A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
IRON MOUNTAIN INC
IRM
$37.9B
Mkt Cap
$128.31
+3.02%
IRON MOUNTAIN INC (IRM) has a current P/E ratio of 261.9, compared to its historical median P/E of 25.4. The stock is currently considered Expensive based on its historical valuation range.
IRON MOUNTAIN INC (IRM) has a 5-year average return on invested capital (ROIC) of 6.8%. This is below average and may indicate limited pricing power.
IRON MOUNTAIN INC (IRM) has a market capitalization of $38.2B. It is classified as a large-cap stock.
Yes, IRON MOUNTAIN INC (IRM) pays a dividend with a trailing twelve-month yield of 2.55%.
Based on historical P/E analysis, IRON MOUNTAIN INC (IRM) appears expensive. The current P/E of 261.9 is 931% above its historical median of 25.4. The estimated fair value CAGR (P/E method) is -11.8%.
IRON MOUNTAIN INC (IRM) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
IRON MOUNTAIN INC (IRM) reported annual revenue of $6.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Iron Mountain is a global leader in information management services trusted by more than 240,000 customers across 61 countries, including approximately 95% of the Fortune 1000, to manage their information assets across physical and digital domains. The company operates through four primary business segments: Global Records and Information Management (Global RIM), which includes records management, data management, digital solutions, secure shredding, media and archive services, and consumer storage; Global Data Center, which provides enterprise-class and hyperscale-ready data center facilities with 31 operating facilities across 21 markets and 488 MW of leasable capacity; Asset Lifecycle Management (ALM), which offers decommissioning, data erasure, asset disposition and recycling services across 34 facilities in 8 markets; and Fine Arts storage. The business model is characterized by recurring, durable revenue streams with contracted storage rental agreements typically ranging from one to five years, complemented by project-based and transactional services; as of December 31, 2025, the company stored more than 740 million cubic feet of physical volume with strong customer retention and weighted average data center lease expiration of 10.3 years. Iron Mountain operates approximately 98 million square feet of real estate globally, with over 24 million square feet owned, positioning it as a significant real estate owner and operator with a synergistic business model that leverages cross-selling opportunities across its diversified customer base, where only 5% of customers currently purchase from multiple business units. The company's competitive moat is built on its global scale, decades-long customer relationships based on trust and security, comprehensive compliance certifications (ISO 27001, ISO 22301, SOC 2, PCI-DSS, HIPAA, NIST 800-53, FISMA HIGH), and differentiated "Security-in-Depth" strategy integrating technical and human security measures, while its sustainability commitments include 100% clean energy matching in data centers since 2017 and founding signatory status to the UN Compact on 24/7 Carbon-Free Energy.
【Strong momentum across growth businesses】 Management expects to sustain industry-leading double-digit revenue and earnings growth into 2026 and beyond, driven by robust data center demand with more than 25% revenue growth projected for 2026 based on currently signed leases and a pipeline supporting leasing of over 100 MW during the year. The company anticipates significant expansion in its Asset Lifecycle Management business, which is expected to become a multibillion-dollar business in the future, with 2026 guidance of $850 million in revenue representing approximately 35% year-over-year growth and expanding margins. Digital solutions are expected to maintain strong growth in 2026 supported by new project wins and recurring business now representing more than 40% of digital revenue, while the physical storage business is projected to achieve another record year with mid-single-digit growth consistent with long-term expectations and 37 consecutive years of organic storage rental revenue growth. The company remains focused on capital allocation priorities including growing its dividend while maintaining a target payout ratio in the low 60s% of AFFO per share and investing in high-return opportunities, with data center CapEx expected to gradually rise as the company builds out its pre-leased backlog and executes against its 1,340 MW portfolio capacity.
| Metric | Target | Period |
|---|---|---|
| Revenue | $7.825 billion–$7.925 billion | FY2026 |
| Adjusted EBITDA | $2.925 billion–$2.965 billion | FY2026 |
| AFFO | $1.735 billion–$1.755 billion | FY2026 |
| ALM Revenue | $950 million | FY2026 |
| Data Center Leasing | more than 100 MW | FY2026 |
| Treasury Contract Revenue | $45 million | FY2026 |
Revenue (FY2026): “We now expect total revenue to be within the range of $7.825 billion-$7.925 billion, which represents year-on-year growth of 14% at the midpoint.”
Adjusted EBITDA (FY2026): “We now expect adjusted EBITDA to be within the range of $2.925 billion-$2.965 billion, which represents year-on-year growth of 14% at the midpoint.”
AFFO (FY2026): “We expect AFFO to be within the range of $1.735 billion-$1.755 billion, or $5.79-$5.86 on a per share basis.”
