Tearsheet

Iron Mountain (IRM)

Market Price (4/15/2026): $114.0 | Market Cap: $33.7 Bil
Sector: Real Estate | Industry: Other Specialized REITs

Iron Mountain (IRM)

Market Price (4/15/2026): $114.0
Market Cap: $33.7 Bil
Sector: Real Estate
Industry: Other Specialized REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%

Attractive yield
Dividend Yield is 2.7%

Low stock price volatility
Vol 12M is 30%

Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, Sustainable Infrastructure, and Automation & Robotics. Themes include Data Center REITs, Show more.

Trading close to highs
Dist 52W High is 0.0%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x, P/EPrice/Earnings or Price/(Net Income) is 233x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%

Key risks
IRM key risks include [1] scrutiny over its financial reporting practices and significant debt levels, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%
2	Attractive yield Dividend Yield is 2.7%
3	Low stock price volatility Vol 12M is 30%
4	Megatrend and thematic drivers Megatrends include E-commerce Logistics & Data Centers, Sustainable Infrastructure, and Automation & Robotics. Themes include Data Center REITs, Show more.
5	Trading close to highs Dist 52W High is 0.0%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56%
7	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x, P/EPrice/Earnings or Price/(Net Income) is 233x
8	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15%
9	Key risks IRM key risks include [1] scrutiny over its financial reporting practices and significant debt levels, Show more.

Valuation, Metrics & Events

	4/15/26	2025	2024	2023	2022
Share Price CYE	$114.00	$86.04	$80.21	$52.91	$55.41
Market Cap CYE ($ Bil)	33.7	25.3	23.5	15.4	16.1
Total Debt ($ Bil)	19.1	17.1	15.2	13.5	12.4
Total Cash ($ Bil)	0.2	0.2	0.2	0.1	0.2
Enterprise Value ($ Bil)	52.6	42.4	38.7	28.9	28.5
Valuation Ratios
P/S TTM	4.9	4.0	4.2	3.0	3.5
P/EBIT TTM	31.9	26.7	27.1	13.0	15.3
P/E TTM	233.4	207.6	121.2	26.6	36.0
P/FCF TTM	-33.5	-28.5	-67.8	1,092.5	153.1
Sector Ratios
P/S TTM (Sector)	5.5	5.3	5.0	5.4	7.4
P/EBIT TTM (Sector)	15.4	16.3	15.6	14.8	20.3
P/E TTM (Sector)	23.6	26.1	23.8	22.6	32.7
P/FCF TTM (Sector)	14.0	14.2	14.1	13.7	20.1

	4/15/26	2025	2024
Share Price CYE	$114.00	$86.04	$80.21
Market Cap CYE ($ Bil)	33.7	25.3	23.5
Total Debt ($ Bil)	19.1	17.1	15.2
Total Cash ($ Bil)	0.2	0.2	0.2
Enterprise Value ($ Bil)	52.6	42.4	38.7
Valuation Ratios
P/S TTM	4.9	4.0	4.2
P/EBIT TTM	31.9	26.7	27.1
P/E TTM	233.4	207.6	121.2
P/FCF TTM	-33.5	-28.5	-67.8
Sector Ratios
P/S TTM (Sector)	5.5	5.3	5.0
P/EBIT TTM (Sector)	15.4	16.3	15.6
P/E TTM (Sector)	23.6	26.1	23.8
P/FCF TTM (Sector)	14.0	14.2	14.1

	IRM	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	6.9
Rev Chg Q	16.6%	7.5%
Rev Chg LTM	12.2%	6.8%
Rev Chg 3Y Avg	10.6%	5.7%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	1.4
CFO LTM ($ Bil)	1.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	20.3%	18.6%
CFO/Rev LTM	19.4%	20.6%
Net Inc Mgn	2.1%	12.8%
VALUATION	MODERATE
P/S	4.9	3.3
P/CFO	25.2	15.5
P/FCF	-33.5	20.1
P/E	233.4	24.3

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Metric	Value	Date	Source
Number of Customers	240,000+	9302025	Link
Customer Retention Rate	~98%	11052025	Link
Total Storage Volume (Cubic Feet)	740M+	9302025	Link
Data Center Portfolio - Total Developable Capacity (GW)	1.3	9302025	Link
Data Center Portfolio - Operating (MW)	452	9302025	Link
Data Center Portfolio - Leased Percentage of Operating	97%	9302025	Link
Data Center Portfolio - New Leases Signed in Quarter (MW)	13	9302025	Link
Data Center Portfolio - Under Construction (MW)	203	9302025	Link
Data Center Portfolio - Held for Development (MW)	685	9302025	Link

Upcoming
4/30/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $0.52 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Iron Mountain (IRM) stock has gained about 40% since 12/31/2025 because of the following key factors:

1. Strong Fourth Quarter 2025 Financial Results and Robust 2026 Guidance. Iron Mountain reported fourth-quarter 2025 revenue of $1.843 billion, surpassing analyst estimates of $1.821 billion. The company also provided strong guidance for full-year 2026, projecting revenue between $7.625 billion and $7.775 billion, and Adjusted EBITDA between $2.875 billion and $2.925 billion.

2. Significant Quarterly Dividend Increase. In November 2025, Iron Mountain announced a 10% increase in its quarterly cash dividend to $0.864 per share, payable on January 6, 2026. This marked the fourth consecutive year of dividend increases, aligning with the company's long-term plan to grow dividends alongside Adjusted Funds From Operations (AFFO) per share.

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Stock Movement Drivers

Fundamental Drivers

The 38.6% change in IRM stock from 12/31/2025 to 4/14/2026 was primarily driven by a 52.7% change in the company's P/E Multiple.

(LTM values as of)	12312025	4142026	Change
Stock Price ($)	82.28	114.03	38.6%
Change Contribution By:
Total Revenues ($ Mil)	6,640	6,902	3.9%
Net Income Margin (%)	2.4%	2.1%	-12.7%
P/E Multiple	152.8	233.4	52.7%
Shares Outstanding (Mil)	296	296	-0.1%
Cumulative Contribution			38.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/14/2026

	Return	Correlation
IRM	38.6%
Market (SPY)	-5.4%	41.8%
Sector (XLRE)	7.6%	66.6%

Fundamental Drivers

The 14.0% change in IRM stock from 9/30/2025 to 4/14/2026 was primarily driven by a 226.5% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4142026	Change
Stock Price ($)	100.07	114.03	14.0%
Change Contribution By:
Total Revenues ($ Mil)	6,443	6,902	7.1%
Net Income Margin (%)	0.6%	2.1%	226.5%
P/E Multiple	714.9	233.4	-67.4%
Shares Outstanding (Mil)	295	296	-0.2%
Cumulative Contribution			14.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/14/2026

	Return	Correlation
IRM	14.0%
Market (SPY)	-2.9%	42.7%
Sector (XLRE)	4.2%	63.4%

Fundamental Drivers

The 37.2% change in IRM stock from 3/31/2025 to 4/14/2026 was primarily driven by a 72.2% change in the company's P/E Multiple.

