The fragments mass and size from penetrator with enhanced lateral effect (PELE) perforating thin rolled homogenous armor (RHA) target was characterized through theoretical and numerical methods. An analytical model based on energy-limited spall (ELS) was proposed to predict fragments mass distribution of PELE with different cores and impact velocities. For different cores the expansion can be represented by a scaling factor l in the analytical calculation. The explicit finite-element (FE) -analysis of PELE fragmentation was implemented with stochastic failure criterion in AUTODYN-3D code. By statistical distribution of weak points in numerical model of PELE, the dynamic fragmentation was delineated to simulate Flaw-limited spall as in real material. To verify the accuracy of theoretical calculation and validate numerical results, experiments of PELE perforating thin RHA target was setup, fragments were collected by using recovery cabin filled with foam and soft sands. Both energy limited spall theory and Flaw limited approach showed accurate results compared with experimental data.