ALM Revenue (FY2026): “we are increasing our full year outlook for ALM revenue to $950 million. This is $100 million higher than our prior expectation”
Data Center Leasing (FY2026): “we expect to be meaningfully above the 100 MW guidance that we gave for the year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.2B | 6.9B | 6.1B | 5.5B | 5.1B | 4.5B |
| Net Income | 272M | 145M | 180M | 184M | 557M | 450M |
| EPS | $0.92 | $0.49 | $0.61 | $0.63 | $1.90 | $1.55 |
| Free Cash Flow | -634M | -932M | -595M | -226M | 52M | 148M |
| ROIC | 6.6% | 5.9% | 6.1% | 6.6% | 8.9% | 6.3% |
| Gross Margin | - | 40.5% | 41.5% | 42.8% | 42.8% | 42.8% |
| Debt/Equity | 0.00 | -16.75 | -27.27 | 56.38 | 16.60 | 10.83 |
| Dividends/Share | $3.27 | $3.22 | $2.73 | $2.54 | $2.47 | $2.47 |
| Operating Income | 1.3B | 1.2B | 1.0B | 922M | 1.0B | 854M |
| Operating Margin | 18.0% | 16.9% | 16.4% | 16.8% | 20.6% | 19.0% |
| ROE | 0.0% | -19.5% | -123.6% | 43.4% | 74.6% | 45.2% |
| Shares Outstanding | 297M | 295M | 295M | 292M | 293M | 290M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.1B | 3.0B | 3.5B | 3.8B | 4.2B | 4.3B | 4.1B | 4.5B | 5.1B | 5.5B | 6.1B | 6.9B | 7.2B |
| Gross Margin | 45.5% | 45.6% | 42.5% | 42.6% | 42.2% | 41.5% | 41.9% | 42.8% | 42.8% | 42.8% | 41.5% | 40.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 870M | 845M | 988M | 937M | 1.0B | 992M | 949M | 1.0B | 1.1B | 1.2B | 1.3B | 1.4B | 1.4B |
| EBIT | 549M | 525M | 502M | 634M | 808M | 781M | 935M | 854M | 1.0B | 922M | 1.0B | 1.2B | 1.3B |
| Op. Margin | 17.6% | 17.4% | 14.3% | 16.5% | 19.1% | 18.3% | 22.5% | 19.0% | 20.6% | 16.8% | 16.4% | 16.9% | 18.0% |
| Net Income | 326M | 123M | 105M | 170M | 354M | 267M | 343M | 450M | 557M | 184M | 180M | 145M | 272M |
| Net Margin | 10.5% | 4.1% | 3.0% | 4.4% | 8.4% | 6.3% | 8.3% | 10.0% | 10.9% | 3.4% | 2.9% | 2.1% | 3.8% |
| Non-Recurring | 12M | -1.1M | -514K | 766K | 0 | 112M | 581M | 621M | 0 | 13M | 6.2M | 25M | 25M |
| Returns on Capital | |||||||||||||
| ROIC | 10.6% | 7.9% | 4.6% | 6.9% | 7.2% | 5.6% | 8.8% | 6.3% | 8.9% | 6.6% | 6.1% | 5.9% | 6.6% |
| ROE | 34.4% | 18.1% | 8.6% | 8.0% | 17.0% | 16.1% | 26.4% | 45.2% | 74.6% | 43.4% | -123.6% | -19.5% | 0.0% |
| ROA | 5.0% | 1.9% | 1.3% | 1.7% | 3.1% | 2.1% | 2.5% | 3.1% | 3.6% | 1.1% | 1.0% | 0.7% | 1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 473M | 542M | 544M | 721M | 936M | 967M | 988M | 759M | 928M | 1.1B | 1.2B | 1.3B | 1.5B |
| Free Cash Flow | 111M | 252M | 215M | 378M | 475M | 274M | 549M | 148M | 52M | -226M | -595M | -932M | -634M |
| Owner Earnings | 90M | 169M | 63M | 169M | 265M | 273M | 298M | 17M | 143M | 264M | 178M | 175M | 279M |
| CapEx | 362M | 290M | 329M | 343M | 460M | 693M | 438M | 611M | 875M | 1.3B | 1.8B | 2.3B | 2.1B |
| Maint. CapEx | 353M | 345M | 452M | 522M | 640M | 658M | 652M | 680M | 728M | 776M | 901M | 1.0B | 1.1B |
| Growth CapEx | 8.8M | 0 | 0 | 0 | 0 | 35M | 0 | 0 | 148M | 563M | 891M | 1.2B | 1.1B |
| D&A | 353M | 345M | 452M | 522M | 640M | 658M | 652M | 680M | 728M | 776M | 901M | 1.0B | 1.1B |
| CapEx/OCF | 76.5% | 53.6% | 60.4% | 47.6% | 49.2% | 71.7% | 44.4% | 80.5% | 94.4% | 120.3% | 149.7% | 169.5% | 142.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 542M | 407M | 506M | 440M | 674M | 705M | 716M | 718M | 724M | 738M | 790M | 919M | 971M |
