Iron Mountain Inc. (IRM)
NYSE:IRM
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Iron Mountain
(NYSE:IRM)
Select Model
Select Model
Rating:58Neutral
Price Target:
$102.00
▼(-6.16% Downside)
Action:ReiteratedDate:02/14/26
The score is held back primarily by elevated financial risk (high and rising leverage, negative equity, and negative free cash flow) and a stretched P/E, while strong multi-year guidance and clear operating momentum (especially data centers/ALM) provide meaningful support. Technically, the trend is strong but appears overbought, tempering the near-term outlook.
Positive Factors
Recurring Physical Storage Franchise
Iron Mountain’s physical storage business demonstrates durable, compliance-driven recurring revenue with 37 years of consecutive organic rental growth. Long retention cycles and sticky contracts create predictable cash flows and a stable base that supports cross-sell and funds investment in growth businesses over multi-year horizons.
Negative Factors
High Leverage & Negative Equity
Elevated and rising debt with periods of negative equity weakens the company’s capital buffer and increases refinancing and interest-rate sensitivity. This constrains strategic flexibility, raises funding risk for growth investments, and makes the business more vulnerable to macro shocks over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Physical Storage Franchise
Iron Mountain’s physical storage business demonstrates durable, compliance-driven recurring revenue with 37 years of consecutive organic rental growth. Long retention cycles and sticky contracts create predictable cash flows and a stable base that supports cross-sell and funds investment in growth businesses over multi-year horizons.
Read all positive factors
Iron Mountain (IRM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$32.54B
Dividend Yield3.98%
Average Volume (3M)1.43M
Price to Earnings (P/E)169.5
Beta (1Y)1.00
Revenue Growth10.88%
EPS Growth51.13%
CountryUS
Employees28,850
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.61
Shares Outstanding295,835,200
10 Day Avg. Volume1,192,730
30 Day Avg. Volume1,433,708
Financial Highlights & Ratios
PEG Ratio-8.61
Price to Book (P/B)-24.98
Price to Sales (P/S)3.55
P/FCF Ratio-26.30
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue7.43
Enterprise Value/Gross Profit13.41
Enterprise Value/Ebitda23.26
Forecast
1Y Price Target
$134.00Price Target Upside23.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.34
Revenue Forecast (FY)$7.74B
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 squa...
How the Company Makes Money
Iron Mountain makes money primarily by charging recurring service fees for storing customer assets and data, plus transactional fees for handling and value-added services.
Key revenue streams include:
1) Records and Information Management (physic...
Iron Mountain Key Performance Indicators (KPIs)
Any
Revenue by Type
Highlights the different sources of revenue, helping investors understand the company's business model and which areas are driving growth or facing challenges.
Highlights the different sources of revenue, helping investors understand the company's business model and which areas are driving growth or facing challenges.
Data provided by:
The Fly
The FlyIron Mountain Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented strong and broad-based growth across multiple strategic businesses with record quarterly and full-year results, meaningful margin expansion, robust data center and ALM momentum, and confident multi-year guidance. Risks discussed include mix-driven gross margin effects, near-term EBITDA phasing, execution dependence on pre-leasing and hyperscaler demand, exposure to memory pricing for ALM remarketing, and sensitivity to FX and acquisition assumptions. Overall, the company emphasized operational execution, disciplined capital allocation, and a constructive backlog and pipeline that support continued double-digit growth.Positive Updates
Record Quarterly and Full-Year Financial Performance
Q4 revenue $1.84B (+17% YoY reported; +15% constant currency; +14% organic). Full-year revenue $6.9B (+12% YoY). Adjusted EBITDA Q4 $705M (+17% YoY) and full-year $2.57B (+15% YoY). AFFO Q4 $430M (+17% YoY) and full-year $1.54B (+>15% YoY); AFFO per share $1.44 in Q4 (+16% YoY).
Negative Updates
Services Mix Dilution Impacting Overall Gross Margin
Services penetration increased ~200 bps YoY and, because services have lower gross margins than storage, total gross margin was modestly down YoY due to mix despite services gross margin improving >100 bps YoY.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Full-Year Financial Performance
Q4 revenue $1.84B (+17% YoY reported; +15% constant currency; +14% organic). Full-year revenue $6.9B (+12% YoY). Adjusted EBITDA Q4 $705M (+17% YoY) and full-year $2.57B (+15% YoY). AFFO Q4 $430M (+17% YoY) and full-year $1.54B (+>15% YoY); AFFO per share $1.44 in Q4 (+16% YoY).
