Detonation of a high explosive close to a structural component results in a blast load that is highly localized and nonuninform in nature. Prediction of structural response and damage due to such loads requires a detailed understanding of both the magnitude and distribution of the load, which in turn are a function of the properties and dimensions of the structure, the standoff from the charge to the structure, and the composition of the explosive. It is common to express an explosive as an equivalent mass of TNT to facilitate the use of existing and well-established semi-empirical methods. This requires calculation of a TNT equivalency factor (EF), that is, the mass ratio between the equivalent mass of TNT and the explosive mass in question, such that a chosen blast parameter will be the same for the same set of input conditions aside from explosive type. In this paper, we derive EF for three common explosives: C4, COMP-B, and ANFO, using an equivalent upper bound kinetic energy approach. A series of numerical simulations are performed, and the resultant magnitudes and distributions of specific impulse are used to derive the theoretical upper bound kinetic energy that would be imparted to a flexible target. Based on the equivalent mass of TNT of each explosive, which is required to impart the same kinetic energy for a given target size and standoff distance as of TNT, the EF is calculated. It is shown that in the near-field, the EFs are non-constant and are dependent on both standoff and target size. The results in the current study are presented in a scaled form and can be used for any practical combination of charge mass, distance from the charge to the target, target size, thickness, and density.