Iron Mountain (IRM)
Market Price (6/3/2026): $128.5 | Market Cap: $38.1 BilSector: Real Estate | Industry: Other Specialized REITs
Iron Mountain (IRM)
Market Price (6/3/2026): $128.5Market Cap: $38.1 BilSector: Real EstateIndustry: Other Specialized REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20% Attractive yieldDividend Yield is 2.5% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Sustainable Infrastructure, and Automation & Robotics. Themes include Data Center REITs, Show more. | Trading close to highsDist 52W High is -2.7%, Dist 3Y High is -2.7% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 50% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 140x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.7% Key risksIRM key risks include [1] scrutiny over its financial reporting practices and significant debt levels, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Attractive yieldDividend Yield is 2.5% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Sustainable Infrastructure, and Automation & Robotics. Themes include Data Center REITs, Show more. |
| Trading close to highsDist 52W High is -2.7%, Dist 3Y High is -2.7% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 50% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 140x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.7% |
| Key risksIRM key risks include [1] scrutiny over its financial reporting practices and significant debt levels, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Iron Mountain (IRM) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. Exceptional First Quarter 2026 Financial Performance and Raised Full-Year Guidance.
Iron Mountain reported record first-quarter 2026 results on April 30, 2026, with total revenue reaching $1.94 billion, an increase of 21.6% year-over-year, which surpassed analyst consensus estimates of $1.86 billion. Net income significantly improved to $149 million from $16 million in the first quarter of 2025. Adjusted Funds From Operations (AFFO) per share also saw a 22% increase to $1.43, exceeding expectations. Following these strong results, the company raised its full-year 2026 guidance for revenue to a range of $7.825-$7.925 billion and for AFFO per share to $5.79-$5.86, indicating sustained confidence in its operational performance.
2. Robust Growth in Data Center, Digital, and Asset Lifecycle Management (ALM) Segments.
Iron Mountain's growth businesses, including data centers, digital solutions, and Asset Lifecycle Management (ALM), collectively grew by over 50% year-over-year in the first quarter of 2026. Specifically, the data center segment experienced a 47% year-over-year revenue increase. The company outlined a strategic transformation in early March, emphasizing its shift towards a technology-driven infrastructure firm and projecting data center revenue to exceed $1 billion in 2026. Furthermore, Iron Mountain highlighted that 98% of its 488 megawatts of global data center capacity is already leased, with an additional 400 megawatts expected to be energized over the next 24 months, underscoring strong demand and expansion.
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Stock Movement Drivers
Fundamental Drivers
The 19.6% change in IRM stock from 2/28/2026 to 6/2/2026 was primarily driven by a 79.4% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.45 | 128.50 | 19.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,902 | 7,245 | 5.0% |
| Net Income Margin (%) | 2.1% | 3.8% | 79.4% |
| P/E Multiple | 220.0 | 140.1 | -36.3% |
| Shares Outstanding (Mil) | 296 | 297 | -0.3% |
| Cumulative Contribution | 19.6% |
Market Drivers
2/28/2026 to 6/2/2026| Return | Correlation | |
|---|---|---|
| IRM | 19.5% | |
| Market (SPY) | 11.0% | 57.4% |
| Sector (XLRE) | -0.1% | 64.7% |
Fundamental Drivers
The 51.6% change in IRM stock from 11/30/2025 to 6/2/2026 was primarily driven by a 56.7% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.76 | 128.50 | 51.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,640 | 7,245 | 9.1% |
| Net Income Margin (%) | 2.4% | 3.8% | 56.7% |
| P/E Multiple | 157.4 | 140.1 | -11.0% |
| Shares Outstanding (Mil) | 296 | 297 | -0.4% |
| Cumulative Contribution | 51.6% |
Market Drivers
11/30/2025 to 6/2/2026| Return | Correlation | |
|---|---|---|
| IRM | 51.6% | |
| Market (SPY) | 11.8% | 46.5% |
| Sector (XLRE) | 6.2% | 58.9% |
