Iron Mountain Inc (IRM)
Real Estate · Other Specialized REITs · US stock · S&P 500 component
$110.66
▼ -4.06 (3.54%)
Fair valueFair
$112 +1.4% to fair value
$56fair band $95–$136$168
Day's range
$107.20 – $113.79
52-week range
$77.77 – $134.68
Red flags⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity
About Iron Mountain Inc
Iron Mountain stores and protects information and physical assets for other organisations. It began with paper records and now offers records and information management, secure shredding, digital document services, data centres and asset lifecycle management. Customers include large corporations, healthcare providers, financial institutions and government bodies. It is structured as a real estate investment trust, owning or leasing many storage facilities.
Revenue comes from recurring storage rent and service fees, together with project work such as shredding and digitisation. It totals $7.6 billion over the last twelve months, rising 10.6% a year across the last three years. The operating margin is 18.8%, and the business earns a profit of 8% on the capital invested in it. Iron Mountain carries net debt of 6.8 times EBITDA, and the dividend yield is 3.1%. On the site's X-Ray Score it receives 42 out of 100.
Price chart
52-wk range $77.77 – $134.68Volume 1,783,482Daily, split-adjusted
Vitals
Market cap$33.2B
52-week range$77.77 – $134.68
Volume (last day)1,783,482
P/E (TTM)76.1
EBIT / EV yield2.8%
Free-cash-flow yield-1.5%
Dividend yield3.1%
Revenue (TTM)$7.6B
Net income (TTM)$434M
Operating margin18.8%
Return on capital7.7%
Debt incl. leases$17.3B
Cash & securities$205M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$112middle half of models $108 – $115
Fair
+1.4% to fair value
Average of the 3 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $111
Undervalued < $95Fair $95 – $136Overvalued > $136
P/S multiple
$121
P/FFO multiple
$110
P/AFFO multiple
$106
Dividend discount, multi-stage · not used
$434
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
25/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.8%
Free-cash-flow yield-1.5%
Fair value vs price1.0×
Growth
Fair
59/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)10.6%
EPS growth (3y)-36.3%
Growth consistency100%
Profitability
Fair
62/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital7.7%
Operating margin18.8%
Financial health
Weak
21/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA6.8×
Interest cover1.6×
Dividends
Weak
46/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.1%
Dividend growth8.3%
Quarterly results: last 6 quarters
+7.8%
Mar '25
+11.6%
Jun '25
+12.6%
Sep '25
+16.6%
Dec '25
+21.6%
Mar '26
+18.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.0B, diluted EPS $0.34.
SWOT analysis: Iron Mountain Inc
Strengthsinside the company
- Revenue has grown 10.6% a year over three years (median 6.6% for sector peers).
Weaknessesinside the company
- Operating margin of 18.8% is thin against 36.0% for sector peers.
- Earnings per share have declined 36.3% a year over three years.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Net debt is 6.8x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Trades at 76.4x earnings, 139% above the 31.9x median of sector peers, so the price already assumes better results.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
- The price trend is down on the daily and weekly signals.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare IRM with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.
