Iron Mountain Incorporated (IRM)

NYSE: IRM · USD

$116

+0.54 (+0.5%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-04

Our latest published analysis: IRM rated Sell

Iron Mountain Incorporated's published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$47.6 / share

Potential value

$58.8 / share

Upside to FV

-58.0%

from $116

Moat

7/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$33.8B
Revenue (ttm)	7.6B
Net income (ttm)	418.7M
EPS (ttm)	$1.40
Shares out	297.7M
P/E (trailing)	82.6x
P/E (forward)	58.5x
Dividend	$3.46 (2.99%)
Volume	897,265
Beta	1.19

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 7.6B
Net income (ttm): 418.7M
EPS (ttm): $1.40
P/E (trailing): 82.6x
P/E (forward): 58.5x
Market cap: $33.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$4.49B	$5.10B	$5.48B	$6.15B	$6.90B	+11.3%
Gross profit	$2.60B	$2.91B	$3.12B	$3.45B	$1.77B	-9.2%
Operating income	$854.2M	$1.05B	$921.8M	$1.01B	$1.16B	+8.0%
Net income	$450.2M	$557.0M	$184.2M	$180.2M	$144.6M	-24.7%
EPS (diluted)	$1.55	$1.90	$0.63	$0.61	$0.49	-25.0%
EBITDA	$1.75B	$1.87B	$1.62B	$1.91B	$2.08B	+4.4%
R&D	$0	$0	$0	—	—	-46.5%
SG&A	$1.02B	$1.14B	$1.24B	$1.34B	$1.39B	+8.1%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AMT	American Tower Corporation	85.1B	25.8x	7.5x	7.8%	+4.0%	+0.7%	縮小
ARE	Alexandria Real Estate Equities Inc.	6.9B	—	2.4x	0.9%	+6.6%	-45.8%	ホールド
CCI	Crown Castle Inc.	37.4B	46.3x	9.1x	5.1%	-7.9%	-6.2%	売り
CPT	Camden Property Trust	10.3B	32.3x	6.6x	3.2%	+7.7%	-0.6%	買い
DLR	Digital Realty Trust, Inc.	68B	86.6x	10.0x	2.4%	+9.3%	+3.7%	売り
DOC	Healthpeak Properties, Inc.	13B	53.8x	4.4x	2.5%	+10.5%	+3.0%	強い買い

Base and Bull scenarios

Base55%

Price target

$47.63

-58.0% from spot

The base scenario projects a target of $47.63 with an estimated probability of 55.0% and an implied return of -58.0% relative to $113.39 (as of 2026-10-02). This outcome requires core physical records storage to sustain inflation-linked contract price increases, while the data center pipeline energizes in line with commercial schedules and asset lifecycle management expands toward full-year targets. Capex intensity is assumed to moderate gradually beyond the initial buildout phase, allowing operating cash generation to narrow the free cash flow deficit. This path would be disconfirmed by prolonged grid interconnection delays or decelerating organic growth in records management, which would become visible through quarterly segment disclosures over the coming fiscal periods.

Core records management maintains contractual inflation escalators to sustain low-single-digit organic growth.
Data center development pipeline energizes leasable capacity in line with multi-year management guidance.
Asset Lifecycle Management continues to scale toward management annual revenue targets.
Capex intensity normalizes gradually beyond FY2027, allowing owner earnings to expand.

Bull20%

Price target

$58.82

-48.1% from spot

The bull scenario projects a target of $58.82 with an estimated probability of 20.0% and an implied return of -48.1% relative to $113.39 (as of $113.39 (as of 2026-10-02)), aligning with Potential value of $58.82. This path requires rapid energization of data center capacity supported by strong hyperscale lease absorption, accelerating enterprise adoption of asset lifecycle management, and core records storage maintaining pricing power. Under this trajectory, capital expenditure normalizes rapidly toward maintenance levels post-buildout, driving free cash flow sharply positive. This scenario would be disconfirmed if hyperscale leasing pauses or if construction supply chain bottlenecks prevent timely delivery of energized megawatts.

