IRM Iron Mountain
$111.90
▼ 0.7%Updated Oct 16, 2:25 PM ET
Report Card
IRM at a glance — five pillars scored 0–100 from real filed financials.
How the 0–100 rating is calculatedOverall: Neutral · 44/100. A wider, greener shape means more pillars look healthy. Dividends scores 0 when a company pays none — that is a choice, not a flaw.
Price — Past Year
▲ Up 24.5% in the year to Jul 6, 2026
Key Metrics
Market Cap
$34.86B
P/E
121.97x
Forward P/E (est.)
87.12x
ROE
85.2%
Revenue Growth
15.6%
EPS Growth
122.2%
Profit Margin
3.8%
FCF Yield
2.8%
Debt / Equity
56.38x
ROIC
6.0%
Interest Coverage
4.46x
Current Ratio
0.73x
Dividend Yield
2.7%
Implied Growth (rev. DCF)
—
Rating Score
44/100
Business Overview
Iron Mountain (IRM) is a large-cap company in the Other Specialized REITs industry, part of the Real Estate sector of the S&P 500, with a market value around $34.86B.
In its latest reported year it generated about $6.90B in revenue.
Our model rates IRM Neutral (44/100) on growth, profitability, financial health, and valuation. The summary below is built from its filed financials and current ratios and refreshes automatically.
Economic Moat
Evidence of durable competitive advantage in the filed financials (10 years of history).
Profit margins and economic moats, explainedThe numbers don't show a durable competitive advantage — margins, growth, or returns on capital have been unstable or thin. Great returns are still possible; they just aren't protected.
16.7% average over the last 3 years
±13.0 pts around 24.3% across 10 years
grew in 7 of the last 9 year-over-year periods
positive in 7 of 10 years
6.0% latest fiscal year
A moat can't be proven by numbers alone — this scores the evidence a durable advantage leaves behind (pricing power, consistency, returns on capital), computed the same way for every stock. Pair it with the business overview before concluding anything.
Technical Analysis (Educational)
Technical analysis reads price and volume to judge momentum and timing. It complements the fundamentals above — it does not replace them. Here is what IRM's chart says today, with each tool explained.
Trend — moving averages. A moving average is the average closing price over a window, which smooths out daily noise. IRM trades near $111.90, around its 50-day average ($125.76) and 200-day average ($105.05). Price tangled in its moving averages means there is no clear trend — the stock is ranging.
Momentum — RSI. The Relative Strength Index runs 0–100 and measures how strong recent gains are versus losses. Above 70 is "overbought", below 30 "oversold". At 39 it is in neutral territory — neither stretched nor washed out.
MACD. MACD compares two moving averages to flag shifts in momentum. Its histogram is currently negative — short-term momentum is fading.
Volatility — ATR. Average True Range is the typical daily move. IRM's is $4.51 (~4.0% of price), so swings of about that size each day are normal — handy for setting a stop that isn't too tight.
Support & resistance. In the month to Jul 6, 2026, IRM found buyers near $115.68 (support) and sellers near $134.68 (resistance); its 52-week range then was $77.77–$134.68. A decisive break beyond either edge often marks the next move.
Volume. The latest session traded 1.8× the 20-day average — heavier than usual, which adds conviction to the move. Rising volume on up-days suggests real buying; on down-days, real selling.
Educational information to help you read a chart — not a recommendation or a forecast. The indicators were last computed on Jul 6, 2026; the price is current.
Revenue Growth
4Y CAGR
11.3%
Revenue moved from $3.51B in 2016 to $6.90B in 2025, a 7.8% compound annual growth rate. The most recent year grew a strong 15.6% year over year. Consistent top-line growth is one sign of healthy demand.
Profitability
Gross Margin
65.0%
Operating Margin
16.9%
Net Margin
3.8%
ROE
85.2%
Iron Mountain keeps about 3.8% of each sales dollar as net profit, with a 65.0% gross margin and 16.9% operating margin. Return on equity is 85.2% and return on invested capital about 6.0%. Thin margins leave less cushion if costs rise.
Debt Analysis
Total Debt
$17.35B
Net Debt
$17.10B
Net Debt / EBITDA
14.69x
Debt / Equity
56.38x
Leverage: debt-to-equity is 56.4x, and operating profit covers interest about 4.5x, with a current ratio of 0.7x. That is elevated leverage, which raises risk if earnings or rates move against it. It carries roughly $17.35B of total debt against $250.71M of cash.
Cash Flow Analysis
Operating CF
$1.34B
Free Cash Flow
-$931.63M
FCF Margin
-13.5%
In the latest year Iron Mountain produced about $1.34B of operating cash flow but negative free cash flow as it invested heavily. That is a free-cash-flow yield of about 2.8% on today's price. Cash flow is what ultimately pays shareholders, so it is worth tracking over time.
Dividend Safety
Can the payout survive a bad year? Scored from filed cash flow, earnings coverage, and the raise/cut record.
What to look for in a dividend stockCoverage is weak, the payout was cut recently, or it's being financed rather than earned — treat the current yield as fragile.
Dividend yield
2.7%
Per share (latest FY)
$3.22
Total paid (latest FY)
$919.39M
History on record
10 years
free cash flow was negative in the latest year — the dividend is being financed
total dividends increased 8 years in a row
payout was cut at least once in the last 10 years
Coverage uses the latest fiscal year as filed with the SEC; the streak counts total dollars paid (per-share figures can carry split artifacts). Educational information, not income advice.