Fundamental Drivers
The 34.7% change in IRM stock from 5/31/2025 to 6/2/2026 was primarily driven by a 92.9% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 95.37 | 128.50 | 34.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,266 | 7,245 | 15.6% |
| Net Income Margin (%) | 1.9% | 3.8% | 92.9% |
| P/E Multiple | 230.1 | 140.1 | -39.1% |
| Shares Outstanding (Mil) | 295 | 297 | -0.8% |
| Cumulative Contribution | 34.7% |
Market Drivers
5/31/2025 to 6/2/2026| Return | Correlation | |
|---|---|---|
| IRM | 34.7% | |
| Market (SPY) | 30.4% | 44.0% |
| Sector (XLRE) | 7.8% | 58.2% |
Fundamental Drivers
The 166.6% change in IRM stock from 5/31/2023 to 6/2/2026 was primarily driven by a 477.6% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.21 | 128.50 | 166.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,170 | 7,245 | 40.1% |
| Net Income Margin (%) | 11.2% | 3.8% | -66.5% |
| P/E Multiple | 24.3 | 140.1 | 477.6% |
| Shares Outstanding (Mil) | 291 | 297 | -1.8% |
| Cumulative Contribution | 166.6% |
Market Drivers
5/31/2023 to 6/2/2026| Return | Correlation | |
|---|---|---|
| IRM | 166.5% | |
| Market (SPY) | 88.9% | 50.4% |
| Sector (XLRE) | 33.8% | 64.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IRM Return | 88% | -0% | 47% | 54% | -18% | 54% | 433% |
| Peers Return | 26% | -20% | 33% | 26% | -8% | 17% | 83% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| IRM Win Rate | 75% | 50% | 67% | 67% | 42% | 67% | |
| Peers Win Rate | 72% | 36% | 67% | 69% | 44% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| IRM Max Drawdown | -14% | -23% | -11% | -20% | -30% | -13% | |
| Peers Max Drawdown | -16% | -36% | -17% | -18% | -23% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 6/2/2026 (YTD)
How Low Can It Go
| Event | IRM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.4% | -18.8% |
| % Gain to Breakeven | 19.6% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -17.7% | -24.5% |
| % Gain to Breakeven | 21.5% | 32.4% |
| Time to Breakeven | 8 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.8% | -33.7% |
| % Gain to Breakeven | 53.4% | 50.9% |
| Time to Breakeven | 298 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -18.2% | -3.7% |
| % Gain to Breakeven | 22.2% | 3.9% |
| Time to Breakeven | 264 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.1% | -12.2% |
| % Gain to Breakeven | 19.2% | 13.9% |
| Time to Breakeven | 33 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -17.1% | -6.8% |
| % Gain to Breakeven | 20.7% | 7.3% |
| Time to Breakeven | 36 days | 15 days |
In The Past
Iron Mountain's stock fell -16.4% during the 2025 US Tariff Shock. Such a loss loss requires a 19.6% gain to breakeven.
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Asset Allocation
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| Event | IRM | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -34.8% | -33.7% |
| % Gain to Breakeven | 53.4% | 50.9% |
| Time to Breakeven | 298 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -31.4% | -0.2% |
| % Gain to Breakeven | 45.9% | 0.2% |
| Time to Breakeven | 314 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.9% | -15.4% |
| % Gain to Breakeven | 28.1% | 18.2% |
| Time to Breakeven | 252 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.7% | -53.4% |
| % Gain to Breakeven | 125.8% | 114.4% |
| Time to Breakeven | 1318 days | 1085 days |
In The Past
Iron Mountain's stock fell -16.4% during the 2025 US Tariff Shock. Such a loss loss requires a 19.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Iron Mountain (IRM)
AI Analysis | Feedback
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.
AI Analysis | Feedback
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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```htmlKey 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 180.28 |
| Mkt Cap | 67.0 |
| Rev LTM | 8,341 |
| Op Inc LTM | 1,777 |
| FCF LTM | 545 |
| FCF 3Y Avg | 773 |
| CFO LTM | 2,376 |
| CFO 3Y Avg | 2,139 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.6% |
| Rev Chg 3Y Avg | 8.8% |
| Rev Chg Q | 13.0% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 19.3% |
| Op Inc Chg 3Y Avg | 12.6% |
| Op Mgn LTM | 21.2% |
| Op Mgn 3Y Avg | 19.9% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 28.9% |
| FCF/Rev LTM | 3.3% |
| FCF/Rev 3Y Avg | 7.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 67.0 |