(LTM values as of)	3312025	4142026	Change
Stock Price ($)	83.13	114.03	37.2%
Change Contribution By:
Total Revenues ($ Mil)	6,150	6,902	12.2%
Net Income Margin (%)	2.9%	2.1%	-28.5%
P/E Multiple	135.6	233.4	72.2%
Shares Outstanding (Mil)	294	296	-0.7%
Cumulative Contribution			37.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/14/2026

	Return	Correlation
IRM	37.2%
Market (SPY)	16.3%	58.5%
Sector (XLRE)	6.7%	68.0%

Fundamental Drivers

The 138.8% change in IRM stock from 3/31/2023 to 4/14/2026 was primarily driven by a 834.9% change in the company's P/E Multiple.

(LTM values as of)	3312023	4142026	Change
Stock Price ($)	47.75	114.03	138.8%
Change Contribution By:
Total Revenues ($ Mil)	5,104	6,902	35.2%
Net Income Margin (%)	10.9%	2.1%	-80.8%
P/E Multiple	25.0	233.4	834.9%
Shares Outstanding (Mil)	291	296	-1.6%
Cumulative Contribution			138.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/14/2026

	Return	Correlation
IRM	138.8%
Market (SPY)	63.3%	50.2%
Sector (XLRE)	28.0%	64.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
IRM Return	88%	-0%	47%	54%	-18%	33%	361%
Peers Return	26%	-20%	33%	26%	-8%	17%	83%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	81%
Monthly Win Rates [3]
IRM Win Rate	75%	50%	67%	67%	42%	75%
Peers Win Rate	72%	36%	67%	69%	44%	92%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
IRM Max Drawdown	-5%	-19%	-2%	-7%	-26%	0%
Peers Max Drawdown	-12%	-36%	-6%	-7%	-15%	-4%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DLR, EQIX, CTAS. See IRM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)

How Low Can It Go

Unique Key	Event	IRM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-24.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	32.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	281 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-37.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	60.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	300 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-25.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	33.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,164 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-55.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	125.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,522 days	1,480 days

Compare to DLR, EQIX, CTAS

In The Past

Iron Mountain's stock fell -24.5% during the 2022 Inflation Shock from a high on 4/20/2022. A -24.5% loss requires a 32.4% gain to breakeven.

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About Iron Mountain (IRM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across approximately 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.

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It's like a highly secure, business-focused Public Storage or Extra Space Storage, but for critical documents, records, and valuable physical assets.

Think of it as a global secure data center and cloud services provider, similar to Equinix, that also specializes in managing and protecting all of a company's sensitive physical records and assets.

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Iron Mountain (IRM) provides a range of storage and information management services:

Secure Records Storage: Offers secure physical storage for critical business documents and other physical assets.
Information Management: Provides services for organizing, accessing, and managing an organization's information assets.
Digital Transformation: Helps customers digitize physical records and optimize digital information workflows.
Secure Destruction: Ensures the compliant and secure disposal of physical and digital information when no longer needed.
Data Centers: Operates facilities for housing and managing digital infrastructure and data.
Cloud Services: Delivers cloud-based solutions for data storage, backup, and information access.
Art Storage and Logistics: Specializes in the secure storage, handling, and transportation of art and cultural artifacts.

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Iron Mountain (NYSE: IRM) primarily sells its services to other businesses and organizations across a vast range of industries.

Due to the confidential and sensitive nature of the information management, data center, and storage services they provide, Iron Mountain does not publicly disclose the names of its specific major customer companies. Furthermore, the company serves over 225,000 organizations globally, indicating a highly diversified customer base rather than reliance on a few named entities.

Instead, Iron Mountain's customer base spans virtually all sectors, from small businesses to large Fortune 1000 enterprises. The types of organizations that constitute Iron Mountain's customers typically include:

Financial Services: Banks, insurance companies, investment firms that require secure records storage and data management for regulatory compliance and risk mitigation.
Healthcare Organizations: Hospitals, clinics, pharmaceutical companies, and research institutions needing to manage sensitive patient records (e.g., HIPAA compliance) and research data securely.
Government Agencies: Federal, state, and local government bodies with extensive archival needs, public records, and classified information requiring secure, compliant storage and management.
Legal Firms: Law offices and corporate legal departments that need secure and compliant storage for client files, case documents, and other critical legal records.
Energy and Utilities Companies: Organizations managing critical infrastructure information, geological data, operational records, and regulatory documents.
Media and Entertainment Companies: Studios, broadcasters, and content creators needing to store archival footage, master copies, intellectual property, and digital assets.
General Businesses and Enterprises: Across all sectors, seeking solutions for secure document storage, digital transformation, data backup and recovery, and secure destruction of sensitive information.

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William Meaney President & CEO

William Meaney has served as President and CEO of Iron Mountain since 2013. Before joining Iron Mountain, he was CEO of The Zuellig Group, a $12 billion primarily business-to-business conglomerate based in China - Hong Kong S.A.R., where sales reportedly tripled during his leadership from August 2004 to March 2012. His prior experience also includes serving as chief commercial officer and managing director of publicly-traded Swiss International Airlines from 2002 to 2004, and executive vice president of South African Airways from 1998 to 2001. Earlier in his career, he was the acting CEO of South African Vaccine Producers and was the founder and managing director of Genhro Management Consultancy. He also served as a principal of Strategic Planning Associates, now part of Oliver Wyman. Meaney's first career was as a CIA operations officer.

Barry Hytinen Executive Vice President and Chief Financial Officer

Barry Hytinen was appointed Executive Vice President and Chief Financial Officer of Iron Mountain in January 2020. Prior to Iron Mountain, he was the Executive Vice President and Chief Financial Officer of Hanesbrands (NYSE: HBI) from 2017 to 2020. He spent 12 years with Tempur Sealy International, Inc. (NYSE: TPX) from 2005 to 2017, holding various leadership positions in finance, corporate development, financial planning, and investor relations, including Executive Vice President and Chief Financial Officer from 2015 to 2017. Hytinen also served as Chief Financial Officer of Fogbreak Software, a venture-backed software company, and held finance and corporate development roles at Vignette and General Electric Company.

Mark Kidd Executive Vice President & General Manager, Iron Mountain Data Centers & Asset Lifecycle Management

Mark Kidd is the Executive Vice President and General Manager of the Iron Mountain Data Centers and Asset Lifecycle Management (ALM) business units. He has been leading the data center organization since its inception in 2013 and took on leadership of the ALM organization in early 2023. In this role, he is responsible for driving growth across both platforms, including strategic direction, commercial efforts, and developing expansion opportunities.

Michelle Altamura Executive Vice President, General Counsel and Secretary

Michelle Altamura serves as the Executive Vice President, General Counsel and Secretary at Iron Mountain. She is responsible for all legal matters, including privacy and compliance, and oversees the Corporate Affairs functions, which encompass government affairs, corporate communications, and the company's Environmental, Social, and Governance (ESG) sustainability agenda.

Greg McIntosh Executive Vice President, Chief Commercial Officer

Greg McIntosh was appointed Executive Vice President, Chief Commercial Officer in December 2019. His previous roles at Iron Mountain include executive vice president, strategic accounts, senior vice president, consumer storage, and senior vice president, innovation and product management. He joined the company in May 2014 as senior vice president, general manager of Canada. Before Iron Mountain, McIntosh spent 14 years in the financial services technology industry with Davis + Henderson (now Finastra) and co-founded Cyence International, a provider of credit lifecycle management software and solutions.

