One of the main limitations to the use of fabric-reinforced cementitious matrix (FRCM) composites for the external confinement of masonry is the lack of accurate formulas for estimating the compressive strength and ultimate strain of confined members. With the aim of providing a contribution on the topic, the authors have been carrying out studies on the FRCM-confined masonry for some time and, in a recent study, they proposed some formulations for the prediction of compressive strength. In continuity to that work, an analytical study on the ultimate strain of FRCM-confined masonry is presented in this paper, and preliminary models were derived by considering a wide experimental database compiled from the technical literature. The accuracy of the found relationships was examined based on a comparison with the few formulas published in the literature or reported in international guidelines. To this purpose, it is worth highlighting that the current Italian Guidelines CNR-DT 215/2018 do not provide indications about the estimation of the ultimate strain of FRCM-confined masonry, and the study proposed here attempts to provide a contribution to the mentioned document.