Real Estate · Other Specialized REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$112.51
52-week range
$76.03 – $133.64
Market cap
$33.7B
P/E (trailing)
77.3×
EV / EBITDA
20.3×
Free-cash-flow yield
−1.5%
Dividend yield
3.1%
Revenue (last 12 months)
$7.6B
Revenue growth (3y a year)
10.6%
Operating margin
18.8%
Return on invested capital
7.7%
Net debt / EBITDA
6.8×
Fair value
Fair value is not shown for this company.
X-Ray Score
40/ 100 · Medium confidence · ahead of 17% of sector peers
Valuation17
Growth59
Profitability62
Financial health21
Dividends46
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Iron Mountain stores and protects information and physical assets for other organisations. It began with paper records and now offers records and information management, secure shredding, digital document services, data centres and asset lifecycle management. Customers include large corporations, healthcare providers, financial institutions and government bodies. It is structured as a real estate investment trust, owning or leasing many storage facilities.
Revenue comes from recurring storage rent and service fees, together with project work such as shredding and digitisation. It totals $7.6 billion over the last twelve months, rising 10.6% a year across the last three years. The operating margin is 18.8%, and the business earns a profit of 8% on the capital invested in it. Iron Mountain carries net debt of 6.8 times EBITDA, and the dividend yield is 3.1%.
StocksXray gives Iron Mountain Inc an X-Ray Score of 40 out of 100 (medium confidence), ahead of 17% of the S&P 500 stocks in its sector. Its strongest lens is profitability (62) and its weakest is valuation (17).
XStocksXray
Iron Mountain Inc (IRM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$43.41
$43.38
$63.56
$99.18
$81.09
$112.51
Market cap
$12.6B
$12.7B
$18.7B
$29.4B
$24.1B
$33.7B
P/E
28.0×
22.8×
100.9×
162.6×
165.5×
77.3×
EV / revenue
4.8×
4.5×
5.5×
7.0×
5.9×
6.8×
EV / EBITDA
14.1×
13.0×
17.9×
22.6×
18.6×
20.4×
Price / free cash flow
85.5×
242.5×
–
–
–
–
Free-cash-flow yield
1.2%
0.4%
−1.2%
−2.0%
−3.9%
−1.5%
Price / book
14.8×
19.9×
88.3×
–
–
–
Dividend yield
5.69%
5.69%
4.00%
2.75%
3.97%
3.07%
Fundamentals checklist ● 3 Good · ● 2 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.6%Good
Free-cash-flow yield−1.5%Bad
Risk models
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−36.3%Bad
Revenue growth (3y)10.6%Good
Growth consistency100%Good
Balance sheet
Current ratio0.7×Average
Net debt / EBITDA6.8×Bad
Interest cover1.6×Bad
Valuation
EBIT / EV yield2.8%Bad
Profitability
Return on invested capital7.7%Average
Operating margin18.8%Bad
Red flags
Negative equity — Book equity is negative
XStocksXray
Iron Mountain Inc (IRM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,492
5,104
5,480
6,150
6,902
7,562
Gross profit
–
–
–
–
–
–
Operating income
854
1,050
922
1,010
1,164
1,418
Net income
453
562
187
184
152
434
Diluted EPS ($)
1.55
1.90
0.63
0.61
0.49
1.45
Free cash flow
148
52
-226
-595
-932
-491
Gross margin
–
–
–
–
–
–
Operating margin
19.0%
20.6%
16.8%
16.4%
16.9%
18.8%
Net margin
10.1%
11.0%
3.4%
3.0%
2.2%
5.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
14,450
16,141
17,474
18,717
21,125
21,955
Cash
256
142
223
156
159
205
Total debt
9,272
10,569
11,933
13,719
16,432
17,350
Equity
856
637
212
-503
-981
-1,281
Dividend per share ($)
2.47
2.47
2.54
2.73
3.22
3.38
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
1,593
1,712
1,754
1,843
1,936
2,029
Growth vs a year earlier
+7.8%
+11.6%
+12.6%
+16.6%
+21.6%
+18.5%
Net income ($M)
16
-43
86
93
149
106
Diluted EPS ($)
0.05
-0.15
0.28
–
0.48
0.34
XStocksXray
Iron Mountain Inc (IRM)
Peers in Other Specialized REITs
Company
X-Ray
IRM · Iron Mountain Inc
40
Market Compass outlook for Real Estate: Unfavourable (20/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.