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Key Risks to Iron Mountain (IRM)

Digital Transformation and Declining Demand for Physical Storage: Iron Mountain faces a significant long-term risk due to the ongoing shift of businesses from physical to digital information management. As customers increasingly adopt digital solutions and cloud storage, the demand for Iron Mountain's traditional physical document storage services, which constitutes a substantial portion of its revenue and gross profits, may decline. While the company is actively investing in data centers and digital solutions to adapt, this transition requires substantial capital expenditure and successful execution in a competitive market.
High Debt Levels and Capital-Intensive Data Center Expansion: The company carries significant debt, leading to concerns about its financial health and interest coverage. As a REIT, Iron Mountain is particularly susceptible to fluctuations in interest rates, which could increase its borrowing costs. Furthermore, the expansion of its Global Data Center Business is highly capital-intensive, requiring considerable investment in advance of generating revenue. This can strain financial resources, especially if customer demand does not meet expectations or if returns on these investments are lower than those from its traditional storage business.
Cybersecurity and Data Privacy Risks: With its expansion into digital solutions and data center services, Iron Mountain handles a growing volume of highly sensitive customer digital data. This significantly elevates the company's exposure to cybersecurity threats and the complexities of diverse data privacy regulations. Any security breach could result in severe reputational damage, substantial financial penalties, and a loss of customer trust, profoundly impacting its business operations and financial performance.

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The accelerated and widespread adoption of comprehensive digital transformation strategies by enterprises, coupled with the continuous innovation and increasing market dominance of hyperscale cloud providers (e.g., AWS, Microsoft Azure, Google Cloud Platform), poses a clear emerging threat to Iron Mountain.
This threat manifests in two primary ways:

    Reduced demand for physical records storage: As organizations increasingly digitize existing records and adopt "born-digital" workflows and information management systems, the overall volume of physical documents requiring secure long-term storage diminishes. While Iron Mountain offers digital transformation services, the fundamental market shift toward digital-first operations inherently erodes the demand for their foundational physical storage business.
    Intensified competition in data center and cloud services: Iron Mountain's diversification into data centers and cloud services, intended to address the digital shift, faces fierce and escalating competition from the aforementioned hyperscale cloud providers. These giants continually offer greater economies of scale, broader service portfolios, advanced AI/ML capabilities, and more aggressive pricing, making it challenging for Iron Mountain to capture and retain significant market share in the rapidly evolving digital infrastructure landscape.

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Iron Mountain (IRM) operates in several significant addressable markets for its core products and services globally.

Addressable Markets for Iron Mountain's Main Products and Services:

Secure Records Storage: The global market for offsite records storage was valued at approximately USD 6.8 billion in 2023 and is projected to reach USD 10.5 billion by 2032.
Information Management: The global record-keeping system market size is estimated to be valued at US$ 22.76 billion in 2025 and is expected to reach US$ 52.88 billion by 2032.
Digital Transformation: The global digital transformation market size was valued at USD 1,961.30 billion in 2023. The market is projected to grow from USD 2,226.0 billion in 2024 to USD 10,944.65 billion by 2032.
Secure Destruction: The global secure data destruction market is estimated to reach $3.72 billion by 2025, with a projected Compound Annual Growth Rate (CAGR) of 10.9% through 2033. Additionally, Iron Mountain's Asset Lifecycle Management (ALM) business, which includes data center decommissioning, addresses a global market opportunity of approximately $35 billion.
Data Centers: The global data center market is projected to reach around $699.13 billion by 2034, growing from $269.79 billion in 2025.
Cloud Services: The global cloud services market size accounted for USD 618.04 billion in 2024 and is expected to exceed around USD 2,726.94 billion by 2034.
Art Storage and Logistics: The global fine arts logistics market is estimated at around USD 1.2 billion in 2024 and is expected to reach approximately USD 1.8 billion by 2030. Separately, the global art storage services market size reached USD 2.05 billion in 2024 and is projected to reach USD 3.92 billion by 2033.

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Here are 3-5 expected drivers of future revenue growth for Iron Mountain (IRM) over the next 2-3 years:

Expansion of Data Center Business: Iron Mountain is aggressively expanding its data center capacity globally through both development and strategic acquisitions. The company has acquired development sites to add significant future capacity and completed acquisitions like Web Werks in India to enhance its global reach and service offerings in data center and managed IT services. This segment is experiencing robust demand, driven by cloud computing, edge processing, and AI-driven digital storage solutions, with expectations of double-digit revenue growth.
Growth in Digital Transformation Services and Solutions: Iron Mountain is focusing on driving growth through digital transformation and expanding its digital solutions. This includes offering comprehensive services for the digitization of physical records, hybrid cloud, and cybersecurity. The company is securing significant contracts in digital transformation services, such as a substantial contract with the U.S. Department of Treasury, and enhancing its InSight platform, which offers tools for search, retrieval, and collaboration. This area is expected to contribute substantially to revenue growth.
Growth in Asset Lifecycle Management (ALM) Services: The Asset Lifecycle Management segment is a key component of Iron Mountain's growth strategy, showing substantial year-over-year revenue increases through organic expansion and strategic acquisitions like Regency Technologies. This segment provides comprehensive solutions for the entire IT asset lifecycle, from deployment to secure retirement and resale, and is expected to continue its rapid ascent.
Continued Strength and Pricing Power in Core Records and Information Management (RIM) Business: While Iron Mountain emphasizes its high-growth segments, its traditional records and information management business remains a stable and resilient core. This segment generates recurring revenues primarily from fixed periodic storage rental fees, with consistent organic storage rental revenue growth and sustained pricing power. It continues to provide a robust platform and significant cross-selling opportunities for the company's newer digital and data center services.

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Capital Allocation Decisions (2021-2025)

Share Issuance

Iron Mountain's shares outstanding have shown an increasing trend from approximately 290-291 million shares in 2021 to 294-298 million shares in 2025.
Specifically, shares outstanding increased by 0.53% from 2024 to 2025, 0.77% from 2023 to 2024, and 0.52% from 2022 to 2023.

Inbound Investments

Norges Bank purchased a new stake in Iron Mountain, valued at approximately $419.46 million in a recent quarter.
Invesco Ltd. increased its position by 50.6% in a recent quarter, acquiring an additional 1.44 million shares valued at approximately $439.98 million.

Outbound Investments

In September 2025, Iron Mountain acquired ACT Logistics to enhance its Asset Lifecycle Management (ALM) market presence in Australia.
In September 2024, the company acquired 100% of Wisetek Solutions Limited, an IT asset disposition services provider, to further expand its ALM business.
In January 2024, Iron Mountain acquired Regency Technologies for an initial purchase price of $200 million, with $125 million paid at closing and the remainder due in 2025.

Capital Expenditures

Iron Mountain's capital expenditures have consistently risen, from $611.1 million in 2021 to $2.272 billion in 2025.
The primary focus of capital expenditures is on growth investments, particularly in Data Centers, with an aim to lease approximately 125 MW of additional data center capacity in 2025.
For 2026, projected capital expenditures are anticipated to be slightly lower than in 2025, with $2.0 billion allocated for growth capital and $150 million for recurring capital expenditures.

