When there is a failure on the external sheath of a flexible pipe, a high value of hydrostatic pressure is transferred to its internal plastic layer and consequently to its interlocked carcass, leading to the possibility of collapse. The design of a flexible pipe must predict the maximum value of external pressure the carcass layer can be subjected to without collapse. This value depends on the initial ovalization due to manufacturing tolerances. To study that problem, two numerical finite element models were developed to simulate the behavior of the carcass subjected to external pressure, including the plastic behavior of the materials. The first one is a full 3D model and the second one is a 3D ring model, both composed by solid elements. An interesting conclusion is that both the models provide the same results. An analytical model using an equivalent thickness approach for the carcass layer was also constructed. A good correlation between analytical and numerical models was achieved for pre-collapse behavior but the collapse pressure value and post-collapse behavior were not well predicted by the analytical model.