Body composition assessment helps conducting a healthy life or tracking the effectiveness of a weight management therapy. Ultrasound (US)-based body composition research has gained momentum because of the emergence of portable and inexpensive instruments bundled with user-friendly software. Previously, US-based assessment of body fat percentage (% BF) was found precise, but inaccurate in certain populations. Therefore, this study sought to compute % BF from subcutaneous fat thicknesses (SFs) given by US converting an anthropometric formula that involves skinfold thicknesses (SKFs) measured at the same sites. The symmetry of the body with respect to the central sagittal plane is an underlying assumption in both anthropometry and US-based body composition assessment, so measurements were taken on the right side of the body. Relying on experimental data on skinfold compressibility, we adapted 33 SKF formulas for US use and tested their validity against air displacement plethysmography on a study group of 97 women (BMI = 25.4 ± 6.4 kg/m2, mean ± SD) and 107 men (BMI = 26.7 ± 5.7 kg/m2). For both sexes, the best proprietary formula had Lin’s concordance correlation coefficient (CCC) between 0.7 and 0.73, standard error of estimate (SEE) < 3% BF and total error (TE) > 6% BF—mainly because of the underestimation of % BF in overweight and obese subjects. For women (men) the best adapted formula had CCC = 0.85 (0.80), SEE = 3.2% (2.4%) BF, and TE = 4.6% (5.4%) BF. Remarkably, certain adapted formulas were more accurate for overweight and obese people than the proprietary equations. In conclusion, anthropometric equations provide useful starting points in the quest for novel formulas to estimate body fat content from ultrasound measurements.