Interactive Breakdown

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Better Bets vs. Iron Mountain (IRM)

INDUSTRY: Other Specialized REITs

Higher Rev Chg 3Y Avg | Lower P/S (Values for IRM: 10.6% | 4.9x)

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Higher Rev Chg 3Y Avg (Value for IRM: 10.6%)

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Higher Op Mgn LTM (Value for IRM: 20.3%)

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SECTOR: Real Estate

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Global Net Lease

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IRM: 10.6% | 24.0x)

O (20.6% | 21.9x)

Realty Income

VICI (16.5% | 8.3x)

VICI Properties

EXR (21.3% | 20.1x)

Extra Space Storage

OHI (10.7% | 18.1x)

Omega Healthcare Investors

DOC (11.4% | 21.5x)

Healthpeak Properties

Higher Rev Chg LTM (Value for IRM: 12.2%)

WELL (35.8%)

Welltower

CSGP (18.7%)

CoStar

VTR (18.5%)

Ventas

CBRE (13.4%)

CBRE

OHI (13.2%)

Omega Healthcare Investors

Higher Rev Chg 3Y Avg (Value for IRM: 10.6%)

WELL (23.1%)

Welltower

O (20.6%)

Realty Income

VICI (16.5%)

VICI Properties

PLD (14.6%)

Prologis

VTR (12.3%)

Ventas

Higher Op Mgn LTM (Value for IRM: 20.3%)

SPG (49.9%)

Simon Property

AMT (46.3%)

American Tower

O (46.1%)

Realty Income

PLD (38.8%)

Prologis

EQIX (21.3%)

Equinix

Higher CFO/Rev LTM (Value for IRM: 19.4%)

PLD (57.0%)

Prologis

AMT (51.3%)

American Tower

EQIX (42.4%)

Equinix

DLR (39.5%)

Digital Realty Trust

WELL (27.0%)

Welltower

Higher FCF/Rev LTM (Value for IRM: -14.6%)

PLD (57.0%)

Prologis

DLR (39.5%)

Digital Realty Trust

AMT (35.5%)

American Tower

WELL (26.7%)

Welltower

EQIX (-4.3%)

Equinix

Higher Total Yield (Value for IRM: 3.2%)

SPG (7.7%)

Simon Property

AMT (6.9%)

American Tower

O (6.8%)

Realty Income

CCI (6.7%)

Crown Castle

PSA (3.3%)

Public Storage

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for IRM: 10.6% | 4.9x)

AMZN (11.7% | 3.7x)

Amazon.com

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

JPM (12.8% | 4.7x)

JPMorgan Chase

UNH (11.4% | 0.6x)

UnitedHealth

RY (11.4% | 3.6x)

Royal Bank of Canada

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IRM: 10.6% | 24.0x)

MSFT (14.4% | 20.5x)

Microsoft

META (19.9% | 20.1x)

Meta Platforms

V (11.1% | 21.5x)

Visa

MU (45.3% | 18.6x)

Micron Technology

MA (13.8% | 23.6x)

Mastercard

Higher Rev Chg LTM (Value for IRM: 12.2%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for IRM: 10.6%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for IRM: 20.3%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for IRM: 19.4%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for IRM: -14.6%)

NVDA (44.8%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

AMZN (1.1%)

Amazon.com

Higher Total Yield (Value for IRM: 3.2%)

BRK-B (6.5%)

Berkshire Hathaway

MSFT (4.9%)

Microsoft

META (3.9%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AAPL (3.5%)

Apple

Best Bets in Real Estate

What You Pay

P/EBIT (Value for IRM: 31.9x)

CTRE (23.8x)

CareTrust REIT

WPC (19.8x)

W.P. Carey

NNN (14.0x)

NNN REIT

OHI (16.1x)

Omega Healthcare Investors

EPRT (17.8x)

Essential Properties Realty Trust

EPR (10.6x)

EPR Properties

GLPI (10.8x)

Gaming and Leisure Properties

FCPT (16.1x)

Four Corners Property Trust

VICI (8.3x)

VICI Properties

EXR (17.6x)

Extra Space Storage

P/E (Value for IRM: 233.4x)

CTRE (27.4x)

CareTrust REIT

WPC (33.9x)

W.P. Carey

NNN (21.4x)

NNN REIT

OHI (22.9x)

Omega Healthcare Investors

EPRT (25.5x)

Essential Properties Realty Trust

EPR (15.5x)

EPR Properties

GLPI (16.0x)

Gaming and Leisure Properties

FCPT (23.6x)

Four Corners Property Trust

VICI (10.9x)

VICI Properties

EXR (30.7x)

Extra Space Storage

What You Get

Rev Chg 3Y Avg (Value for IRM: 10.6%)

CTRE (27.6%)

CareTrust REIT

WPC (5.7%)

W.P. Carey

NNN (6.2%)

NNN REIT

OHI (10.7%)

Omega Healthcare Investors

EPRT (25.1%)

Essential Properties Realty Trust

EPR (3.4%)

EPR Properties

GLPI (6.8%)

Gaming and Leisure Properties

FCPT (9.7%)

Four Corners Property Trust

VICI (16.5%)

VICI Properties

EXR (21.3%)

Extra Space Storage

Rev Chg LTM (Value for IRM: 12.2%)

CTRE (61.8%)

CareTrust REIT

WPC (8.4%)

W.P. Carey

NNN (6.6%)

NNN REIT

OHI (13.2%)

Omega Healthcare Investors

EPRT (24.8%)

Essential Properties Realty Trust

EPR (5.0%)

EPR Properties

GLPI (4.1%)

Gaming and Leisure Properties

FCPT (9.7%)

Four Corners Property Trust

VICI (4.1%)

VICI Properties

EXR (3.7%)

Extra Space Storage

Rev Chg Q (Value for IRM: 16.6%)

CTRE (72.8%)

CareTrust REIT

WPC (9.4%)

W.P. Carey

NNN (9.1%)

NNN REIT

OHI (14.3%)

Omega Healthcare Investors

EPRT (25.2%)

Essential Properties Realty Trust

EPR (5.7%)

EPR Properties

GLPI (4.5%)

Gaming and Leisure Properties

FCPT (10.7%)

Four Corners Property Trust

VICI (3.8%)

VICI Properties

EXR (4.3%)

Extra Space Storage

FCF/Rev 3Y Avg (Value for IRM: -9.8%)

CTRE (92.8%)

CareTrust REIT

WPC (84.0%)

W.P. Carey

NNN (73.0%)

NNN REIT

OHI (70.0%)

Omega Healthcare Investors

EPRT (69.1%)

Essential Properties Realty Trust

EPR (63.9%)

EPR Properties

GLPI (62.0%)

Gaming and Leisure Properties

FCPT (61.7%)

Four Corners Property Trust

VICI (61.5%)

VICI Properties

EXR (55.2%)

