Iron Mountain (IRM) AI Stock Analysis

• Market Cap: $29.39B
• Dividend Yield: 3.15%
• Average Volume (3M): 1.73M
• Price to Earnings (P/E): 242.8
• Beta (1Y): 1.05
• Revenue Growth: 11.04%
• EPS Growth: -37.29%
• Country: US
• Employees: 28,850
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Specialty
• EPS (TTM): 0.43
• Shares Outstanding: 295,043,880
• 10 Day Avg. Volume: 2,278,848
• 30 Day Avg. Volume: 1,728,312
• PEG Ratio: -7.46
• Price to Book (P/B): -42.72
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -35.16
• Enterprise Value/Market Cap: 1.60
• Enterprise Value/Revenue: 1.94
• Enterprise Value/Gross Profit: 14.26
• Enterprise Value/Ebitda: 5.10
• 1Y Price Target: $131.25
• Price Target Upside: 30.36% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 66 Neutral
• Price Target: $108.00 ▲(7.27%Upside)

Iron Mountain's overall stock score reflects strong earnings growth and strategic financial restructuring. However, high leverage and valuation concerns present risks. The stock's technicals suggest balanced momentum, and while the earnings outlook is positive, valuation remains a significant concern.

Positive Factors

Earnings Guidance

A bump to guidance and optimistic commentary on sales funnels across data centers, ALM and digital services should provide support for IRM, which offers one of the most attractive growth-adjusted multiples in all of REITs.

Revenue Growth

IRM put up ~22% organic growth in ALM, with expectations of ~25%+ this year, and appears relatively insulated from tariff fears.

Negative Factors

Market Conditions

The market for building new data centers is still tight, but Iron Mountain is confident in its processes and investments in site selection and supply chain management.

Iron Mountain Business Overview & Revenue Model

Company Description

Iron Mountain Incorporated (IRM) is a global leader in storage and information management services, serving customers in over 50 countries. Founded in 1951, the company specializes in the preservation and protection of corporate information and assets. Its core services include records management, data backup and recovery, information destruction, and data centers. Iron Mountain serves a wide range of industries, including healthcare, financial services, energy, and legal, helping businesses reduce risk and ensure compliance with information management regulations.

How the Company Makes Money

Iron Mountain generates revenue through a diversified range of services centered around the management, protection, and storage of information and assets. The company's primary revenue streams include records management, where it offers physical storage solutions for documents and data tapes in secure facilities. Additionally, Iron Mountain provides data management services, including cloud storage and data center colocation, catering to the growing demand for digital data storage. The company also earns through secure destruction services, offering shredding and secure disposal of sensitive information. Key partnerships with technology firms further enhance its digital solutions, while its global footprint allows Iron Mountain to leverage economies of scale and maintain long-term contracts with major corporations, contributing significantly to its earnings.

Iron Mountain Financial Statement Overview

Summary

Iron Mountain shows strong revenue growth and efficient operations with high EBITDA margins. However, negative equity and high leverage indicate financial risks, which require careful management of debt and expenditures.

Income Statement

Iron Mountain's income statement reveals a solid revenue growth trajectory, with a TTM revenue of $6.27 billion, which is a notable improvement from the previous annual figures. The gross profit margin for TTM is approximately 63.8%, indicating strong operational efficiency. However, the net profit margin is relatively low at 1.95%, which suggests high operational costs or significant interest expenses. The EBIT and EBITDA margins of 17.1% and 38.3%, respectively, are strong in the REIT industry, demonstrating effective cost management and operational scale.

Balance Sheet

The balance sheet presents a challenging picture for Iron Mountain, with a negative stockholders' equity of $698.5 million in TTM, indicating potential financial risks. The debt-to-equity ratio cannot be calculated due to negative equity, but the high total debt level of approximately $4.02 billion suggests significant leverage. The company must manage its liabilities effectively to avoid solvency issues. On a positive note, the asset base is strong at $19.36 billion, providing a buffer against financial instability.

