The indentation formed on a metallic component by the high-velocity impingement of a small object can fracture the component, and this is known as foreign object damage. In this type of dynamic indentation, it is necessary to consider the effects of work hardening, strain rate hardening, and thermal softening in the impinged material. In this study, in order to consider these effects, the expanding cavity model based on a spherical formulation is modified via the Johnson–Cook constitutive equation for the dynamic indentation problem. Additionally, an equation is developed based on energy conservation and the modified expanding cavity model to predict the size of the indentation formed by an impingement of a solid sphere (EPIS). The distributions of equivalent plastic strain, equivalent plastic strain rate, temperature, and equivalent von Mises stress obtained via the expanding cavity model were in good agreement with the data obtained from the finite element analysis (FEA). Furthermore, it was demonstrated that EPIS accurately predicted the indentation size formed on various metallic materials at several impingement velocities in the range of 50–300 m/s. Consequently, EPIS can be effectively applied to an impingement problem of a hard sphere onto a sufficiently thick ductile material within 300 m/s without any help of FEA.