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Iron Mountain Incorporated IRM

Real Estate — Reit Specialty
S&P 500 Member Dividend Champion (5y) Cash Flow Champion (3y) Insider Buys (last 12m)
Indexes indicate stock being part of an index ,
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
0.00
Total sells
112.77
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — 1 — — — — — — — — — —
Sell 1 2 2 2 2 6 2 5 2 2 3 3
Insider Ownership
0.93%

Capital & Financial Ratios

Market Cap
34,130.00
Revenue
7,562.47
Net Income
434.46
Free Cash Flow
(594.88)
Net Debt
17,144.86
Current Ratio
0.73
Debt/Equity
(18.17)
P/E ratio
81.67
P/S ratio
4.50
P/B ratio
0.00
Past 5Y EPS Growth
(8.13%)
This Y EPS Growth
17.63%
Next Y EPS Growth
11.66%
Next 5Y EPS Growth
14.03%
in millions of $

Dividends

Payout Ratio
1.92
Annual Dividend Rate
2.60
Annual Dividend Yield
3.68%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 3.53
—
—
—
2025 3.22
—
—
—
—
2024 2.73
—
—
—
—
2023 2.54
—
—
—
—
2022 2.47
—
—
—
—
2021 2.47
—
—
—
—
2020 2.47
—
—
—
—
2019 2.45
—
—
—
—
2018 2.37
—
—
—
—
2017 2.24
—
—
—
—
2016 2.01
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 222.79 155.72 158.54 204.79
Receivables 1,259.83 1,291.38 1,443.67 1,487.13
Inventory — — — —
Other — — — —
1,735.55 1,691.22 1,934.98 2,103.74
2023 2024 2025 Q'26
Payables 539.59 678.72 710.66 857.18
ST’ Debt 120.67 715.11 216.07 220.81
Other — — — —
2,236.19 3,087.28 2,619.50 2,897.53
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡ ‡‡‡ ‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 1,936.15 2,029.06 — —
—
’25 1,592.53 1,711.95 1,754.09 1,843.17
6,901.74
’24 1,476.86 1,534.41 1,557.36 1,581.28
6,149.91
’23 1,314.35 1,357.94 1,388.18 1,419.83
5,480.29
’22 1,248.05 1,289.53 1,286.95 1,279.05
5,103.57
’21 1,082.04 1,119.76 1,130.15 1,159.59
4,491.53
’20 1,068.73 982.24 1,036.65 1,059.65
4,147.27
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 338.55 549.26 — —
—
’25 197.30 375.13 267.58 500.00
1,340.00
’24 130.04 382.18 252.91 431.58
1,196.71
’23 128.81 317.29 220.28 447.19
1,113.57
’22 54.51 291.42 214.43 367.34
927.70
’21 68.83 320.37 74.14 295.57
758.90
’20 125.42 313.66 188.14 360.44
987.66
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (175.14) (75.26) — —
—
’25 (477.28) (181.63) (264.81) (69.76)
(993.48)
’24 (245.50) (17.72) (145.09) (230.95)
(639.26)
’23 (101.44) (17.83) (137.71) 79.00
(177.99)
’22 (101.19) 213.24 (30.98) 133.46
214.53
’21 (65.12) 364.80 (45.25) 165.83
420.26
’20 27.78 218.15 185.56 678.22
1,109.71
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.48 0.34 — —
—
’25 0.05 (0.15) 0.28 0.30
0.49
’24 0.25 0.12 (0.11) 0.35
0.61
’23 0.22 0.00 0.31 0.10
0.63
’22 0.14 0.68 0.66 0.42
1.90
’21 0.16 0.95 0.23 0.21
1.55
’20 0.22 (0.02) 0.13 0.86
1.19