Extra Space Storage

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	IRM Stock Surges 23% With A 6-day Winning Spree On Record Q4 Earnings Beat	02/14/2026
2	IRM Stock Surges 19% With A 5-day Winning Spree On Record Q4 Earnings Beat	02/13/2026
3	IRM Stock Surges 11% With A 8-day Winning Spree On Analyst Price Target Hikes	01/14/2026
4	IRM Stock Surges 7.9% With A 7-day Winning Spree On Truist's $110 Target	01/13/2026
5	Iron Mountain Earnings Notes	12/29/2026
6	5-Day Sell-Off Sends Iron Mountain Stock Down 10%	12/19/2025
7	With Iron Mountain Stock Sliding, Have You Assessed The Risk?	10/17/2025
8	ARTICLES
9	IRM Stock Surges 7.9% With A 7-day Winning Spree On Truist’s $110 Target	01/13/2026
10	Iron Mountain Stock Slides -10% With A 5-Day Losing Spree	12/19/2025
11	IRM Stock Up 10% after 7-Day Win Streak	09/11/2025
12	IRM Stock Up 8.9% after 6-Day Win Streak	09/11/2025
13	IRM Stock Up 8.1% after 5-Day Win Streak	09/10/2025

	Title
0	DASHBOARDS
1	IRM Stock Surges 23% With A 6-day Winning Spree On Record Q4 Earnings Beat
2	IRM Stock Surges 19% With A 5-day Winning Spree On Record Q4 Earnings Beat
3	IRM Stock Surges 11% With A 8-day Winning Spree On Analyst Price Target Hikes
4	IRM Stock Surges 7.9% With A 7-day Winning Spree On Truist's $110 Target
5	Iron Mountain Earnings Notes
6	5-Day Sell-Off Sends Iron Mountain Stock Down 10%
7	With Iron Mountain Stock Sliding, Have You Assessed The Risk?
8	ARTICLES
9	IRM Stock Surges 7.9% With A 7-day Winning Spree On Truist’s $110 Target
10	Iron Mountain Stock Slides -10% With A 5-Day Losing Spree
11	IRM Stock Up 10% after 7-Day Win Streak
12	IRM Stock Up 8.9% after 6-Day Win Streak
13	IRM Stock Up 8.1% after 5-Day Win Streak

Trade Ideas

Select ideas related to IRM.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
SBAC_3272026_Dip_Buyer_FCFYield	03272026	SBAC	SBA Communications	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.0%	3.0%	0.0%
HIW_3132026_Dip_Buyer_ValueBuy	03132026	HIW	Highwoods Properties	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.2%	-0.2%	-4.1%
ARE_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	ARE	Alexandria Real Estate Equities	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-7.1%	-7.1%	-7.8%
VNO_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	VNO	Vornado Realty Trust	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-3.5%	-3.5%	-8.3%
KRC_2272026_Dip_Buyer_ValueBuy	02272026	KRC	Kilroy Realty	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.6%	-3.6%	-5.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	69.5%	119.3%
TVTX	Travere Therapeutics	3.8	37.2%	10.3%
BE	Bloom Energy	57.8	24.0%	152.1%
IONQ	IonQ	12.4	20.2%	-20.3%
CRDO	Credo Technology	29.1	18.7%	10.9%
MGTX	MeiraGTx	0.9	17.2%	42.0%
JBLU	JetBlue Airways	2.1	16.9%	23.1%
QBTS	D-Wave Quantum	6.0	15.8%	-35.1%
REPL	Replimune	0.2	14.7%	-79.9%
APLD	Applied Digital	8.7	14.0%	28.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALLO	Allogene Therapeutics	0.5	-25.5%	66.4%
KMX	CarMax	6.1	-15.1%	7.8%
FSLY	Fastly	3.2	-14.0%	105.8%
REPX	Riley Exploration Permian	0.7	-13.4%	34.0%
ASTS	AST SpaceMobile	25.2	-10.5%	21.9%
STAA	Staar Surgical	1.2	-9.0%	5.8%
POET	POET Technologies	0.6	-8.1%	6.0%
DOCN	DigitalOcean	6.7	-8.0%	52.6%
BKSY	BlackSky Technology	1.1	-7.9%	70.9%
WTI	W&T Offshore	0.4	-7.9%	72.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	79.9%	119.3%
CAR	Avis Budget	14.5	61.3%	220.7%
BE	Bloom Energy	57.8	61.2%	152.1%
RVMD	Revolution Medicines	28.6	52.7%	84.6%
CRDO	Credo Technology	29.1	49.4%	10.9%
LWLG	Lightwave Logic	1.7	48.8%	277.2%
AXTI	AXT	3.0	48.0%	311.6%
AEHR	Aehr Test Systems	2.2	48.0%	268.4%
ALAB	Astera Labs	28.9	43.4%	2.5%
OGN	Organon	2.3	42.2%	21.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-75.0%	-79.9%
FSLY	Fastly	3.2	-33.7%	105.8%
BETR	Better Home & Finance	0.5	-22.5%	6.7%
AKAM	Akamai Technologies	12.8	-22.0%	1.8%
TBN	Tamboran Resources	0.7	-21.8%	30.2%
VG	Venture Global	30.6	-21.8%	83.7%
SMPL	Simply Good Foods	1.1	-21.2%	-43.3%
OKTA	Okta	11.4	-19.2%	-25.9%
KOS	Kosmos Energy	1.2	-17.5%	175.5%
NET	Cloudflare	62.7	-17.4%	-9.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1584.0%	-4.2%
CAR	Avis Budget	14.5	308.7%	220.7%
SATL	Satellogic	1.0	145.8%	290.4%
APLS	Apellis Pharmaceuticals	5.2	115.7%	62.6%
AEHR	Aehr Test Systems	2.2	108.5%	268.4%
KOD	Kodiak Sciences	2.4	94.4%	61.2%
AVNS	Avanos Medical	1.1	79.9%	119.3%
HTZ	Hertz Global	2.2	79.7%	36.0%
KODK	Eastman Kodak	1.2	77.8%	46.5%
CBIO	Crescent Biopharma	0.6	74.6%	64.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-72.7%	-79.9%
VRDN	Viridian Therapeutics	1.4	-47.0%	-51.2%
MAZE	Maze Therapeutics	1.3	-44.9%	-33.2%
WVE	WAVE Life Sciences	1.3	-43.2%	-56.5%
BUR	Burford Capital	1.0	-40.5%	-47.2%
TE	T1 Energy	0.8	-36.2%	-27.2%
FRMI	Fermi	3.1	-33.7%	-34.0%
ADMA	ADMA Biologics	2.5	-30.8%	-42.5%
FIG	Figma	9.5	-29.2%	-50.7%
SAIL	SailPoint	6.2	-28.0%	-45.0%

Peer Comparisons

Peers to compare with:

Financials

	IRM	DLR	EQIX	CTAS	Median
Name	Iron Mou.	Digital .	Equinix	Cintas
Mkt Price	114.03	195.79	1,057.37	176.14	185.96
Mkt Cap	33.7	67.3	103.8	70.5	68.9
Rev LTM	6,902	6,113	9,217	11,027	8,059
Op Inc LTM	1,404	922	1,966	2,531	1,685
FCF LTM	-1,007	2,412	-400	1,794	697
FCF 3Y Avg	-632	2,103	73	1,706	890
CFO LTM	1,340	2,412	3,911	2,207	2,310
CFO 3Y Avg	1,217	2,103	3,459	2,115	2,109

