Iron Mountain (IRM) AI Stock Analysis

• Market Cap: $24.92B
• Dividend Yield: 3.64%
• Average Volume (3M): 2.13M
• Price to Earnings (P/E): 157.7
• Beta (1Y): 1.07
• Revenue Growth: 10.88%
• EPS Growth: 51.13%
• Country: US
• Employees: 28,850
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Specialty
• EPS (TTM): 0.54
• Shares Outstanding: 295,589,480
• 10 Day Avg. Volume: 1,649,219
• 30 Day Avg. Volume: 2,134,641
• PEG Ratio: -53.92
• Price to Book (P/B): -61.29
• Price to Sales (P/S): 5.01
• P/FCF Ratio: -46.92
• Enterprise Value/Market Cap: 1.98
• Enterprise Value/Revenue: 7.42
• Enterprise Value/Gross Profit: 13.33
• Enterprise Value/Ebitda: 23.73
• 1Y Price Target: $126.33
• Price Target Upside: 49.84% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 2.04
• Revenue Forecast (FY): $6.86B

• Rating: 55 Neutral
• Price Target: $94.00 ▲(11.49% Upside)

Iron Mountain's overall stock score is driven by strong earnings performance and positive future growth guidance, particularly in the data center and ALM segments. However, significant financial leverage, cash flow challenges, and a high P/E ratio weigh down the score. Technical indicators also suggest a bearish trend, which further impacts the overall assessment.

Positive Factors

Data Center Growth

The robust growth in the data center segment indicates a strong market position and potential for sustained revenue expansion, driven by demand for digital infrastructure.

Dividend Increase

The consistent increase in dividends reflects management's confidence in cash flow stability and long-term growth prospects, enhancing shareholder value.

Asset Life Cycle Management Expansion

Strong growth in ALM, driven by both organic expansion and acquisitions, underscores Iron Mountain's ability to diversify and strengthen its service offerings.

Negative Factors

High Financial Leverage

High leverage can limit financial flexibility and increase vulnerability to economic downturns, potentially impacting long-term financial stability.

Negative Free Cash Flow

Negative free cash flow suggests potential liquidity issues, which could constrain investment in growth initiatives and affect operational resilience.

Low Net Profit Margin

A low net profit margin indicates challenges in converting revenue into profit, which may affect the company's ability to reinvest in its business and sustain growth.

Iron Mountain Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Iron Mountain generates revenue through several key streams, primarily by charging clients for the storage and management of physical documents and digital assets. Its revenue model includes fees for offsite storage, which is billed on a per-box or per-pallet basis, and recurring charges for data management services. The company also earns revenue from its data center operations, providing secure and compliant environments for client data and IT infrastructure. Additionally, Iron Mountain has established significant partnerships with technology providers and enterprises, enhancing its service offerings and expanding its customer base. Other revenue streams include document shredding, digitization services, and consulting, all contributing to its overall earnings.

Iron Mountain Financial Statement Overview

Summary

Iron Mountain shows moderate revenue growth and stable operating margins, but faces significant financial leverage and cash flow challenges. The negative equity position and high debt levels pose risks to financial stability, while cash flow management requires improvement to enhance liquidity.

Income Statement

Iron Mountain's income statement shows moderate growth with a 3.05% revenue increase in the TTM period. Gross profit and EBIT margins are stable, but net profit margin is low at 2.40%. The company demonstrates consistent revenue growth, but profitability remains a challenge.

Balance Sheet

The balance sheet reveals significant leverage with a negative equity position, resulting in a high debt-to-equity ratio. Return on equity is negative, indicating financial strain. The equity ratio is also negative, highlighting potential risks in financial stability.

Cash Flow

Operating cash flow is positive, but free cash flow is negative, reflecting cash management challenges. The operating cash flow to net income ratio is reasonable, but the negative free cash flow to net income ratio suggests potential liquidity issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.64B	6.15B	5.48B	5.10B	4.49B	4.15B
Gross Profit	3.69B	3.45B	3.12B	2.91B	2.60B	2.39B
EBITDA	2.08B	1.91B	1.62B	1.87B	1.75B	1.47B
Net Income	159.25M	180.16M	184.23M	556.98M	450.22M	342.69M
Balance Sheet
Total Assets	20.63B	18.72B	17.47B	16.14B	14.45B	14.15B
Cash, Cash Equivalents and Short-Term Investments	195.21M	155.72M	222.79M	141.80M	255.83M	205.06M
Total Debt	18.48B	16.37B	14.79B	13.29B	11.70B	11.00B
Total Liabilities	21.24B	18.94B	17.08B	15.41B	13.52B	13.01B
Stockholders Equity	-881.96M	-503.12M	211.65M	636.67M	855.95M	1.14B
Cash Flow
Free Cash Flow	-1.16B	-657.24M	-231.53M	44.11M	134.53M	534.40M
Operating Cash Flow	1.27B	1.20B	1.11B	927.70M	758.90M	987.66M
Investing Cash Flow	-2.66B	-2.14B	-1.44B	-1.66B	-473.31M	-85.44M
Financing Cash Flow	1.44B	876.75M	425.67M	639.21M	-220.81M	-886.70M

Iron Mountain Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 84.31
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 84.31 is below the 20-day moving average (MA) of 89.16, below the 50-day MA of 97.81, and below the 200-day MA of 94.00, indicating a bearish trend. The MACD of -4.27 indicates Negative momentum. The RSI at 33.35 is Neutral, neither overbought nor oversold. The STOCH value of 46.27 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
LAMR	73 Outperform	$13.46B	31.24	38.63%	4.74%	3.04%	-14.88%
EQIX	71 Outperform	$72.81B	67.90	7.72%	2.53%	5.36%	-1.68%
AMT	70 Outperform	$83.73B	28.53	77.38%	3.76%	-5.33%	163.89%
SBAC	67 Neutral	$20.20B	23.87	―	2.34%	4.82%	25.24%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
IRM	55 Neutral	$24.92B	157.68	―	3.64%	10.88%	51.13%
CCI	44 Neutral	$38.88B	―	-276.36%	5.89%	-26.56%	-369.24%

Iron Mountain Corporate Events

Iron Mountain Amends Credit Agreement for $200M Loan

On November 13, 2025, Iron Mountain Incorporated and its subsidiaries amended their Credit Agreement, originally dated June 27, 2011, to include an additional $200 million in Incremental Term B Loans. This amendment maintains the same terms as existing loans, with the company’s total outstanding borrowings reaching over $2 billion, reflecting a strategic financial maneuver to support its operations.

Iron Mountain Appoints Christie Kelly to Board

On October 21, 2025, Iron Mountain‘s board of directors appointed Christie Kelly as a director, effective immediately. Kelly, a seasoned financial executive with a robust background in the real estate sector, will also join the Audit Committee. Her extensive experience includes serving as CFO for multiple Fortune 500 companies and holding board positions at various publicly traded firms. This strategic appointment is expected to enhance Iron Mountain’s financial oversight and strategic planning capabilities, potentially strengthening its market position and benefiting stakeholders.

Iron Mountain Completes €1.2 Billion Senior Notes Offering

On September 10, 2025, Iron Mountain Incorporated completed a private offering of €1.2 billion in 4.750% Senior Notes due 2034. The proceeds are intended to redeem outstanding notes and for general corporate purposes, impacting the company’s financial strategy by refinancing existing debt and potentially enhancing liquidity.