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.5
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 41.67 48.92 64.68 72.33 — — —
Low Price
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 58.61 70.66 130.24 112.18 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 27,600 27,000 28,850 29,400 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.18 0.20 0.21 0.23 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,103.57 5,480.29 6,149.91 6,901.74 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 57.11% 56.98% 56.15% 55.38% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 631.64 227.21 244.54 211.19 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 12.38% 4.15% 3.98% 3.06% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 562.15 187.26 183.67 152.25 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 745.64 793.02 926.49 1,057.20 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.55 18.77 20.96 23.36 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 1.92 0.63 0.61 0.49 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.19 3.81 4.08 4.54 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.45) (4.42) (6.26) (7.90) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.74 (0.61) (2.18) (3.36) — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.19 0.73 (1.04) (2.40) ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 290.81 291.94 293.37 295.40 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 25.87 108.94 172.31 172.81 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.83 3.66 5.01 3.55 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22.68 94.61 0.00 0.00 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.87 5.79 7.22 5.91 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 116.53 (170.64) (69.45) (38.83) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 927.70 1,113.57 1,196.71 1,340.00 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (713.16) (1,291.55) (1,835.97) (2,333.48) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 214.53 (177.99) (639.26) (993.48) ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (370.42) (500.64) (1,396.05) (684.51) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10,569.00 11,933.17 13,719.09 16,431.95 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10,427.20 11,710.38 13,563.37 16,273.42 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 636.79 211.77 (304.67) (709.33) — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.64% 1.10% 1.00% 0.73% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.93% 4.83% 4.76% 4.67% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 74.57% 43.42% (387.84%) (28.52%) — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Iron Mountain Incorporated (IRM) has evolved from a traditional records storage REIT into a hybrid powerhouse blending physical infrastructure with high-growth data centers and digital solutions, capitalizing on the post-2010s data explosion and AI-driven demand. Revenue surged 75% from $3.51 billion in 2016 to $6.15 billion in 2024 (7.3% CAGR), accelerating to 12% YoY recently via acquisitions and organic expansion, with projections reaching $9.05 billion by 2028. Efficiency metrics shine, with revenue per employee up 46% and per share doubling to $30.62, yet gross margins dipped amid energy costs, echoing overinvestment risks in past infrastructure booms like Digital Realty or dot-com fiber gluts.

Profitability tells a volatile tale: EBT halved to $244 million and net income plunged 67% to $184 million in 2024, hammered by capex doubling to $1.84 billion, turning FCF deeply negative at -$2.18 per share. Debt ballooned 119% to $13.72 billion, eroding equity to negative $305 million and inflating multiples (PE at 172x, PS at 5x), while stock prices rocketed 400% from 2020 lows amid data hype. Insider selling exceeds $110 million, signaling caution.

Projections promise rebound—EPS to $2.47 by 2028, FCF flipping positive—with AI tailwinds positioning IRM against Equinix, but high rates, leverage, and competition loom large. Valuations embed aggressive bets; history favors patience for 10-15% pullbacks.

Read full commentary →

Iron Mountain Incorporated (IRM) Latest News

News by impact score

Fine-tune

18 Sep

3 , 8:34 AM
Baron Capital is bullish on Iron Mountain (IRM). Bullish stance from Baron Capital may lift short-term investor sentiment for IRM.

14 Sep

4 www.marketbeat.com, 7:02 AM
Iron Mountain targets 20% growth via data center expansion and digital solutions that enable cross-selling. Data center growth and digital cross-sell initiatives represent major strategic moves that can significantly boost revenue and reposition the company.

5 Sep

3 , 1:06 AM
Iron Mountain stock fair value boosted on higher AI growth assumptions. Higher AI growth assumptions directly raise Iron Mountain fair value estimate and may lift near-term sentiment.

3 Sep

3 , 9:12 AM
Iron Mountain expands its Saudi presence via an AI digital partnership. Saudi AI partnership supports Iron Mountain international growth and technology advancement.

2 Sep

4 , 2:53 AM
Iron Mountain (IRM) swings to profit as growth businesses surge. Swing to profit with surging growth businesses signals major positive shift in financial performance and trajectory.

3 , 2:00 AM
Iron Mountain Incorporated partners with Social Development Bank to expand operations in the Middle East. Middle East partnership adds regional growth but does not alter core trajectory.

18 Aug

3 , 9:35 AM
Realty Income invests in data centers to fuel growth, creating competitive pressure in the sector where Iron Mountain operates as a key player. Realty Income data center push introduces moderate competitive dynamics for Iron Mountain without altering its core trajectory.

13 Aug

3 , 9:00 AM
Iron Mountain launches Clutter as premium managed personal storage service reimagining consumer options. Clutter expands Iron Mountain consumer storage with new premium service likely influencing product positioning.

12 Aug

3 transcript www.fool.com, 10:28 AM
Iron Mountain (IRM) held its Q2 2026 earnings call covering financial results, operational updates and strategic outlook. Quarterly earnings release and guidance typically influence near-term valuation and sentiment without altering long-term trajectory.

8 Aug

3 www.marketbeat.com, 10:04 AM
Iron Mountain Q2 earnings call highlighted financial results, revenue trends, data center growth and strategic priorities for the company. Q2 earnings details can moderately affect near-term investor sentiment and operational outlook for IRM.

6 Aug

4 , 2:23 PM
Iron Mountain raises 2026 revenue outlook, indicating the stock could be 20% undervalued. Raised 2026 revenue outlook signals stronger financial performance and growth trajectory ahead.

5 Aug

4 , 5:04 PM
Iron Mountain Inc reported record revenue for Q2 2026 and raised its full-year guidance. Record revenue and raised guidance indicate strong results likely to boost investor sentiment and company trajectory.