Growth & Margins

	IRM	DLR	EQIX	CTAS	Median
Name	Iron Mou.	Digital .	Equinix	Cintas
Rev Chg LTM	12.2%	10.0%	5.4%	8.7%	9.4%
Rev Chg 3Y Avg	10.6%	9.4%	8.3%	8.6%	9.0%
Rev Chg Q	16.6%	13.8%	7.0%	8.9%	11.4%
QoQ Delta Rev Chg LTM	3.9%	3.4%	1.8%	2.2%	2.8%
Op Mgn LTM	20.3%	15.1%	21.3%	23.0%	20.8%
Op Mgn 3Y Avg	20.1%	14.0%	19.2%	22.3%	19.7%
QoQ Delta Op Mgn LTM	0.4%	0.3%	0.8%	-0.0%	0.4%
CFO/Rev LTM	19.4%	39.5%	42.4%	20.0%	29.7%
CFO/Rev 3Y Avg	19.7%	36.7%	39.6%	20.8%	28.7%
FCF/Rev LTM	-14.6%	39.5%	-4.3%	16.3%	6.0%
FCF/Rev 3Y Avg	-9.8%	36.7%	1.0%	16.7%	8.9%

Valuation

	IRM	DLR	EQIX	CTAS	Median
Name	Iron Mou.	Digital .	Equinix	Cintas
Mkt Cap	33.7	67.3	103.8	70.5	68.9
P/S	4.9	11.0	11.3	6.4	8.7
P/EBIT	31.9	37.7	51.0	27.8	34.8
P/E	233.4	51.4	76.9	36.4	64.2
P/CFO	25.2	27.9	26.5	31.9	27.2
Total Yield	3.2%	1.9%	3.1%	3.7%	3.1%
Dividend Yield	2.7%	0.0%	1.8%	1.0%	1.4%
FCF Yield 3Y Avg	-2.4%	4.1%	0.1%	2.3%	1.2%
D/E	0.6	0.3	0.2	0.0	0.3
Net D/E	0.6	0.2	0.2	0.0	0.2

Returns

	IRM	DLR	EQIX	CTAS	Median
Name	Iron Mou.	Digital .	Equinix	Cintas
1M Rtn	6.7%	9.0%	9.0%	-9.3%	7.9%
3M Rtn	24.8%	22.7%	32.7%	-8.4%	23.7%
6M Rtn	12.4%	15.6%	30.8%	-6.0%	14.0%
12M Rtn	39.9%	37.7%	38.0%	-15.3%	37.9%
3Y Rtn	139.5%	140.6%	63.5%	57.7%	101.5%
1M Excs Rtn	1.7%	4.0%	4.0%	-14.4%	2.8%
3M Excs Rtn	28.6%	25.0%	35.8%	-8.4%	26.8%
6M Excs Rtn	7.7%	11.6%	27.3%	-12.2%	9.7%
12M Excs Rtn	12.3%	9.4%	8.1%	-44.6%	8.7%
3Y Excs Rtn	71.9%	67.8%	-11.4%	-9.6%	29.1%

Comparison Analyses

	Title
0	How Does Iron Mountain Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/12/2026	2/12/2026	2/14/2025	2/22/2024	2/23/2023	2/24/2022	2/24/2021
Key Financials
Total Revenue	6,902	6,902	6,150	5,480	5,104	4,492	4,147
Net Income	145	145	180	184	557	450	343
EPS	0.48	0.49	0.61	0.63	1.92	1.56	1.19
Growth Rates
Total Revenue Growth	12.2%	12.2%	12.2%	7.4%	13.6%	8.3%	-2.7%
Net Income Growth	-19.7%	-19.7%	-2.2%	-66.9%	23.7%	31.4%	28.2%
Margins
Net Income Margin	2.1%	2.1%	2.9%	3.4%	10.9%	10.0%	8.3%
Cash & Debt
Total Cash	159	159	156	223	142	256	205
Total Debt	19,052	19,052	16,369	14,787	13,287	11,703	10,998
Net Debt / (Cash)	18,893	18,893	16,214	14,565	13,145	11,447	10,793
Cash Flows
Net Cash from Operations	1,340	1,340	1,197	1,114	928	759	988
Free Cash from Operations	-1,007	-1,007	-657	-232	44	135	534
Returns to Shareholders
Dividends	919	919	790	738	724	718	716
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/12/2026	11/5/2025	8/6/2025	5/1/2025	2/14/2025	11/6/2024	8/1/2024	5/2/2024	2/22/2024	11/2/2023	8/3/2023	5/4/2023
Key Financials Quarterly
Total Revenue	1,843	1,754	1,712	1,593	1,581	1,557	1,534	1,477	1,420	1,388	1,358	1,314
Net Income	89	84	-45	16	104	-34	36	74	28	91	0	65
EPS	0.30	0.28	-0.15	0.05	0.35	-0.11	0.12	0.25	0.10	0.31	0.00	0.22
Key Financials TTM
Total Revenue TTM	6,902	6,640	6,443	6,266	6,150	5,988	5,819	5,643	5,480	5,340	5,238	5,170
Net Income TTM	145	159	41	122	180	105	229	194	184	278	379	579
Growth Rates Quarterly
Total Revenue Growth	16.6%	12.6%	11.6%	7.8%	11.4%	12.2%	13.0%	12.4%	11.0%	7.9%	5.3%	5.3%
Net Income Growth	-14.1%	350.7%	-225.5%	-78.5%	264.9%	-136.9%	31288.6%	14.7%	-76.7%	-52.6%	-99.9%	52.7%
Margins Quarterly
Net Income Margin	4.8%	4.8%	-2.6%	1.0%	6.6%	-2.2%	2.3%	5.0%	2.0%	6.6%	0.0%	4.9%
Cash & Debt
Total Cash	159	195	218	155	156	169	144	192	223	171	149	146
Total Debt	19,052	18,477	17,851	17,138	16,369	15,821	15,394	15,233	14,787	14,135	13,761	13,478
Net Debt / (Cash)	18,893	18,282	17,633	16,983	16,214	15,652	15,249	15,041	14,565	13,965	13,611	13,331
Cash Flows Quarterly
FCF from Operations	500	268	375	197	432	253	382	130	447	220	317	129
Cash Flows TTM
FCF from Operations TTM	1,340	1,272	1,257	1,264	1,197	1,212	1,180	1,115	1,114	1,034	1,028	1,002
Returns to Shareholders Quarterly
Dividends	232	232	232	223	210	191	191	198	190	181	181	187
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	6.2%	5.4%	5.7%	3.2%	5.4%	6.1%	4.3%	5.1%	5.0%	5.7%	1.2%	4.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	4.3%	4.2%	2.4%	4.0%	4.5%	4.1%	5.0%	5.0%	4.9%	5.1%	5.2%	5.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Global Records and Information Management (Global RIM) Business	4,662	4,295	3,995	3,699	3,812
Global Data Center Business	495	401	327	279	257
Corporate and Other	323	407	170	169	193
Total	5,480	5,104	4,492	4,147	4,263

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Global Records and Information Management (Global RIM) Business	10,876	10,655	11,102	10,938	10,753
Global Data Center Business	4,789	3,752	2,912	2,728	2,536
Corporate and Other	1,809	1,734	437	483	528
Total	17,474	16,141	14,450	14,149	13,817

