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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. In the quarter to June 2026, revenue grew 18.5%, EPS grew 326.7%, free cash flow grew 58.6% and total debt rose 11.2%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three; insiders bought in the last twelve months.

114.55 0.04 +0.03%
Market cap
$34.1B
P/E
81.8×
Fwd P/E
64.9×
Dividend yield
3.02%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.00
Total sells 116.84
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — — — —
Sell 2 2 2 2 6 2 5 2 2 3 3 2
Insider Ownership 0.93%

Capital & Financial Ratios $m

Market Cap 34,090.00
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 81.79 (above 35: high)
Fwd P/E 64.90 (above 35: high)
P/S ratio 4.51
P/B ratio 0.00
Past 5Y EPS Growth (16.26%) (below 0%: weak)
This Y EPS Growth 17.44% (at or above 15%: strong)
Next Y EPS Growth 11.52%
Next Y revenue growth 16.38% (at or above 10%: strong)
Next 5Y EPS Growth 13.41%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.8×, 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 67.87%
10-year low 10-year high
P/S against its own 10 years 85.38%
10-year low 10-year high
EV/Sales against its own 10 years 84.90%
10-year low 10-year high

Dividends

Payout Ratio 2.47
Annual Dividend Rate 3.46
Annual Dividend Yield 3.02%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.52
0.86
0.86
0.86
2025 3.22
0.79
0.79
0.79
0.86
2024 2.73
0.65
0.65
0.72
0.72
2023 2.54
0.62
0.62
0.65
0.65
2022 2.47
0.62
0.62
0.62
0.62
2021 2.47
0.62
0.62
0.62
0.62
2020 2.47
0.62
0.62
0.62
0.62
2019 2.45
0.61
0.61
0.61
0.62
2018 2.37
0.59
0.59
0.59
0.61
2017 2.24
0.55
0.55
0.55
0.59
2016 2.01
0.49
0.49
0.49
0.55
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 23.64 32.27 30.22 29.28 21.00 27.72 41.67 48.92 64.68 72.33