| Dividend Yield | 17.8% | 10.5% | 10.1% | 7.2% | 10.4% | 10.4% | 11.5% | 7.1% | 5.6% | 4.8% | 3.0% | 3.3% | 2.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 30M | 28M | 29M | 30M | 31M | 36M | 38M | 61M | 57M | 74M | 118M | 140M | 142M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 8.6B | 5.2B | 11.6B | 18.2B | 14.5B | 16.0B | 16.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 4.5B | 4.7B | 6.0B | 5.5B | 8.0B | 8.5B | 8.5B | 9.0B | 10.4B | 11.7B | 13.6B | 16.3B | 16.9B |
| Cash & Equiv. | 160M | 128M | 236M | 926M | 165M | 194M | 205M | 256M | 142M | 223M | 156M | 159M | 251M |
| Long-Term Debt | 4.6B | 4.8B | 6.1B | 6.9B | 8.0B | 8.3B | 8.5B | 9.0B | 10.5B | 11.8B | 13.0B | 16.2B | 16.9B |
| Debt/Equity | 5.39 | 9.52 | 3.23 | 3.07 | 4.38 | 5.92 | 7.66 | 10.83 | 16.60 | 56.38 | -27.27 | -16.75 | 0.00 |
| Interest Coverage | 2.1 | 2.0 | 1.6 | 1.8 | 2.0 | 1.9 | 2.2 | 2.0 | 2.2 | 1.6 | 1.4 | 1.4 | 45.2 |
| Equity | 856M | 509M | 1.9B | 2.3B | 1.9B | 1.5B | 1.1B | 856M | 637M | 212M | -503M | -981M | -1.2B |
| Total Assets | 6.5B | 6.4B | 9.5B | 11.0B | 11.9B | 13.8B | 14.1B | 14.5B | 16.1B | 17.5B | 18.7B | 21.1B | 21.5B |
| Total Liabilities | 5.7B | 5.8B | 7.6B | 8.7B | 10.0B | 12.4B | 13.0B | 13.6B | 15.5B | 17.3B | 19.0B | 21.8B | -70M |
| Intangibles | 0 | N/A | 1.3B | 1.4B | 1.5B | 1.4B | 1.3B | 1.2B | 1.4B | 1.3B | 1.3B | 1.3B | 1.2B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | 61M | 16M | 66M | 620M | -283M | -713M | -726M | -577M | -370M | -501M | -1.4B | -685M | -614M |
| Current Assets | 918M | 858M | 1.1B | 2.0B | 1.2B | 1.2B | 1.3B | 1.4B | 1.5B | 1.7B | 1.7B | 1.9B | 2.0B |
| Current Liabilities | 857M | 842M | 1.0B | 1.3B | 1.5B | 1.9B | 2.0B | 2.0B | 1.9B | 2.2B | 3.1B | 2.6B | 2.7B |
| Per Share Data | |||||||||||||
| EPS | 1.66 | 0.58 | 0.42 | 0.64 | 1.23 | 0.93 | 1.19 | 1.55 | 1.90 | 0.63 | 0.61 | 0.49 | 0.92 |
| Owner EPS | 0.46 | 0.79 | 0.25 | 0.63 | 0.92 | 0.95 | 1.03 | 0.06 | 0.49 | 0.90 | 0.60 | 0.59 | 0.94 |
| Book Value | 4.36 | 2.39 | 7.76 | 8.64 | 6.47 | 5.09 | 3.95 | 2.95 | 2.17 | 0.72 | -1.70 | -3.32 | -4.08 |
| Cash Flow/Share | 2.41 | 2.55 | 2.18 | 2.71 | 3.25 | 3.36 | 3.43 | 2.61 | 3.16 | 3.81 | 4.05 | 4.54 | 4.48 |
| Dividends/Share | 2.76 | 1.91 | 2.04 | 2.27 | 2.38 | 2.45 | 2.47 | 2.47 | 2.47 | 2.54 | 2.73 | 3.22 | 3.27 |
| Shares Out. | 196.5M | 212.5M | 249.6M | 265.8M | 287.8M | 287.5M | 288.0M | 290.5M | 293.1M | 292.4M | 295.3M | 295.1M | 297.5M |
| Valuation | |||||||||||||
| P/E Ratio | 12.9 | 27.0 | 46.3 | 35.4 | 18.2 | 25.4 | 20.1 | 29.2 | 23.2 | 105.2 | 165.7 | 167.3 | 139.8 |
| P/FCF | 37.8 | 13.2 | 22.5 | 17.2 | 13.5 | 24.8 | 12.5 | 88.9 | 246.9 | N/A | N/A | N/A | N/A |
| EV/EBIT | 15.7 | 15.3 | 21.5 | 18.3 | 17.8 | 19.8 | 16.5 | 26.0 | 22.2 | 33.6 | 43.6 | 34.8 | 42.2 |
| Price/Book | 4.9 | 6.5 | 2.5 | 2.8 | 3.5 | 4.6 | 6.1 | 15.3 | 20.3 | 91.5 | N/A | N/A | N/A |
| Price/Sales | 1.0 | 1.3 | 1.4 | 1.6 | 1.5 | 1.6 | 1.5 | 2.2 | 2.5 | 2.8 | 4.3 | 4.0 | 5.3 |
| FCF Yield | 2.6% | 7.6% | 4.4% | 5.8% | 7.4% | 4.0% | 8.0% | 1.1% | 0.4% | -1.2% | -2.0% | -3.9% | -1.7% |
| Market Cap | 4.2B | 3.3B | 4.8B | 6.5B | 6.4B | 6.8B | 6.9B | 13.1B | 12.9B | 19.4B | 29.9B | 24.2B | 38.2B |
