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Iron Mountain Incorporated

IRM Real Estate Reit Specialty

Iron Mountain Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $6.9 billion, up 12.2% from fiscal 2024.

Revenue
+18.5%
EPS
+326.7%
Free cash flow
+58.6%
Total debt
+11.2%

Quarter to June 2026, against a year earlier

116.55 1.83 −1.55%
Market cap
$35.2B
P/E
83.2×
Fwd P/E
63.1×
Dividend yield
2.97%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • GLOBAL RIM BUSINESS
  • CORPORATE AND OTHER
  • GLOBAL DATA CENTER BUSINESS

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 102.85
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 2 2 6 2 5 2 2 3 3 2 —
Insider Ownership 0.93%

Capital & Financial Ratios $m

Size
Market Cap 35,240.00
Revenue ttm 7,562.47
Net income ttm 434.46
Free cash flow ttm (594.88)
Net debt Q 17,144.86
Valuation
P/E 83.19 (above 35: high)
Forward P/E 63.10 (above 35: high)
Price / sales 4.59
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 0.73
Debt / equity Q (18.17)
Interest coverage Q 1.67
Growth
Revenue growth Q +18.52% (above 0%: growing)
Operating income growth Q +43.72% (above 0%: growing)
EPS, this year +17.61% (at or above 15%: strong)
EPS, next year A +11.45%
Revenue, next year A +16.45% (at or above 10%: strong)
EPS, past 5 yrs −16.26% (below 0%: weak)
EPS, next 5 yrs A +13.45%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.9×, against a ten-year median of 4.9×; over the ten years it ranged from 3.5× in 2016 to 8.3× in 2024.
P/E against its own 10 years 68.42%
10-year low 10-year high
P/S against its own 10 years 87.66%
10-year low 10-year high
EV/Sales against its own 10 years 86.04%
10-year low 10-year high

Dividends raised 3 years running

Yield
2.97%
Annual rate
3.46
Payout ratio
246.9%
Growth, 2016–25
+5.40%/yr
  1. 2.01 ’16
  2. 2.24 ’17 +12%
  3. 2.37 ’18 +6%
  4. 2.45 ’19 +3%
  5. 2.47 ’20 +1%
  6. 2.47 ’21 +0%
  7. 2.47 ’22 +0%
  8. 2.54 ’23 +3%
  9. 2.73 ’24 +8%
  10. 3.22 ’25 +18%
  11. 3.52 ’26e +9%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 223 156 159 205
Receivables 1,260 1,291 1,444 1,487
Inventory — — — —
Other — — — —
1,736 1,691 1,935 2,104
2023 2024 2025 Q'26
Payables 540 679 711 857
ST’ Debt 121 715 216 221
Other — — — —
2,236 3,087 2,619 2,898

Compound Annual Growth %

10y 5y 3y
Sales 8.66% 10.72% 10.58%
Cash Flow 9.48% 6.29% 13.04%
Earnings 1.61% (15.85%) (36.21%)
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.40 Actual 1.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.29 1.32 Beat by 0.03
Q4 FY25 1.39 1.44 Beat by 0.05
Q1 FY26 1.39 1.43 Beat by 0.04
Q2 FY26 1.40 1.44 Beat by 0.04
Q3 FY26 1.47 — Reports 5 November 2026