Analyst estimates 2026–2028

Powerpack
High 41.50 41.53 37.94 37.32 34.49 53.14 58.61 70.66 130.24 112.18
People
People Employees 24,000 24,000 26,200 26,750 25,600 26,750 27,600 27,000 28,850 29,400
Revenue/emp, $m 0.15 0.16 0.16 0.16 0.16 0.17 0.18 0.20 0.21 0.23
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
Gross margin, % 55.35 56.71 57.55 56.99 57.63 57.98 57.11 56.98 56.15 55.38
EBT 147 201 410 328 373 629 632 227 245 211
EBT margin, % 4.18 5.23 9.71 7.70 8.99 14.00 12.38 4.15 3.98 3.06
Net income 107 172 355 268 343 453 562 187 184 152
Depreciation 465 540 655 675 692 697 746 793 926 1,057
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
Earnings 0.43 0.69 1.27 0.93 1.19 1.56 1.92 0.63 0.61 0.49
Cash flow 2.21 2.71 3.27 3.37 3.43 2.62 3.19 3.81 4.08 4.54
Capex (1.43) (1.46) (1.53) (2.00) 0.42 (1.17) (2.45) (4.42) (6.26) (7.90)
Free cash flow 0.78 1.25 1.74 1.37 3.85 1.45 0.74 (0.61) (2.18) (3.36)
Book value 7.87 8.65 6.51 5.10 3.94 2.96 2.19 0.73 (1.04) (2.40)
Shares, m 246 266 286 287 288 289 291 292 293 295
Valuation, ×
Valuation, × P/E 71.96 54.51 25.52 34.64 24.77 33.76 25.87 108.94 172.31 172.81
P/S 2.32 2.60 2.19 2.15 2.05 3.37 2.83 3.66 5.01 3.55
P/B 4.21 4.35 4.98 6.25 7.47 17.67 22.68 94.61 0.00 0.00
EV/Sales 4.03 4.19 4.08 4.13 4.10 5.38 4.87 5.79 7.22 5.91
EV/FCF 73.88 48.54 34.62 44.75 15.31 57.50 116.53 (170.64) (69.45) (38.83)
Cash, $m
Cash, $m Operating cash flow 544 721 936 967 988 759 928 1,114 1,197 1,340
Capex (352) (389) (437) (573) 122 (339) (713) (1,292) (1,836) (2,333)
Free cash flow 192 332 498 394 1,110 420 215 (178) (639) (993)
Balance, $m
Balance, $m Working capital 66 620 (283) (713) (726) (577) (370) (501) (1,396) (685)
Total debt 6,251 7,043 8,143 8,665 8,703 9,272 10,569 11,933 13,719 16,432
Net debt 6,015 6,118 7,977 8,471 8,498 9,016 10,427 11,710 13,563 16,273
Shareholders’ equity 1,937 2,299 1,862 1,464 1,137 857 637 212 (305) (709)
Returns, %
Returns, % ROA 1.32 1.66 3.10 2.08 2.45 3.15 3.64 1.10 1.00 0.73
ROIC 3.94 4.71 5.13 4.92 6.06 5.41 5.93 4.83 4.76 4.67
ROE 8.50 8.03 17.01 16.07 26.35 45.16 74.57 43.42 (387.84) (28.52)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $99.8B 65.8× 62.5× +16.36% (above 0%: growing) +29.26% (above 0%: growing) −311.02% (below 0%: shrinking) 53.14% 25.33% Compare
AMT American Tower Corporation $77.7B 25.0× 29.7× +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. $65.3B 82.2× 89.2× +28.86% (above 0%: growing) −58.75% (below 0%: shrinking) −25.86% (below 0%: shrinking) 61.14% 24.28% Compare
IRM Iron Mountain Incorporated $33.6B 81.8× 64.9× +18.52% (above 0%: growing) n/m +58.56% (above 0%: growing) 52.76% 18.41%
CCI Crown Castle Inc. $29.3B 40.2× 46.8× −4.91% (below 0%: shrinking) −67.16% (below 0%: shrinking) −40.40% (below 0%: shrinking) 73.41% 46.63% Compare
SBAC SBA Communications Corporation $18.0B 19.6× 27.6× +2.33% (above 0%: growing) −10.95% (below 0%: shrinking) +11.32% (above 0%: growing) 75.39% 49.19% Compare
LAMR Lamar Advertising Company $14.8B 26.7× 25.6× +6.46% (above 0%: growing) +3.95% (above 0%: growing) +8.91% (above 0%: growing) 68.51% 33.72% Compare
WY Weyerhaeuser Company $13.8B 28.9× 56.6× −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. $11.1B 11.2× 14.4× +9.03% (above 0%: growing) +45.45% (above 0%: growing) −42.77% (below 0%: shrinking) 100.00% 77.21% Compare
Median of peers $23.7B 27.8× 38.3× +5.56% +16.61% −8.47% 70.77% 39.94%

All 18 Reit Specialty stocks →

IRM metrics, ten years each

Iron Mountain Incorporated (IRM) key facts

  • Concern: Net income was $152.3 million, or $0.49 per share (basic), a net margin of 2.09%.
  • Strength: Iron Mountain Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $6.9 billion, up 12.2% from fiscal 2024.
  • Iron Mountain Incorporated (IRM) is a Reit Specialty company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 12, 2026, IRM traded at $114.79, a market capitalization of $34.1 billion.
  • At that price the stock trades at 81.8× trailing-twelve-month earnings and 4.5× sales; its P/E is higher than 68% of its own readings over the past ten years.
  • Iron Mountain Incorporated pays an annual dividend of $3.46 per share, a yield of 3.02%.
  • Return on equity was −28.5% and debt-to-equity -18.17.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Iron Mountain Incorporated (IRM) Latest News

17 May

Impact 5 ·
stockrow.com/IRM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com