4 , 11:02 AM
Iron Mountain Q2 AFFO beat estimates on data center and ALM growth with raised 2026 outlook. Q2 earnings beat plus raised 2026 guidance on data center expansion signals major positive shift for IRM performance.

3 , 8:15 AM
Iron Mountain Incorporated beat Q2 earnings and revenue estimates. Q2 beats signal positive financial performance without altering long-term trajectory.

3 , 6:45 AM
Iron Mountain Incorporated released second quarter 2026 financial results. Quarterly results disclosure supplies updated financial metrics that can shift near-term investor views and valuation.

3 Aug

3 , 3:03 PM
Iron Mountain stock faces evaluation for portfolio inclusion ahead of Q2 earnings, driven by data center growth, storage demand, and interest rate sensitivity affecting its REIT performance and investor outlook. Upcoming Q2 earnings release may moderately shift investor sentiment and short-term stock trajectory for Iron Mountain without fundamentally redefining its long-term data infrastructure position.

27 Jul

3 www.trefis.com, 4:56 PM
Equinix stock performance signals competitive pressure and strategic considerations for Iron Mountain management in data center and storage markets. Stock comparison highlights moderate competitive dynamics affecting IRM positioning without indicating major operational shifts.

8 Jul

3 247wallst.com, 8:19 AM
Iron Mountain Incorporated stands out as the best and safest technology investment via its position as an old-school dividend-paying data center REIT. Framing of IRM as a top safe tech idea can lift investor sentiment and support near-term valuation.

25 Jun

4 Investor's Business Daily, 1:34 PM
Iron Mountain nears buy point as data center demand fuels 55% rally. Data center demand surge drives major rally and shifts company growth trajectory.

30 May

3 247wallst.com, 12:39 PM
Iron Mountain maintains monthly dividends via its senior housing and warehouse assets that generate stable income. Dividend defense through real-estate holdings can moderately support investor sentiment and valuation stability.

17 May

5 Simply Wall St., 7:10 AM
Record AI-fueled data center leasing is emerging as a major positive for Iron Mountain, positioning the company for substantial growth in its core storage and data operations amid surging demand. AI-driven record data center leasing directly fuels transformative revenue and market positioning gains for Iron Mountain.

4 Simply Wall St., 3:16 AM
Iron Mountain reported strong Q1 growth and raised AI-driven data center guidance, leading to an updated valuation assessment for the company. Raised AI data center guidance after strong Q1 growth signals major expansion potential that can significantly shift Iron Mountain's trajectory and investor sentiment.

14 May

3 www.barchart.com, 10:11 AM
Blackstone launches BXDC, a new data center REIT, with an IPO that might arrive too late amid rising competition in the sector. Blackstone's BXDC IPO introduces new competition in data center REITs, potentially pressuring IRM's market position but limited by market maturity.

13 May

4 Insider Monkey, 1:02 PM
Iron Mountain Incorporated (IRM) reported Q1 results, with data center revenue rising 47% year-over-year. 47% year-over-year data center revenue growth signals major expansion in a key high-growth segment driving future performance.

3 May

4 Simply Wall St., 2:10 AM
Iron Mountain (IRM) shares rose 9.6% after the company raised its 2026 revenue outlook and highlighted growth segments, prompting analysis on whether the bull case has strengthened. Raising 2026 revenue outlook and emphasizing growth segments triggered a 9.6% stock surge, indicating significant positive shift in future performance expectations.

1 May

4 www.marketbeat.com, 7:07 PM
Iron Mountain Q1 earnings call highlights strong financial performance, revenue growth, and positive guidance amid data management expansions. Q1 earnings highlights reveal key financial metrics and strategic updates that significantly shape IRM's trajectory and investor expectations.

30 Apr

4 app.moby.co, 4:54 PM
Iron Mountain Incorporated's Q1 2026 earnings call summary details quarterly financial results, revenue growth, adjusted EBITDA, and forward guidance amid data management expansions. Q1 earnings call summaries provide key financial metrics and strategic updates that significantly shape investor expectations and stock trajectory.

4 Zacks, 10:39 AM
Iron Mountain's Q1 AFFO beat estimates, driven by strength in data centers and ALM. Q1 AFFO exceeding estimates underscores data center growth, signaling significant positive trajectory shift.

4 Zacks, 9:30 AM
Iron Mountain (IRM) reported Q1 earnings, with key metrics revealing performance insights on revenue, AFFO, and growth outlook. Q1 earnings report highlights key metrics that could significantly sway IRM's stock trajectory and investor confidence.

4 Zacks, 8:05 AM
Iron Mountain (IRM) surpassed Q1 earnings and revenue estimates. Beating Q1 earnings and revenue estimates boosts investor sentiment and signals strong financial performance for IRM.
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