The paper presents study of the residual deformation and failure of metal plates in the scope of an emerging technology of material processing by high-speed (1400-1700m/s) liquid impact. Different metals (carbon and spring steel, aluminum alloys) were investigated after being subjected to a high-speed liquid impact. Material deformation was quantified by measuring displacement of grid nodes initially deposed on the targets. Thickness variation of the deformed plates was measured by an ultrasound probe. In order to map deformation distribution within the target the databases describing the plate thickness and material displacement were merged. In order to determine the strain rate the duration of the projectile-target interaction was evaluated numerically and acquired information was combined with the database representing deformation of the target material. The deformation in the course of liquid impact based piercing, extrusion, stamping, bending, and forging; including high precision forging was investigated. The performed experiments showed that target deformation in the course of the liquid impact occurs at comparatively high strain rate and result in high strains.