Read all positive updates
Company Guidance
Guidance summary: For full-year 2026 Iron Mountain guided revenue of $7.625–$7.775 billion (≈+12% YoY at the midpoint; ~+10% organic constant-currency), adjusted EBITDA of $2.875–$2.925 billion (+13% at the midpoint), AFFO of $1.705–$1.735 billion (+12% at the midpoint) and AFFO per share of $5.69–$5.79 (+11% at the midpoint). First-quarter targets are revenue ≈$1.855 billion (+16% YoY; +12% organic cc), adjusted EBITDA ≈$685 million (+8% YoY) and AFFO ≈$425 million. Key segment calls: Global Data Center revenue is expected to exceed $1.0 billion in 2026 (>25% YoY) with plans to lease 100+ MW in 2026 and a 400 MW land bank (half expected to energize in ~18 months) supporting >25% data-center revenue growth in 2026 and another year of 20%+ growth in 2027; ALM is guided to ~$850 million (~35% YoY) with expanding margins; digital momentum continues after eclipsing $500 million in 2025 and recurring digital now >40% of digital revenue. Capital and balance-sheet items: 2026 growth CapEx $2.0 billion and recurring CapEx $150 million (slightly below 2025), FX is expected to benefit full-year revenue by ≈$75 million, last year’s acquisitions add ≈$45 million of revenue, like‑for‑like FX targets imply ≈$8.1 billion revenue and $3.0 billion EBITDA, net lease‑adjusted leverage ended Q4 at 4.9x and is expected to be similar at year‑end 2026, dividend set at $0.864/quarter (up 10% YoY) with a target payout in the low‑60s of AFFO per share, cash interest modeled ≈$905 million and cash taxes assumed up ≈$20 million, and no restructuring charges are planned.Iron Mountain Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
32
Negative
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.90B | 6.15B | 5.48B | 5.10B | 4.49B |
| Gross Profit | 1.77B | 3.45B | 3.12B | 2.91B | 2.60B |
| EBITDA | 2.08B | 1.91B | 1.62B | 1.87B | 1.75B |
| Net Income | 144.59M | 180.16M | 184.23M | 556.98M | 450.22M |
Balance Sheet | |||||
| Total Assets | 21.13B | 18.72B | 17.47B | 16.14B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 158.53M | 155.72M | 222.79M | 141.80M | 255.83M |
| Total Debt | 19.05B | 16.37B | 14.79B | 13.29B | 11.70B |
| Total Liabilities | 21.77B | 18.94B | 17.08B | 15.41B | 13.52B |
| Stockholders Equity | -981.01M | -503.12M | 211.65M | 636.67M | 855.95M |
Cash Flow | |||||
| Free Cash Flow | -931.63M | -657.24M | -231.53M | 44.11M | 134.53M |
| Operating Cash Flow | 1.34B | 1.20B | 1.11B | 927.70M | 758.90M |
| Investing Cash Flow | -2.57B | -2.14B | -1.44B | -1.66B | -473.31M |
| Financing Cash Flow | 1.27B | 876.75M | 425.67M | 639.21M | -220.81M |
Iron Mountain Technical Analysis
Positive
108.69
Price Trends
102.68
Positive
93.97
Positive
95.31
Positive
Market Momentum
0.59
Negative
62.48
Neutral
91.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IRM, the sentiment is Positive. The current price of 108.69 is above the 20-day moving average (MA) of 103.43, above the 50-day MA of 102.68, and above the 200-day MA of 95.31, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 62.48 is Neutral, neither overbought nor oversold. The STOCH value of 91.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IRM.
Iron Mountain Risk Analysis
Iron Mountain disclosed 39 risk factors in its most recent earnings report. Iron Mountain reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Iron Mountain Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $13.46B | 21.05 | 59.02% | 4.90% | 3.04% | -14.88% | |
74 Outperform | $101.23B | 55.55 | 9.59% | 2.47% | 5.36% | -1.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $83.56B | 32.56 | 68.13% | 3.76% | -5.33% | 163.89% | |
58 Neutral | $32.54B | 169.47 | -17.37% | 3.98% | 10.88% | 51.13% | |
57 Neutral | $23.11B | 19.68 | -21.40% | 2.31% | 4.82% | 25.24% | |
55 Neutral | $37.63B | 87.07 | -30.82% | 5.44% | -26.56% | -369.24% |
* Real Estate Sector Average
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Iron Mountain Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Iron Mountain Updates REIT Federal Tax Considerations Disclosure
Neutral
Mar 9, 2026
Iron Mountain announced an updated description of the material U.S. federal income tax considerations related to its qualification and taxation as a REIT and to the acquisition, ownership and disposition of its stock, superseding prior disclosures...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.