Valuation Analysis
P/E
121.97x
P/S
5.51x
P/B
84.26x
EV / EBITDA
—
IRM trades at 122.0x trailing earnings (about 87.1x on estimated forward earnings), 5.5x sales, and 84.3x book value. That is a rich multiple that prices in a lot of future growth.
Metrics vs. Sector Range
Where IRM sits versus the Real Estate companies we cover.
Bands show the middle half (25th–75th percentile) of the 33 Real Estate companies in our coverage that have fundamentals data — the peer-relative anchor professional comps analysis uses. Context only — not investment advice.
Sector Peer Comparison
How IRM stacks up against its Real Estate peers — valuation, profitability, and growth versus the sector median.
Among the 33 rated Real Estate companies we cover, IRM ranks #23 by our overall rating. It trades at a premium versus the sector on earnings (122x P/E vs. 29.9x median) with a higher return on equity (85.2% vs. 8.0%) and faster revenue growth (15.6% vs. 5.3%).
P/E vs sector
122x
median 29.9x
ROE vs sector
85.2%
median 8.0%
Growth vs sector
15.6%
median 5.3%
Sector rank
#23
of 33 rated
Valuation vs. quality map
The sweet spot is upper-left: more profitable (higher ROE) for a lower P/E. Dashed lines mark the sector median.
Peers are the closest Real Estate companies by sub-industry and size, preferring ones with full data. Sector medians and rank use the 33 rated companies among the 41 Real Estate stocks we cover. Educational, not a recommendation.
5-Year Projection Model
Project revenue → earnings → price. Edit the assumptions to build your own case.
What drives this projection, and its limits2030 scenario price range (Base Case)
$135.88 – $227.09
vs. $111.90 today · implied CAGR 4% – 15%
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | $8.01B | $9.29B | $10.77B | $12.50B | $14.50B |
| Net income | $320.24M | $371.48M | $430.92M | $499.86M | $579.84M |
| EPS | $1.03 | $1.19 | $1.38 | $1.60 | $1.86 |
| Share price (low) | $75.05 | $87.05 | $100.98 | $117.14 | $135.88 |
| Share price (high) | $125.42 | $145.49 | $168.76 | $195.77 | $227.09 |
| CAGR (low–high) | -33% / 12% | -12% / 14% | -3% / 15% | 1% / 15% | 4% / 15% |
Educational scenario model, not a forecast or investment advice. It starts from the latest annual revenue in SEC filings. By default, growth is trailing revenue growth (held between 3% and 45% a year), the net margin is the latest one (held between 3% and 50%, so a loss-making company is modeled with a small profit), and the Base case P/E runs from 60% to 100% of today's. Carrying recent growth forward five years can miss badly in either direction. Outputs are only as good as the assumptions.
Bull Case
The case for IRM:
- Revenue is growing 15.6% a year, a sign of real demand.
- Strong return on equity (85.2%) shows capital is put to work well.
- Pays a 2.7% dividend on top of any price gains.
Bear Case
The case against IRM:
- Thin net margins (3.8%) leave little room for error.
- Elevated leverage (debt/equity 56.4x) adds financial risk.
- A rich 122.0x earnings multiple prices in a lot of growth.
Key Risks
Valuation risk — at 122.0x earnings, disappointing results could compress the multiple.
Balance-sheet risk — debt/equity of 56.4x magnifies the impact of higher rates or weaker earnings.
Margin risk — thin profitability (3.8%) is vulnerable to cost or pricing pressure.
Market risk — sector rotation, the economic cycle, and broad sentiment move the stock regardless of fundamentals.
Investment Thesis
On balance, the picture is mixed: Iron Mountain is a large-cap real estate business still growing nicely, with modest profitability, and a heavier debt load to watch. It trades at 122.0x earnings, which our model scores Neutral (44/100). Weigh this against your own goals and time horizon — this is educational information, not a recommendation.
Analyst Ratings
What 16 Wall Street analysts covering IRM recommend (September 2026). Consensus is a useful sanity check — not a substitute for your own homework.
Latest SEC Filings
IRM's most recent filings, straight from SEC EDGAR. Annual and quarterly reports are the deep dives; 8-Ks flag material events the moment they happen. How to read a 10-K
IRM — frequently asked questions
Is IRM a good stock to buy?
We don't give buy or sell advice. Our model rates Iron Mountain Neutral (44/100) based on its growth, profitability, financial health, and valuation — use that as a research starting point and make your own decision.
What is IRM's rating on The Stocks School?
Iron Mountain currently scores 44/100 (Neutral) on our transparent model, which weighs real fundamentals: growth, margins, returns on capital, balance-sheet strength, and valuation.
How our ratings work →Where does IRM's data come from?
Live price data plus real fundamentals and 5-year financials pulled directly from Iron Mountain's SEC filings — refreshed automatically, not hand-entered.
How is the 5-year projection for IRM calculated?
It's a scenario model. It starts from the latest annual revenue and net margin in SEC filings, grows revenue at an assumed rate (trailing revenue growth by default), and applies a P/E range built around today's multiple to show the resulting share-price range. When a stock has no growth or P/E data, the starting values are placeholders. It's a tool for thinking, not a prediction.
Is this IRM analysis financial advice?
No. Everything on this page is educational research, not financial advice or a recommendation to buy or sell IRM. Always do your own research and consider a licensed professional.
Data notice. Fundamentals and financial statements are sourced from company filings (SEC EDGAR) and market-data providers; prices and market caps refresh on trading days and may be delayed. Ratings, projections, technical signals, and written summaries are model- or rule-generated for education and may simplify or lag the latest filings.
Not advice. Nothing on this page is investment advice or a recommendation to buy, hold, or sell any security. Do your own research and consult a licensed financial professional before investing.