Price Behavior

Price Behavior

Market Price	$114.03
Market Cap ($ Bil)	33.7
First Trading Date	02/01/1996
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$103.96	$95.50
DMA Trend	up	up
Distance from DMA	9.7%	19.4%
	3M	1YR
Volatility	34.7%	29.9%
Downside Capture	-0.17	0.35
Upside Capture	117.02	92.97
Correlation (SPY)	38.3%	42.6%

IRM Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.36	1.08	1.11	1.10	1.01	0.95
Up Beta	0.44	2.87	2.58	1.27	0.92	0.73
Down Beta	1.36	0.82	1.54	1.75	1.23	1.14
Up Capture	155%	148%	134%	79%	94%	116%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	8	19	35	67	138	427
Down Capture	128%	40%	1%	76%	93%	98%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	14	23	28	58	113	322

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IRM
IRM	44.8%	29.9%	1.24	-
Sector ETF (XLRE)	16.4%	13.9%	0.86	61.3%
Equity (SPY)	24.2%	12.9%	1.49	44.3%
Gold (GLD)	53.4%	27.6%	1.55	6.5%
Commodities (DBC)	26.8%	16.2%	1.47	3.5%
Real Estate (VNQ)	18.7%	13.8%	1.00	60.3%
Bitcoin (BTCUSD)	-6.8%	42.9%	-0.05	30.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IRM
IRM	29.9%	29.3%	0.92	-
Sector ETF (XLRE)	4.7%	19.0%	0.15	68.7%
Equity (SPY)	11.1%	17.0%	0.50	54.4%
Gold (GLD)	22.5%	17.8%	1.03	16.1%
Commodities (DBC)	11.7%	18.8%	0.51	14.4%
Real Estate (VNQ)	3.9%	18.8%	0.11	68.3%
Bitcoin (BTCUSD)	5.8%	56.5%	0.32	17.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with IRM
IRM	19.8%	29.3%	0.67	-
Sector ETF (XLRE)	6.6%	20.4%	0.28	67.6%
Equity (SPY)	14.0%	17.9%	0.67	53.1%
Gold (GLD)	14.3%	15.9%	0.75	13.2%
Commodities (DBC)	8.8%	17.6%	0.42	18.9%
Real Estate (VNQ)	5.4%	20.7%	0.23	67.6%
Bitcoin (BTCUSD)	67.7%	66.9%	1.07	12.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	8.2 Mil
Short Interest: % Change Since 3152026	-3.3%
Average Daily Volume	1.5 Mil
Days-to-Cover Short Interest	5.3 days
Basic Shares Quantity	296.0 Mil
Short % of Basic Shares	2.8%

Returns Analyses

	Title
0	With Iron Mountain Stock Sliding, Have You Assessed The Risk?
1	Iron Mountain Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/12/2026	5.8%	7.9%	7.5%
11/5/2025	-2.8%	-2.1%	-18.4%
8/6/2025	-5.8%	-3.6%	-4.7%
5/1/2025	2.4%	8.5%	10.1%
2/13/2025	-7.3%	-9.0%	-15.7%
11/6/2024	-9.0%	-8.9%	-5.9%
8/1/2024	6.8%	2.9%	9.2%
5/2/2024	-1.4%	-0.1%	3.3%
...
SUMMARY STATS
# Positive	15	13	17
# Negative	8	10	6
Median Positive	4.2%	7.8%	10.1%
Median Negative	-3.6%	-1.4%	-5.3%
Max Positive	12.0%	19.5%	35.5%
Max Negative	-9.0%	-9.0%	-18.4%

	Forward Returns
2/12/2026	5.8%	7.9%	7.5%
11/5/2025	-2.8%	-2.1%	-18.4%
8/6/2025	-5.8%	-3.6%	-4.7%
5/1/2025	2.4%	8.5%	10.1%
2/13/2025	-7.3%	-9.0%	-15.7%
11/6/2024	-9.0%	-8.9%	-5.9%
8/1/2024	6.8%	2.9%	9.2%
5/2/2024	-1.4%	-0.1%	3.3%
2/22/2024	5.2%	10.0%	19.1%
11/2/2023	-0.5%	-0.2%	9.8%
8/3/2023	-3.0%	-1.2%	3.1%
5/4/2023	0.9%	1.2%	0.1%
2/23/2023	4.2%	3.9%	-1.0%
11/3/2022	1.3%	-0.0%	12.0%
8/4/2022	1.2%	11.9%	10.2%
2/24/2022	7.6%	19.5%	25.8%
11/4/2021	-4.2%	-1.7%	-2.4%
8/5/2021	2.0%	7.8%	14.1%
5/6/2021	7.5%	5.0%	17.9%
2/24/2021	7.9%	9.5%	15.5%
11/5/2020	3.2%	-0.6%	9.5%
8/6/2020	0.4%	2.9%	4.5%
5/7/2020	12.0%	4.1%	35.5%
SUMMARY STATS
# Positive	15	13	17
# Negative	8	10	6
Median Positive	4.2%	7.8%	10.1%
Median Negative	-3.6%	-1.4%	-5.3%
Max Positive	12.0%	19.5%	35.5%
Max Negative	-9.0%	-9.0%	-18.4%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/12/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/01/2025	10-Q
12/31/2024	02/14/2025	10-K
09/30/2024	11/06/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/02/2024	10-Q
12/31/2023	02/22/2024	10-K
09/30/2023	11/02/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/04/2023	10-Q
12/31/2022	02/23/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	04/28/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/12/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue		1.85 Bil		3.1%		Higher New	Guidance: 1.80 Bil for Q4 2025
Q1 2026 Adjusted EBITDA		685.00 Mil		-0.7%		Lower New	Guidance: 690.00 Mil for Q4 2025
Q1 2026 AFFO		415.00 Mil		0		Same New	Guidance: 415.00 Mil for Q4 2025
Q1 2026 AFFO Per Share		1.39		0		Same New	Guidance: 1.39 for Q4 2025
2026 Revenue	7.62 Bil	7.70 Bil	7.78 Bil	12.2%		Higher New	Guidance: 6.87 Bil for 2025
2026 Adjusted EBITDA	2.88 Bil	2.90 Bil	2.92 Bil	13.9%		Higher New	Guidance: 2.54 Bil for 2025
2026 AFFO	1.71 Bil	1.72 Bil	1.74 Bil	13.3%		Higher New	Guidance: 1.52 Bil for 2025
2026 AFFO Per Share	5.69	5.74	5.79	12.9%		Higher New	Guidance: 5.08 for 2025
2026 Revenue Growth	10.0%	11.5%	13.0%			Higher New
2026 Adjusted EBITDA Growth	12.0%	13.0%	14.0%			Higher New