Cash Flow

Iron Mountain's cash flow statement shows a robust operating cash flow of $1.26 billion in TTM, highlighting strong cash generation from core activities. However, the free cash flow is negative at -$850.2 million, largely due to high capital expenditures, which may impact liquidity. The operating cash flow to net income ratio is 10.36, indicating efficient conversion of earnings to cash. The company needs to monitor its capital spending to ensure long-term financial stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.27B	6.15B	5.48B	5.10B	4.49B	4.15B
Gross Profit	3.29B	3.45B	3.12B	2.91B	2.60B	2.39B
EBITDA	2.40B	1.86B	1.62B	1.87B	1.75B	1.30B
Net Income	122.05M	180.16M	184.23M	556.98M	450.22M	342.69M
Balance Sheet
Total Assets	19.36B	18.72B	17.47B	16.14B	14.45B	14.15B
Cash, Cash Equivalents and Short-Term Investments	155.34M	155.72M	222.79M	141.80M	255.83M	205.06M
Total Debt	17.14B	16.37B	14.79B	13.29B	11.44B	10.75B
Total Liabilities	19.79B	18.94B	17.08B	15.50B	13.59B	13.01B
Stockholders Equity	-698.52M	-503.12M	211.65M	636.67M	857.07M	1.14B
Cash Flow
Free Cash Flow	-850.19M	-594.86M	-231.53M	44.11M	134.53M	534.40M
Operating Cash Flow	1.26B	1.20B	1.11B	927.70M	758.90M	987.66M
Investing Cash Flow	-2.38B	-2.14B	-1.44B	-1.66B	-473.31M	-85.44M
Financing Cash Flow	1.09B	876.75M	425.67M	639.21M	-220.81M	-886.70M

Iron Mountain Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 100.68
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IRM, the sentiment is Negative. The current price of 100.68 is below the 20-day moving average (MA) of 101.50, above the 50-day MA of 97.21, and below the 200-day MA of 102.14, indicating a neutral trend. The MACD of 1.15 indicates Positive momentum. The RSI at 48.37 is Neutral, neither overbought nor oversold. The STOCH value of 45.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IRM.

Iron Mountain Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EXR	79 Outperform	$33.63B	35.28	6.46%	4.27%	14.72%	-4.21%
EQR	74 Outperform	$25.41B	26.09	9.01%	4.15%	3.91%	8.78%
CPT	71 Outperform	$16.05B	104.29	2.47%	3.70%	0.56%	-73.40%
SUI	70 Neutral	$16.40B	203.26	1.44%	6.12%	-6.88%	-45.29%
IRM	66 Neutral	$29.39B	242.77	-35.81%	3.15%	11.04%	-37.29%
CCI	55 Neutral	$44.93B	33.81	-198.54%	4.12%	-12.57%	-375.80%
Sector *	53 Neutral	$1.20B	3.25	-0.13%	7.08%	-1.64%	-127.49%

Iron Mountain Corporate Events

Iron Mountain Amends Credit Agreement for Financial Stability

On June 18, 2025, Iron Mountain Incorporated and its subsidiaries amended their Credit Agreement, initially established in 2011, to adjust the amortization schedule of their 2022 Term A Loans and secure additional term loans totaling $286,718,750. This amendment aims to optimize the company’s financial structure by reducing borrowings under its revolving credit facility, maintaining the core terms of the original agreement, and ensuring continued financial stability with $500 million in outstanding borrowings post-amendment.

The most recent analyst rating on (IRM) stock is a Buy with a $121.00 price target. To see the full list of analyst forecasts on Iron Mountain stock, see the IRM Stock Forecast page.

Iron Mountain Stockholders Approve Key Amendments and Elections

Iron Mountain Incorporated held its Annual Meeting of Stockholders on May 29, 2025, where several key decisions were made. The stockholders approved an amendment to the 2014 Stock and Cash Incentive Plan, increasing the authorized shares by 4.6 million and extending the plan’s termination date to 2035. Additionally, ten directors were elected for one-year terms, and a nonbinding advisory resolution on executive compensation was approved. Deloitte & Touche LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025. Committee appointments were also confirmed, effective after the meeting.

The most recent analyst rating on (IRM) stock is a Buy with a $101.00 price target. To see the full list of analyst forecasts on Iron Mountain stock, see the IRM Stock Forecast page.