Hyperscale data center pre-leasing and power delivery accelerate ahead of schedule with premium lease rates.
Enterprise asset lifecycle management expands substantially with operating margins expanding.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($47.63). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.3%	2.5%	2.8%	3.0%	3.3%
8.4%	$50.2	$50.8	$51.4	$52.2	$52.9
8.9%	$48.4	$48.9	$49.4	$50.0	$50.6
9.4%	$46.7	$47.2	$47.6	$48.1	$48.7
9.9%	$45.3	$45.7	$46.1	$46.5	$46.9
10.4%	$44.0	$44.3	$44.7	$45.0	$45.4

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E58.5

P25 n/aP50 n/aP75 n/a

Trailing P/E80.4

P25 n/aP50 n/aP75 n/a

ROEn/a

P25 n/aP50 n/aP75 n/a

ROIC5.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All IRM indicators

Market & fundamental data

Available fields

256

Groups with data

Currency

USD

Showing 256 of 256 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001020569
Company name	Iron Mountain Incorporated
Country	United States
Country code	US
CUSIP number	46284V101
Earnings date	2026-11-05
Earnings time	bmo
Employees	29,400
Employees change	550
Employees growth	1.91%
Enterprise value	$54.2B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1951
In index	SP500
Industry	REIT - Specialty
IPO date	1996-01-31
Is primary listing	Yes
Is SPAC	No
ISIN number	US46284V1017
Last 10-K release date	2026-02-12
Last earnings date	2026-08-05
Last refreshed	2026-10-28
Last stock split date	2007-01-03
Last stock split type	Forward
Market cap	$34.5B
Market cap category	Large-Cap
Next earnings date	2026-11-05
Options	Yes
Price	$115.88
Price currency	USD
Sector	Real Estate
SIC code	6798
Stock price date	2026-10-28
Symbol	IRM
Tags	artificial-intelligence
U.S. state	New Hampshire
Website	https://www.ironmountain.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	49.31x
Average P/E ratio (10Y)	91.27x
Average P/E ratio (3Y)	201x
Average P/E ratio (5Y)	133.08x
Earnings yield	1.21%
EV/Earnings	128.63x
EV/EBIT	34.48x
EV/EBITDA	21.11x
EV/Sales	7.12x
FCF / EV yield	-0.91%
FCF yield	-1.44%
Forward EV/Sales	6.44x
Forward P/E	45.12x
Forward P/S	4.08x
Industry forward P/E	37.13x
Industry P/E	37.98x
Lynch fair value	$7.01
Lynch upside	-93.88%
P/(OCF - SBC) ratio	22.49x
P/E ratio	82.6x
P/FFO ratio	38.07x
P/OCF ratio	20.61x
P/S ratio	4.51x
PEG ratio	3.76x
Price/EBITDA ratio	13.37x
Sector forward P/E	29.99x
Sector P/E	40.99x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	20.65%
EBITDA margin	33.73%
Effective tax rate	13.83%
Gross margin	54.21%
Operating margin	20.65%
Pretax margin	6.67%
Profit margin	5.54%
Profit per employee	$14,240
Profitable quarters	4
Profitable years	15
Revenue per employee	$257,227
ROA	4.63%
ROA (5Y)	4.19%
ROCE	8.2%
ROIC	5.32%
SBC / revenue	1.84%
Tax / revenue	0.92%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	898.67%
EPS growth (QoQ)	-29.17%
EPS growth 10Y	14.88%
EPS growth 3Y	2.86%
EPS growth 5Y	-7.75%
EPS growth quarters	2
EPS growth years	0
Net income growth	912.64%
Net income growth (QoQ)	-29.4%
Net income growth 3Y	3.34%
Net income growth 5Y	-7.15%
Net income growth quarters	2
Net income growth years	0
OCF growth	31.7%
OCF growth (Q)	46.42%
OCF growth (QoQ)	62.24%
OCF growth 10Y	11.27%
OCF growth 3Y	17.22%
OCF growth 5Y	12.04%
Revenue growth	17.37%
Revenue growth (Q)	18.52%
Revenue growth (QoQ)	4.8%
Revenue growth 10Y	9.21%
Revenue growth 3Y	13.02%
Revenue growth 5Y	11.96%
Revenue growth quarters	22
Revenue growth years	5

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-2.1B
Depreciation and amortization	$1.1B
EBIT	$1.6B
EBITDA	$2.6B
EPS	$1.40
FCF per share	$-1.65
Financing cash flow	$689M
Free cash flow	$-490.9M
Free cash flow minus SBC	$-629.8M
Funds from operations (FFO)	$899.1M
Gross profit	$4.1B
Income taxes	$69.7M
Investing cash flow	$-2.4B
Net cash flow	$-13.2M
Net income	$418.7M
Operating cash flow minus SBC	$1.5B
Operating income	$1.6B
Revenue	$7.6B
Stock-based compensation	$138.9M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$-4.30
Debt / EBITDA	6.09
Goodwill	$5.3B
Interest coverage	1.76
Net cash (debt)	$-19.7B
Net cash / market cap	-57.88%
Net debt / EBITDA	7.74
Piotroski F-Score	6
Property, plant and equipment	$12.7B
Shareholders' equity	$-891.8M
Tangible book value	$-7.8B
Tangible book value per share	$-26.15
Total assets	$22B
Total cash	$204.8M
Total debt	$19.9B
Total liabilities	$22.8B
WACC	8.23%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.36
Current ratio	0.73
Net working capital	$-445.6M
Quick ratio	0.58
Working capital	$-793.8M