Prior: Q3 2025 Earnings Reported 11/5/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Total Revenue		1.80 Bil				Higher New
Q4 2025 Adjusted EBITDA		690.00 Mil				Higher New
Q4 2025 AFFO		415.00 Mil				Higher New
Q4 2025 AFFO Per Share		1.39				Higher New
2025 Total Revenue		6.87 Bil		0		Affirmed	Guidance: 6.87 Bil for 2025
2025 Adjusted EBITDA		2.54 Bil		0		Affirmed	Guidance: 2.54 Bil for 2025
2025 AFFO		1.52 Bil		0		Affirmed	Guidance: 1.52 Bil for 2025
2025 AFFO Per Share		5.08		0		Affirmed	Guidance: 5.08 for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	1062026	83.10	6,000	498,600	4,577,231	Form
2	Meaney, William L	President and CEO	Direct	Sell	1062026	83.17	38,482			Form
3	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	12032025	85.00	6,000	510,000	5,191,885	Form
4	Meaney, William L	President and CEO	Direct	Sell	12032025	83.34	69,125			Form
5	Kelly, Christie B		Direct	Buy	11212025	89.52	33	2,954	117,092	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	1062026	83.10	6,000	498,600	4,577,231	Form
2	Meaney, William L	President and CEO	Direct	Sell	1062026	83.17	38,482			Form
3	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	12032025	85.00	6,000	510,000	5,191,885	Form
4	Meaney, William L	President and CEO	Direct	Sell	12032025	83.34	69,125			Form
5	Kelly, Christie B		Direct	Buy	11212025	89.52	33	2,954	117,092	Form
6	Meaney, William L	President and CEO	Direct	Sell	11052025	102.75	69,125			Form
7	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	11052025	102.51	6,000	615,060	6,876,473	Form
8	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	11032025	100.82	7,306	736,591	7,368,026	Form
9	Meaney, William L	President and CEO	Direct	Sell	10032025	102.34	69,125			Form
10	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	10032025	101.63	6,000	609,780	7,427,222	Form
11	Meaney, William L	President and CEO	Direct	Sell	9052025	89.56	69,125			Form
12	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	9032025	91.05	6,000	546,300	7,200,325	Form
13	Meaney, William L	President and CEO	Direct	Sell	8052025	94.55	69,125			Form
14	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	8052025	97.20	6,000	583,200	8,269,873	Form
15	McIntosh, Greg W	EVP, CCO & GM, Global RM	Direct	Sell	8052025	97.20	17,339	1,685,351	1,760,000	Form
16	Meaney, William L	President and CEO	Direct	Sell	7022025	100.36	69,125			Form
17	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	7022025	102.02	6,000	612,120	9,292,084	Form
18	McIntosh, Greg W	EVP, CCO & GM, Global RM	Direct	Sell	7022025	100.00	17,334	1,733,469	3,544,742	Form
19	Rakowich, Walter C		Direct	Sell	6052025	99.97	900	89,973	3,650,405	Form
20	Meaney, William L	President and CEO	Direct	Sell	6032025	98.77	69,125			Form
21	McIntosh, Greg W	EVP, CCO & GM, Global RM	Direct	Sell	6032025	98.19	17,334	1,702,025	5,182,468	Form
22	McIntosh, Greg W	EVP, CCO & GM, Global RM	Direct	Sell	5272025	96.14	8,398	807,384	6,740,760	Form
23	Meaney, William L	President and CEO	Direct	Sell	5062025	96.09	69,125			Form
24	Meaney, William L	President and CEO	Direct	Sell	4032025	86.11	69,125			Form
25	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	3032026	107.27	6,000	643,620	14,106,756	Form
26	Allerton, Jennifer		Direct	Sell	3032026	108.88	7,000	762,160	1,256,584	Form
27	Meaney, William L	President and CEO	Direct	Sell	3032026	109.39	137,133	15,001,567	32,377,975	Form
28	Meaney, William L	President and CEO	Direct	Sell	2242026	108.17	38,474			Form
29	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	2242026	108.17	6,000	649,020	5,309,092	Form
30	Meaney, William L	President and CEO	Direct	Sell	3052026	106.84	98,659	10,540,456	21,080,699	Form
31	Meaney, William L	President and CEO	Direct	Sell	3052026	107.36	98,659	10,592,310	10,592,096	Form
32	Meaney, William L	President and CEO	Direct	Sell	3092026	106.25	98,657			Form
33	Bhargava, Mithu	EVP, GM Digital Business Unit	Direct	Sell	3232026	104.62	59,725	6,248,239	1,679,518	Form
34	Kidd, Mark	EVP, GM Data Centers & ALM	Direct	Sell	4022026	102.71	6,000	616,260	12,890,824	Form
35	Meaney, William L	President and CEO	Direct	Sell	4022026	102.71	38,474			Form

IRM Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing IRM?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What IRM Makes & Who Pays

TTM figures based on

IRM Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Iron Mountain (IRM)

Market Price (4/15/2026): $114.0 | Market Cap: $33.7 BilSector: Real Estate | Industry: Other Specialized REITs

Iron Mountain (IRM)

Market Price (4/15/2026): $114.0Market Cap: $33.7 BilSector: Real EstateIndustry: Other Specialized REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Iron Mountain (IRM)

Key Risks to Iron Mountain (IRM)

Addressable Markets for Iron Mountain's Main Products and Services:

Capital Allocation Decisions (2021-2025)

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Iron Mountain (IRM)

INDUSTRY: Other Specialized REITs

Higher Rev Chg 3Y Avg | Lower P/S (Values for IRM: 10.6% | 4.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IRM: 10.6% | 24.0x)

Higher Rev Chg 3Y Avg (Value for IRM: 10.6%)

Higher Op Mgn LTM (Value for IRM: 20.3%)

Higher CFO/Rev LTM (Value for IRM: 19.4%)

Higher FCF/Rev LTM (Value for IRM: -14.6%)

Higher Total Yield (Value for IRM: 3.2%)

SECTOR: Real Estate

Higher Rev Chg 3Y Avg | Lower P/S (Values for IRM: 10.6% | 4.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IRM: 10.6% | 24.0x)

Higher Rev Chg LTM (Value for IRM: 12.2%)

Higher Rev Chg 3Y Avg (Value for IRM: 10.6%)

Higher Op Mgn LTM (Value for IRM: 20.3%)

Higher CFO/Rev LTM (Value for IRM: 19.4%)

Higher FCF/Rev LTM (Value for IRM: -14.6%)

Higher Total Yield (Value for IRM: 3.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for IRM: 10.6% | 4.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for IRM: 10.6% | 24.0x)

Higher Rev Chg LTM (Value for IRM: 12.2%)

Higher Rev Chg 3Y Avg (Value for IRM: 10.6%)

Higher Op Mgn LTM (Value for IRM: 20.3%)

Higher CFO/Rev LTM (Value for IRM: 19.4%)

Higher FCF/Rev LTM (Value for IRM: -14.6%)

Higher Total Yield (Value for IRM: 3.2%)

Best Bets in Real Estate

P/EBIT (Value for IRM: 31.9x)

P/E (Value for IRM: 233.4x)

Rev Chg 3Y Avg (Value for IRM: 10.6%)

Rev Chg LTM (Value for IRM: 12.2%)

Rev Chg Q (Value for IRM: 16.6%)

FCF/Rev 3Y Avg (Value for IRM: -9.8%)

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Market Price (4/15/2026): $114.0 | Market Cap: $33.7 Bil
Sector: Real Estate | Industry: Other Specialized REITs

Market Price (4/15/2026): $114.0
Market Cap: $33.7 Bil
Sector: Real Estate
Industry: Other Specialized REITs