Iron Mountain (IRM)
Real Estate · $35.0B market cap · SEC CIK 0001020569
fundamentals score out of 100
Next reports on Nov 3, 2026, before the open, with analysts expecting $0.62 in earnings per share.
The case for IRM
- Revenue growing 17.4% year over year.
- Earnings per share up 924.3%.
- Pays a 4.1% dividend while you wait.
- Has compounded revenue at 10.7% a year over five years.
- Gross margin of 64% absorbs cost shocks.
The case against
- Very expensive at 83.7× earnings. Years of growth are already in the price.
- Burned $932M of free cash in FY2025.
- Long-term debt of $16.2B would take 12 years of operating cash flow to repay.
- Return on assets of only 2.0%.
- Owes more than it owns: shareholder equity is -$981M, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
- Current liabilities exceed current assets (ratio 0.73).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 13 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 82 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 36 |
| Momentumhow the price has behaved lately | 57 |
| Stabilityhow violently it moves, what it owes and what it pays you | 27 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 83.7× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 4.6× |
| Revenue growth (YoY) | +17.4% |
| EPS growth (YoY) | +924.3% |
| Gross margin | 64% |
| Operating margin | 19% |
| Net margin | 6% |
| Return on assets | 2.0% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 0.73 |
| Dividend yield | 4.11% |
| Beta | 1.21 |
| 52-week range | $77.77 – $134.68 |
| Position in that range | 71% of the way up |
| 3-month return | -8.6% |
| 1-year return | +17.0% |
Five years of financials, as filed
Pulled from Iron Mountain's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $6.9B | $6.1B | $5.5B | $5.1B | $4.5B |
| Operating income | $1.2B | $1.0B | $922M | $1.0B | $854M |
| Operating cash flow | $1.3B | $1.2B | $1.1B | $928M | $759M |
| Capital expenditure | $2.3B | $1.8B | $1.3B | $875M | $611M |
| Total assets | $21.1B | $18.7B | $17.5B | $16.1B | $14.5B |
| Shareholder equity | -$981M | -$503M | $212M | $637M | $856M |
| Cash | $159M | $156M | $223M | $142M | $256M |
| Long-term debt | $16.2B | $13.0B | $11.8B | $10.5B | $9.0B |
| Free cash flow | -$932M | -$595M | -$226M | $52.3M | $148M |
| Operating margin | 16.9% | 16.4% | 16.8% | 20.6% | 19.0% |
| Diluted shares | 298M | 296M | 294M | 292M | 291M |
Share count is essentially flat over 4 years.
What Iron Mountain says it does
BUSINESS OVERVIEW Iron Mountain Incorporated, a Delaware corporation ("IMI"), was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management ("ALM") needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy,…
Risk factors IRM lists in its 10-K
- Revenue from Contracts with Customers
- Internal Control—Integrated Framework
- Internal Control — Integrated Framework (2013)
- Management's Report on Internal Control over Financial Reporting
- Financial Statements filed as part of this report
- Exhibits filed as part of this report: As listed in the Exhibit Index following the Financial Statement Schedule III-Schedule of Real Estate and Accumulated Depreciation
- (In thousands, except share and per share data)