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
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,936 2,029 — — —
’25 1,593 1,712 1,754 1,843 6,902
’24 1,477 1,534 1,557 1,581 6,150
’23 1,314 1,358 1,388 1,420 5,480
’22 1,248 1,290 1,287 1,279 5,104
’21 1,082 1,120 1,130 1,160 4,492
’20 1,069 982 1,037 1,060 4,147
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 339 549 — — —
’25 197 375 268 500 1,340
’24 130 382 253 432 1,197
’23 129 317 220 447 1,114
’22 55 291 214 367 928
’21 69 320 74 296 759
’20 125 314 188 360 988
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (175) (75) — — —
’25 (477) (182) (265) (70) (993)
’24 (246) (18) (145) (231) (639)
’23 (101) (18) (138) 79 (178)
’22 (101) 213 (31) 133 215
’21 (65) 365 (45) 166 420
’20 28 218 186 678 1,110
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,511 3,846 4,226 4,263 4,147 4,492 5,104 5,480 6,150 6,902 7,562 +7.8% 8,037 8,756 9,459 +11.1%
Gross margin, % 55.35 56.71 57.55 56.99 57.63 57.98 57.11 56.98 56.15 55.38 54.21 0.0 pt
EBT 147 201 410 328 373 629 632 227 245 211 504 +4.1%
EBT margin, % 4.18 5.23 9.71 7.70 8.99 14.00 12.38 4.15 3.98 3.06 6.67 (1.1) pt
Net income 107 172 355 268 343 453 562 187 184 152 434 +4.0%
Per share, $
Per share, $ Revenue 14.26 14.46 14.78 14.85 14.39 15.52 17.55 18.77 20.96 23.36 25.40 +5.6%
Earnings 0.43 0.69 1.27 0.93 1.19 1.56 1.92 0.63 0.61 0.49 1.40 +1.5%
Cash flow 2.21 2.71 3.27 3.37 3.43 2.62 3.19 3.81 4.08 4.54 5.56 +8.3%
Capex (1.43) (1.46) (1.53) (2.00) 0.42 (1.17) (2.45) (4.42) (6.26) (7.90) (7.56) +20.9%
Free cash flow 0.78 1.25 1.74 1.37 3.85 1.45 0.74 (0.61) (2.18) (3.36) (2.00) n/m
Book value 7.87 8.65 6.51 5.10 3.94 2.96 2.19 0.73 (1.04) (2.40) (3.21) n/m
Shares, m 246 266 286 287 288 289 291 292 293 295 296 +2.0%
Valuation, ×
Valuation, × P/E 71.96 54.51 25.52 34.64 24.77 33.76 25.87 108.94 172.31 172.81 83.19 72.5
P/S 2.32 2.60 2.19 2.15 2.05 3.37 2.83 3.66 5.01 3.55 4.59 3.0
P/B 4.21 4.35 4.98 6.25 7.47 17.67 22.68 94.61 0.00 0.00 0.00 16.2
EV/Sales 4.03 4.19 4.08 4.13 4.10 5.38 4.87 5.79 7.22 5.91 6.85 5.0
EV/FCF 73.88 48.54 34.62 44.75 15.31 57.50 116.53 (170.64) (69.45) (38.83) (87.11) 11.2
Cash, $m
Cash, $m Operating cash flow 544 721 936 967 988 759 928 1,114 1,197 1,340 1,655 +10.5%
Capex (352) (389) (437) (573) 122 (339) (713) (1,292) (1,836) (2,333) (2,250) +23.4%
Free cash flow 192 332 498 394 1,110 420 215 (178) (639) (993) (595) n/m
Balance, $m
Balance, $m Working capital 66 620 (283) (713) (726) (577) (370) (501) (1,396) (685) (794) n/m
Net debt 6,015 6,118 7,977 8,471 8,498 9,016 10,427 11,710 13,563 16,273 17,145 +11.7%
Shareholders’ equity 1,937 2,299 1,862 1,464 1,137 857 637 212 (305) (709) (955) n/m
Returns, %
Returns, % ROA 1.32 1.66 3.10 2.08 2.45 3.15 3.64 1.10 1.00 0.73 1.99 (0.6) pt
ROIC 3.94 4.71 5.13 4.92 6.06 5.41 5.93 4.83 4.76 4.67 5.48 +0.7 pt
ROE 8.50 8.03 17.01 16.07 26.35 45.16 74.57 43.42 (387.84) (28.52) (54.95) (37.0) pt
People
People Employees 24,000 24,000 26,200 26,750 25,600 26,750 27,600 27,000 28,850 29,400 — +2.3%
Revenue/emp, $m 0.15 0.16 0.16 0.16 0.16 0.17 0.18 0.20 0.21 0.23 — +5.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Iron Mountain is a real estate investment trust that provides information management, digital transformation, information security, data-center and asset lifecycle management services. It was founded in 1951, is headquartered in Boston, and is led by President and Chief Executive Officer William L. Meaney.

Its core records-management operation stores physical business records and also handles information services, vital records, courier work, and sensitive-document collection and disposal. Digital Solutions converts documents into digital formats, stores information and provides information-management tools across the lifecycle of a customer’s information. Its Global Data Center Business supplies enterprise data-center facilities and capacity designed for hyperscale customers, supporting customers’ IT infrastructure. Asset Lifecycle Management, or ALM, manages the retirement of IT equipment: secure logistics, data erasure, processing, recycling, remarketing and workplace-device services.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
GLOBAL RIM BUSINESS 5,291 76.67%
CORPORATE AND OTHER 807 11.69%
GLOBAL DATA CENTER BUSINESS 803 11.64%
Gross margin 55.38%
Operating margin 16.86%
Pre-tax margin 3.06%

