Iron Mountain Inc.

Real Estate Investment Trusts

IRMStrained6 of 11 basics passed

$114.51

+1.36%

Market cap $34.1B

$114.51

+1.36%

Market cap $34.1B

Iron Mountain Inc is an information management services provider organized and operated as a real estate investment trust. The company offers solutions to its clients to address their information management, digital transformation, information security, data center, and asset lifecycle management (ALM) needs.

It is a $34.1B real estate company. Revenue grew 17.4% over the last year, it keeps 6¢ of every dollar of sales as profit, and it carries $16.3B of net debt. It trades at 81.4× earnings — around the middle of its own history.

Website: ironmountain.com
Location: Portsmouth, NH
Employees: 29 400
Sector: Real Estate
Founded: 1951

Share price · 3 years

$59.68 → $114.51+91.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $7.56B
Profit: keeps 6¢ of every $1 sold; $419M
Free cash flow: cash left after running the business; -$491M
Net debt: debt minus cash on hand; $16.3B
P/E: years of profit in the price; 81.4
EPS: earnings per share, TTM; $1.41
Dividend: of the share price, paid yearly; 2.92%
Shares: up 20% since 2016 — dilution; 297.8M
Volatility: beta vs the market — under 1 swings less; 1.22

Revenue, last 10 years

52-week range

Low $78.86$114.51High $133.06

Today's price is 66% of the way from the year's low to its high.

P/E vs its history5y

81.4×median 81.8×

Higher than 50% of past days — around the middle of its own history.

Valuation vs own history

P/E

81.4×

51%

P/S

4.5×

33%

EV/EBITDA

46.3×

14%

P/B

1427.4×

FCF yield

0.1%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$9.18Mnet selling

Purchases$0

Sales$9.18M

Insiders trading, last 14d0 buy · 2 sell

Standing in Real Estate

Size$34.1Btop 22%
Revenue growth+11%top 29%
Net margin6%top 82%
Return on equity85%top 4%
P/E81.4×top 89%
Dividend yield2.92%top 86%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Health and Moat lag behind.

Valuation44

P/E vs own history50th pct · 12/25
FCF yield-1.4% · 0/25
P/S4.5x · 20/25
EV/EBITDA20.4x · 12/25

Growth45

Revenue CAGR11.3% · 20/25
Net income CAGR-24.7% · 0/25
EPS CAGR ~5Y-16.4% · 0/25
Fwd implied growth83.2% · 25/25

Profitability63

ROIC0.9% · 5/25
ROE85.2% · 25/25
Net margin5.5% · 13/25
Operating margin18.8% · 20/25

Health9

Altman Zn/a · 0/25
Current ratio0.73 · 6/25
Interest coverage1.2x · 3/25
Net cash / debtD/A 77% · 0/25

Quality65

Piotroski F6/9 · 15/25
Beneish M-2.65 · 25/25
FCF conversion-117% · 0/25
Margin stabilityσ 2.2% · 25/25

Moat22

ROIC >12% years0/10 yrs · 0/25
Median gross margin17.4% · 0/25
FCF-positive years7/10 yrs · 10/25
Worst-year net marginworst 2.1% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Best year on record
$557M net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$3.51B in first reported year
2016Acquisition
At the end of March 2016, the Australian Competition & Consumer Commission released a statement saying it would not…
2015Acquisition
At the end of April 2015, Iron Mountain announced it would acquire Australian data protection services provider…
2012Acquisition
Iron Mountain expanded its high-security storage facility business through the acquisition of three…
2005Acquisition
Iron Mountain Digital bought LiveVault, a provider of online backup software for server data
2004Acquisition
Iron Mountain formed a digital assets division called "Iron Mountain Digital", following the acquisition of…
2000Acquisition
Iron Mountain Incorporated announced the completion of its acquisition of Pierce Leahy Corp
1998Acquisition
Iron Mountain made its first overseas acquisition by buying British Data Management, Ltd
1997Acquisition
Iron Mountain became a leading software escrow company with the acquisition of Data Securities…
Jan 31, 1996IPO
The firm went public on January 31, 1996
1951Founded
The company was originally founded in 1951 as Iron Mountain Atomic Storage Corporation

Achievements

Verifiable track record, straight from the reported numbers.

#11 largest of 46 Real Estate companies by market cap

$10 000 invested in 2021 would be worth ~$25 200 today — price return only

$6.9B revenue in FY2025

Revenue up 17.4% year over year

Profitable 10 years in a row

29 400 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (63.8%)
Revenue growing 17.4% year over year

Watch-outs

Negative free cash flow (-$490.9M)
Thin interest coverage (1.2×)

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 11 checks passed

Revenue growing — the company sells more than a year ago+17.4% YoY
Profitable — makes more than it spends$419M TTM
Profit growing — earnings are higher than last year-36.6% YoY
Generates cash — cash left after running and investing-$491M TTM
Debt under control — could handle its obligationscurrent ratio 0.73
Established company — not a micro-cap — lower blow-up risk$34.1B market cap
Not printing shares — share count not ballooning — you keep your slice+3.2% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 9/100
Pays a dividend — returns cash to shareholdersyield 2.92%
Valuation not extreme — price not wildly above earningsP/E 81.4

Peer comparisonIron Mountain Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
IRM this company	$34.1B	81.4	+17.4%	5.5%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: IRM vs WELL · IRM vs PLD · IRM vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 11Hold 1Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $7.56B · net income $419M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$7.56B

YoY 17.4%

Net income (TTM)

$419M

Margin 5.5%

Gross margin

63.8%

Operating margin

18.8%

P/E ratio

81.4

Dividend yield

2.92%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	4.1	4.5	5.1	5.5	6.1	6.9
Gross profit	0.9	0.9	1.0	0.9	1.0	1.2
Operating income (EBIT)	0.9	0.9	1.0	0.9	1.0	1.2
Net income	0.3	0.5	0.6	0.2	0.2	0.1
EPS (diluted)	1.19	1.55	1.90	0.63	0.61	0.49

Cash flowFree cash flow -$491M · operating cash flow $1.66B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$491M

Margin -6.5%

Operating cash flow (TTM)

$1.66B

FCF margin

-6.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.0	0.8	0.9	1.1	1.2	1.3
Capital expenditure	-0.4	-0.6	-0.9	-1.3	-1.8	-2.3
Free cash flow	0.5	0.1	0.1	-0.2	-0.6	-0.9
FCF margin	13.2%	3.3%	1.0%	-4.1%	-9.7%	-13.5%

Balance sheetAssets $21.1B · net debt $16.3B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $21.1B of assets is financed

105%

Liabilities $22.1B — borrowed moneyEquity -$981M — owners' stake

Cash vs debt

Total debt $16.4B − cash $159M = net debt $16.3B

Cash on hand covers 1% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

1.2x

EBIT ÷ interest expense

ROE

85.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.2	0.3	0.1	0.2	0.2	0.2
Total assets	14.1	14.5	16.1	17.5	18.7	21.1
Total liabilities	13.0	13.6	15.5	17.3	19.2	22.1
Total debt	8.7	9.3	10.6	11.9	13.7	16.4
Equity	1.1	0.9	0.6	0.2	-0.5	-1.0
Net debt	8.5	9.0	10.4	11.7	13.6	16.3

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of IRM on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $114.51 · market cap $34.1B.