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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
+13.5%
EPS
+50.0%
Free cash flow
−13.0%
Total debt
+11.0%

Quarter to September 2026, against a year earlier

106.19 0.69 +0.65%
Market cap
$31.4B
P/E
69.3×
Fwd P/E
63.1×
Dividend yield
3.24%
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 Valuation Filings

Iron Mountain Incorporated (IRM) valuation and DCF model

What the price implies · reverse DCF

At $106.19 the price implies FFO a share growing 12.4% a year for ten years.

FFO a share grew −0.3% a year over the last ten years, 45.7% over the last five. The price asks for 12.7 points a year more than its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 3.0% a year; Iron Mountain Incorporated went on to grow FFO a share −0.7% a year to FY2025.

Q3 2026’s FFO a share is the $0.83 Iron Mountain Incorporated reported, in its results release. Ours, from its filings, came out 37.9% higher. It reported AFFO of $1.53 a share for Q3 2026.

Price implies
12.4%
Last 5 years, reported
45.7%
Last 10 years, reported
−0.3%
Industry median implies
4.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
12.4% a year for ten years
$106.19
today’s price
Its base case
−0.3% a year for five years, then −0.2%
$40.94
61.4% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Iron Mountain Incorporated’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 12.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Iron Mountain Incorporated’s own cost of capital: risk-free 4.3% + beta 1.20 × equity premium 4.5% = 9.7% cost of equity; weighted, 9.7%.

Use 9.7%
Base case value per share $40.94 ten years discounted, and what follows
Current price $106.19 market price per share
Below today’s price 61.4% downside at the base case’s assumptions

How we got there$20.19 10 years of FFO+$20.76 terminal value=$40.94 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 69.25× 109.84× 72.24× 4% below 27.75× 150% above
P/FCF — 30.64× 32.26× — 19.50× —
P/B — 29.74× 20.28× — 1.96× —
EV/EBITDA 18.55× 18.44× 15.58× 19% above 17.39× 7% above
EV/Sales 6.36× 6.03× 5.20× 22% above 8.49× 25% below
P/FFO 33.39× 35.65× 36.03× 7% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
4.23×5.19×6.15×7.10×10Y avg 5.20×2017201820192020202120222023202420252026

IRM trades at 6.36× EV/Sales, against a 10-year average of 5.20× (range 4.08×–7.22×). That is dearer than 89% of the last 9 year-end readings; re-rating to the average implies $76.16 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.