| Avg. Price | 15.53 | 18.27 | 20.07 | 22.89 | 22.53 | 23.48 | 21.54 | 34.72 | 44.06 | 52.86 | 90.02 | 93.34 | 128.31 |
| Year-End Price | 21.37 | 15.65 | 19.43 | 24.44 | 22.33 | 23.61 | 23.93 | 45.23 | 44.06 | 66.25 | 101.07 | 81.99 | 128.31 |
IRON MOUNTAIN INC passes 2 of 9 quality checks, indicating weak fundamentals.
IRON MOUNTAIN INC trades at 261.9x trailing earnings, compared to its 15-year median P/E of 25.4x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 6.8% with a gross margin of 42.1%. Total shareholder yield (dividends) is 2.5%. At current prices, the estimated annualized return to fair value is -34.8%.
IRON MOUNTAIN INC (IRM) has a net profit margin of 2.1%. This is a modest margin.
IRON MOUNTAIN INC (IRM) generated $-932 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
IRON MOUNTAIN INC (IRM) reported earnings per share (EPS) of $0.49 in its most recent fiscal year.
IRON MOUNTAIN INC (IRM) has a return on equity (ROE) of -19.5%. A negative ROE may indicate losses or negative equity.
IRON MOUNTAIN INC (IRM) has a 5-year average gross margin of 42.1%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for IRON MOUNTAIN INC (IRM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
IRON MOUNTAIN INC (IRM) has a book value per share of $-3.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to sustain industry-leading double-digit revenue and earnings growth into 2026 and beyond, driven by robust data center demand with more than 25% revenue growth projected for 2026 based on currently signed leases and a pipeline supporting leasing of over 100 MW during the year. The company anticipates significant expansion in its Asset Lifecycle Management business, which is expected to become a multibillion-dollar business in the future, with 2026 guidance of $850 million in revenue representing approximately 35% year-over-year growth and expanding margins. Digital solutions are expected to maintain strong growth in 2026 supported by new project wins and recurring business now representing more than 40% of digital revenue, while the physical storage business is projected to achieve another record year with mid-single-digit growth consistent with long-term expectations and 37 consecutive years of organic storage rental revenue growth. The company remains focused on capital allocation priorities including growing its dividend while maintaining a target payout ratio in the low 60s% of AFFO per share and investing in high-return opportunities, with data center CapEx expected to gradually rise as the company builds out its pre-leased backlog and executes against its 1,340 MW portfolio capacity.
Based on recent SEC filings and earnings calls, IRON MOUNTAIN INC (IRM) has provided the following forward guidance: Revenue: $7.825 billion–$7.925 billion (FY2026); Adjusted EBITDA: $2.925 billion–$2.965 billion (FY2026); AFFO: $1.735 billion–$1.755 billion (FY2026); ALM Revenue: $950 million (FY2026); Data Center Leasing: more than 100 MW (FY2026), plus 1 additional metric.
Treasury Contract Revenue (FY2026): “we continue to expect $45 million of revenue in 2026 and in excess of $100 million annually in 2027 and beyond”
No recent press releases.