| Metric | IRM | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 42 | 52 | 52 |
| Valuation | 25 | 53 | 53 |
| Growth | 59 | 56 | 56 |
| Profitability | 62 | 50 | 50 |
| Financial health | 21 | 56 | 56 |
| Dividends | 46 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
IRM ranks #25 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for IRM
Each factor is rated by where IRM stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 1 Average · 12 Bad of 18
Growth: 2 · 0 · 1
Profitability: 0 · 1 · 2
Financial strength: 0 · 0 · 4
Valuation: 1 · 0 · 3
Cash flow: 2 · 0 · 1
Efficiency: 0 · 0 · 1
| Factor | IRM | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.6% | Good beats 71% | +6.8% | – | – |
| Revenue growth, last year | +12.2% | Good beats 84% | +5.1% | +12.2% | ≈ In line |
| EPS growth, 3 years a year | −36.3% | Bad beats 13% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 18.8% | Bad beats 27% | 34.3% | 16.9% | ▲ Better |
| Net margin | 5.7% | Bad beats 16% | 21.5% | 3.4% | ▲ Better |
| Return on invested capital | 7.7% | Average beats 52% | 7.5% | – | – |
| Financial strength | |||||
| Net debt / EBITDA | 6.8x | Bad beats 8% | 4.6x | 6.9x | ≈ In line |
| Interest cover | 1.6x | Bad beats 10% | 3.4x | 1.5x | ≈ In line |
| Current ratio | 0.73 | Bad beats 13% | 1.22 | 0.74 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 28% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 76.4x | Bad beats 13% | 32.1x | 109.9x | ▲ Better |
| Price / sales | 4.4x | Good beats 78% | 7.0x | 3.6x | ▼ Worse |
| EV / EBITDA | 20.2x | Bad beats 23% | 18.6x | 18.7x | ≈ In line |
| Free cash flow yield | -1.5% | Bad beats 8% | 4.1% | -1.1% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | -6.5% | Bad beats 2% | 44.6% | -4.1% | ▼ Worse |
| Cash from operations / net income | 3.81 | Good beats 84% | 1.91 | 5.95 | ▼ Worse |
| Accruals (lower is better) | −5.6% | Good beats 84% | −3.7% | – | – |
| Efficiency | |||||
| Days sales outstanding | 72 days | Bad beats 21% | 53 days | 78 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 3 Average · ● 7 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 38/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $4.5B | $5.1B | $5.5B | $6.1B | $6.9B |
| Operating income | $854M | $1.0B | $922M | $1.0B | $1.2B |
| Net income | $453M | $562M | $187M | $184M | $152M |
| Operating cash flow | $759M | $928M | $1.1B | $1.2B | $1.3B |
| Operating margin | 19.0% | 20.6% | 16.8% | 16.4% | 16.9% |
| Free cash flow | $148M | $52M | −$226M | −$595M | −$932M |
| Diluted EPS | $1.55 | $1.90 | $0.63 | $0.61 | $0.49 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
1 bullish · 3 neutral · 12 bearish
Weekly
Bearish
4 bullish · 1 neutral · 7 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 113.0 | Bearish |
| EMA 10 | 112.8 | Bearish |
| SMA 20 | 112.9 | Bearish |
| EMA 20 | 113.3 | Bearish |
| SMA 50 | 115.6 | Bearish |
| EMA 50 | 115.2 | Bearish |
| SMA 100 | 119.6 | Bearish |
| EMA 100 | 116.1 | Bearish |
| SMA 200 | 113.1 | Bearish |
| EMA 200 | 112.6 | Bearish |
Oscillators (daily)
| RSI (14) | 43.20 | Neutral |
| MACD (12, 26) | -0.75 | Bearish |
| Momentum (12) | -5.01 | Bearish |
| Stochastic %K (14) | 33.89 | Neutral |
| Williams %R (14) | -66.11 | Neutral |
| CCI (20) | -112.0 | Bullish |
Pivot points (classic, last session)
S3 100.7 | S2 104.0 | S1 107.3 | Pivot 110.6 | R1 113.9 | R2 117.1 | R3 120.5 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.46 USD
Yield on today's price
3.12%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.8640 | |
| 0.8640 | |
| 0.8640 | |
| 0.8640 | |
| 0.7850 | |
| 0.7850 | |
| 0.7850 | |
| 0.7150 | |
| 0.7150 | |
| 0.6500 | |
| 0.7850 | |
| 0.6500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold IRM
| ETF | Share of the fund |
|---|---|
| XLRE The Real Estate Select Sector SPDR | 3.89% |
| ICF iShares Cohen & Steers REIT | 3.59% |
| USRT iShares Core U.S. REIT | 2.91% |
| IYR iShares U.S. Real Estate | 2.78% |
| DFAR DFA Investment Dimensions Group Inc. | 2.73% |
| SCHH Schwab U.S. REIT | 2.69% |
| REET iShares Global REIT | 1.93% |
| VNQ Vanguard Real Estate | 1.89% |
The eight funds with the largest weight in IRM among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
IRM stock splits
IRM has split its stock 4 times since 1998. The latest was a 3-for-2 split on 3 Jan 2007.
Full IRM stock split history →IRM SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Shareholder vote results; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.