Revenue by segment since 2016

Iron Mountain Incorporated vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EQIX Equinix, Inc. $102.6B 65.0× 56.0× +16.36% (above 0%: growing) +29.26% (above 0%: growing) −311.02% (below 0%: shrinking) 53.14% 25.33% Compare
AMT American Tower Corporation $86.2B 25.9× 27.0× +4.65% (above 0%: growing) +138.46% (above 0%: growing) +19.35% (above 0%: growing) 73.03% 46.15% Compare
DLR Digital Realty Trust, Inc. $67.9B 82.9× 64.4× +28.86% (above 0%: growing) −58.75% (below 0%: shrinking) −25.86% (below 0%: shrinking) 61.14% 24.28% Compare
CCI Crown Castle Inc. $37.8B 44.9× 46.0× −4.91% (below 0%: shrinking) −67.16% (below 0%: shrinking) −40.40% (below 0%: shrinking) 73.41% 46.63% Compare
IRM Iron Mountain Incorporated $35.2B 83.2× 63.1× +18.52% (above 0%: growing) n/m +58.56% (above 0%: growing) 52.76% 18.41%
SBAC SBA Communications Corporation $19.6B 20.1× 24.3× +2.33% (above 0%: growing) −10.95% (below 0%: shrinking) +11.32% (above 0%: growing) 75.39% 49.19% Compare
LAMR Lamar Advertising Company $16.2B 28.7× 26.7× +6.46% (above 0%: growing) +3.95% (above 0%: growing) +8.91% (above 0%: growing) 68.51% 33.72% Compare
WY Weyerhaeuser Company $14.2B 30.9× 43.9× −0.90% (below 0%: shrinking) +91.67% (above 0%: growing) +29.41% (above 0%: growing) 16.66% 11.94% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 11.4× 12.0× +9.03% (above 0%: growing) +45.45% (above 0%: growing) −42.77% (below 0%: shrinking) 100.00% 77.21% Compare
Median of peers $28.7B 29.8× 35.5× +5.56% +16.61% −8.47% 70.77% 39.94%

All 19 Reit Specialty stocks →

From the latest earnings call

Updated

  • William Meaney said Data Center, ALM and Digital collectively grew more than 50% in the quarter and represented 35% of second-quarter revenue.
  • Barry Hytinen said Iron Mountain raised its 2026 outlook after second-quarter results, including expectations for revenue, adjusted EBITDA and AFFO.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.16%
Held by the ten largest 48.79%
Holder Shares Stake Change
Vanguard 47.79m 16.06% +816.10k
BlackRock 33.57m 11.28% +549.56k
State Street 17.63m 5.92% +82.41k
COHEN & STEERS, INC. 12.02m 4.04% −4.15m
Geode Capital Management 8.65m 2.91% +163.12k
Fidelity (FMR) 7.87m 2.64% +387.97k
Dimensional Fund Advisors 4.63m 1.55% +73.40k
Morgan Stanley 4.43m 1.49% −225.32k
Principal Financial 4.39m 1.47% −193.46k
Charles Schwab 4.26m 1.43% +250.48k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.05m 21.94m 347.18
2024 18.36m 118.48m 424.62
2023 14.90m 48.82m 274.87
2022 15.11m 14.45m 187.59
2021 17.05m 59.23m 187.74

Ownership

Directors and executive officers, together 1.70%
The Vanguard Group100 Vanguard BoulevardMalvern, PA 15.90%
BlackRock Inc. 10.20%
Cohen & Steers, Inc.1166 Avenue of the Americas, 6.50%
State Street CorporationOne Congress Street, Suite 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Iron Mountain Incorporated (IRM) Latest News

22 Oct

Impact 4 · · Barchart
Impact 4 · · MoneyShow

29 Sep

Impact 4 · · MarketBeat
Impact 4 · · Simply Wall St.
Impact 3 · · Insider Monkey
Impact 3 · · Simply Wall St.

28 Sep

Impact 4 · · Business Wire

20 Sep

Impact 4 · · Insider Monkey

18 Sep

Impact 3 ·

14 Sep

Impact 4 · · MarketBeat

5 Sep

Impact 3 ·

3 Sep

Impact 3 ·

2 Sep

Impact 4 ·
Impact 3 ·

18 Aug

Impact 3 ·

13 Aug

Impact 3 ·

12 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat

6 Aug

Impact 4 ·

5 Aug

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·

3 Aug

Impact 3 ·

27 Jul

Impact 3 · · Trefis

8 Jul

Impact 3 · · 24/7 Wall St.

25 Jun

Impact 4 · · Investor's Business Daily

30 May

Impact 3 · · 24/7 Wall St.

17 May

Impact 5 · · Simply Wall St.
Impact 4 · · Simply Wall St.

IRM metrics, ten years each

stockrow.com/IRM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com