheet metal forming processes and minimizing failure during production.