| P/S | 8.2 |
| P/Op Inc | 39.2 |
| P/EBIT | 32.8 |
| P/E | 60.5 |
| P/CFO | 26.7 |
| Total Yield | 3.2% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 1.1% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.1% |
| 3M Rtn | 8.3% |
| 6M Rtn | 35.2% |
| 12M Rtn | 17.3% |
| 3Y Rtn | 73.5% |
| 1M Excs Rtn | -5.1% |
| 3M Excs Rtn | -3.3% |
| 6M Excs Rtn | 20.1% |
| 12M Excs Rtn | -10.9% |
| 3Y Excs Rtn | 9.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Records and Information Management (Global RIM) Business | 4,979 | 4,662 | 4,295 | 3,995 | 3,699 |
| Global Data Center Business | 620 | 495 | 401 | 327 | 279 |
| Corporate and Other | 550 | 323 | 407 | 170 | 169 |
| Total | 6,150 | 5,480 | 5,104 | 4,492 | 4,147 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Records and Information Management (Global RIM) Business | 10,409 | 10,876 | 10,655 | 11,102 | 10,938 |
| Global Data Center Business | 6,061 | 4,789 | 3,752 | 2,912 | 2,728 |
| Corporate and Other | 2,248 | 1,809 | 1,734 | 437 | 483 |
| Total | 18,717 | 17,474 | 16,141 | 14,450 | 14,149 |
Price Behavior
| Market Price | $128.46 | |
| Market Cap ($ Bil) | 38.1 | |
| First Trading Date | 02/01/1996 | |
| Distance from 52W High | -2.7% | |
| 50 Days | 200 Days | |
| DMA Price | $117.42 | $100.43 |
| DMA Trend | up | up |
| Distance from DMA | 9.4% | 27.9% |
| 3M | 1YR | |
| Volatility | 34.1% | 31.6% |
| Downside Capture | 147.04 | 101.53 |
| Upside Capture | 153.90 | 104.73 |
| Correlation (SPY) | 57.9% | 44.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.68 | 1.39 | 1.38 | 1.27 | 1.18 | 0.98 |
| Up Beta | 0.50 | 0.77 | 1.05 | 1.46 | 1.32 | 0.77 |
| Down Beta | 0.04 | 1.65 | 1.16 | 1.40 | 1.41 | 1.14 |
| Up Capture | 160% | 175% | 177% | 171% | 108% | 139% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 24 | 32 | 70 | 135 | 430 |
| Down Capture | 366% | 203% | 147% | 76% | 101% | 100% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 17 | 31 | 54 | 114 | 319 |
[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 | 34.9% | 31.5% | 0.97 | - |
| Sector ETF (XLRE) | 7.9% | 13.4% | 0.32 | 58.2% |
| Equity (SPY) | 30.5% | 11.8% | 1.95 | 44.1% |
| Gold (GLD) | 35.9% | 26.7% | 1.12 | 13.4% |
| Commodities (DBC) | 44.5% | 18.9% | 1.81 | -5.6% |
| Real Estate (VNQ) | 10.1% | 13.2% | 0.47 | 56.8% |
| Bitcoin (BTCUSD) | -32.2% | 41.6% | -0.82 | 32.9% |
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 | 29.5% | 29.6% | 0.90 | - |
| Sector ETF (XLRE) | 3.6% | 19.1% | 0.09 | 68.4% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 54.5% |
| Gold (GLD) | 18.3% | 18.0% | 0.83 | 16.4% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 11.9% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 67.9% |
| Bitcoin (BTCUSD) | 13.0% | 54.6% | 0.43 | 18.9% |
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 | 20.0% | 29.6% | 0.67 | - |
| Sector ETF (XLRE) | 6.9% | 20.4% | 0.29 | 67.4% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 53.2% |
| Gold (GLD) | 13.2% | 16.0% | 0.68 | 13.7% |
| Commodities (DBC) | 7.5% | 17.9% | 0.34 | 17.3% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 67.3% |
| Bitcoin (BTCUSD) | 66.0% | 66.9% | 1.05 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 10.0% | 15.3% | 12.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 14 | 17 |
| # Negative | 8 | 10 | 7 |
| Median Positive | 3.7% | 7.9% | 10.1% |
| Median Negative | -3.6% | -1.4% | -4.7% |
| Max Positive | 10.0% | 19.5% | 25.8% |
| Max Negative | -9.0% | -9.0% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 3/29/2026Latest: 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
Updated 6/3/2026| # | 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 | 6022026 | 126.70 | 6,000 | 760,200 | 14,381,337 | Form |
| 2 | Meaney, William L | President and CEO | Direct | Sell | 6022026 | 127.55 | 38,474 | Form | ||
| 3 | Borges, Daniel | SVP & Chief Accounting Officer | Direct | Sell | 5262026 | 125.50 | 7,189 | Form | ||
| 4 | Rakowich, Walter C | Direct | Sell | 5212026 | 124.45 | 757 | 94,209 | 141,251 | Form | |
| 5 | Arway, Pamela M | Direct | Sell | 5132026 | 128.97 | 1,892 | 244,011 | 5,184,078 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Other Specialized REITs Resources |
| Nareit - Specialty |
| Green Street |
| REITNotes |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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