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-1.38%
Dividend growth	12.57%
Dividend growth (10Y)	5.94%
Dividend growth (3Y)	11.32%
Dividend growth (5Y)	6.91%
Dividend growth years	3
Dividend payment date	2026-10-02
Dividend payment years	17
Dividend payout frequency	Quarterly
Dividend per share	$3.46
Dividend yield	2.99%
Ex-dividend date	2026-09-15
Last dividend	$0.86
Payout ratio	246.35%
Shareholder yield	1.64%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	249.15%
10Y return CAGR	19.62%
10Y total return	499.87%
150-day SMA	$119.54
15Y price change	260.03%
15Y return CAGR	16.39%
15Y total return	874.76%
1D price change	0.47%
1M price change	2.69%
1M total return	2.69%
1W price change	1.17%
1W total return	1.17%
1Y price change	7.44%
1Y return CAGR	11.06%
1Y total return	11.05%
20-day SMA	$113.25
200-day SMA	$114.98
20Y price change	303.6%
20Y return CAGR	12.91%
20Y total return	1,033.71%
3M price change	-9.93%
3M total return	-9.23%
3Y price change	96.46%
3Y return CAGR	29.3%
3Y total return	116.22%
50-day SMA	$114.84
50-day SMA vs 200-day SMA	50under200
52-week high	$134.68
52-week high date	2026-06-24
52-week low	$77.77
52-week low date	2025-12-18
5Y price change	150.5%
5Y return CAGR	24.8%
5Y total return	202.72%
6M price change	1.45%
6M total return	2.93%
All-time high	$134.68
All-time high date	2026-06-24
All-time low	$3.99
All-time low date	1997-12-05
Average true range (ATR)	$3.46
Average volume	1.3M
Beta (1Y)	0.66
Beta (2Y)	0.98
Beta (5Y)	1.19
Change from 52-week high	-13.96%
Change from 52-week low	49%
Change from all-time high	-15.07%
Change from all-time low	2,766.67%
Change from open	0.46%
Day's gap	0.01%
Dollar volume	$104M
High price	$115.89
Low price	$113.87
Monthly RSI	56.62
Open price	$115.35
Position in 52-week range	99.5%
Premarket change	0.57%
Premarket close	$115.34
Premarket price	$116.00
Previous close	$115.34
Price vs 150-day SMA	-4.32%
Price vs 20-day SMA	0.99%
Price vs 200-day SMA	-0.52%
Price vs 50-day SMA	-0.4%
Relative volume	0.69
RSI	51.54
Sharpe ratio	0.36
Sharpe ratio (3Y)	0.85
Sharpe ratio (5Y)	0.75
Sortino ratio	0.69
Sortino ratio (3Y)	1.39
Sortino ratio (5Y)	1.27
Volume	897.3K
Weekly RSI	48.76
YTD price change	37.89%
YTD total return	41.05%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	294.9M
Float percentage	99.06%
Shares change (QoQ)	0.34%
Shares change (YoY)	1.38%
Shares held by insiders	0.83%
Shares held by institutions	88.04%
Shares outstanding	297.7M
Short % of float	2.37%
Short % of shares	2.35%
Short ratio	4.1 days

Deeper analysis on IRM

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this IRM report

What is the latest published IRM stock rating?

Iron Mountain Incorporated is shown with Sell in the latest published report, analyzed 2026-10-04. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full IRM analysis?

The full latest published report, analyzed 2026-10-04, lives at /stocks/IRM/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for IRM?

The latest published report analyzed 2026-10-04 gives IRM a fair value of USD 48 and a potential value of USD 59. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the IRM page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-04). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellIRM · Fair value $47.6-58.0%

Read full analysis →

Iron Mountain Incorporated (IRM)

Our latest published analysis: IRM rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · IRM

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All IRM indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on IRM

Frequently asked questions

レーティング履歴

Category	Score	Reading
Valuation	1.5
Management	7.5
Balance Sheet	3.0
Profitability	5.0
Revenue Growth	7.5
Risk Assessment	4.5
Competitive Moat	7.0
Earnings Quality	9.0
Capital Efficiency	3.5