Iron Mountain (IRM) AI Stock Analysis

• Market Cap: $31.08B
• Dividend Yield: 2.88%
• Average Volume (3M): 1.41M
• Price to Earnings (P/E): 766.4
• Beta (1Y): 1.06
• Revenue Growth: 10.72%
• EPS Growth: -81.96%
• Country: US
• Employees: 28,850
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Specialty
• EPS (TTM): 0.48
• Shares Outstanding: 295,348,240
• 10 Day Avg. Volume: 1,082,774
• 30 Day Avg. Volume: 1,406,821
• 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: 1.56
• Enterprise Value/Revenue: 7.53
• Enterprise Value/Gross Profit: 13.44
• Enterprise Value/Ebitda: 25.54
• 1Y Price Target: $124.00
• Price Target Upside: 16.48% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 62 Neutral
• Price Target: $113.00 ▲(6.14% Upside)

Iron Mountain's stock score is primarily driven by strong earnings call results and positive technical indicators. However, financial performance concerns, particularly high leverage and negative equity, along with a high P/E ratio, weigh down the overall score. The company's strategic growth in key segments and increased guidance provide a positive outlook, but valuation and financial stability remain significant risks.

Positive Factors

Revenue Growth

Consistent revenue growth, especially in key segments, indicates strong market demand and effective business strategies, supporting long-term expansion.

Strategic Expansion

The acquisition in India expands Iron Mountain's footprint in a growing market, potentially increasing revenue streams and market share.

Financial Stability

Amending the credit agreement enhances financial stability by optimizing debt structure, reducing reliance on revolving credit, and securing long-term funding.

Negative Factors

High Leverage

High leverage and negative equity pose risks to financial health, potentially limiting investment flexibility and increasing vulnerability to economic shifts.

Profitability Challenges

Low net profit margins suggest inefficiencies in operations or cost management, which could hinder long-term profitability and shareholder value.

Negative Free Cash Flow

Negative free cash flow indicates potential cash management issues, limiting the ability to fund growth initiatives or return capital to shareholders.

Iron Mountain Business Overview & Revenue Model

Company Description

Iron Mountain Incorporated (IRM) is a leading provider of information management services, specializing in the secure storage and management of physical and digital information. The company operates in various sectors, including records management, data backup and recovery, document management, and secure shredding services. Iron Mountain serves a diverse client base, ranging from small businesses to large enterprises, helping them to manage their information lifecycle efficiently and securely.

How the Company Makes Money

Iron Mountain generates revenue primarily through its core services, which include records management, data protection, and cloud services. The company earns money by charging clients for the storage of physical documents, the retrieval and delivery of those documents, and the management of digital assets. Key revenue streams include monthly fees for storage services, pay-per-use fees for retrieval, and sales from digital transformation services. Additionally, Iron Mountain benefits from long-term contracts with clients, which provide a stable revenue base. Partnerships with technology providers enhance its service offerings, particularly in digital backup and disaster recovery solutions, contributing to its earnings through added value services.

Iron Mountain Financial Statement Overview

Summary

Iron Mountain shows moderate revenue growth and operational efficiency, but faces challenges with profitability and high leverage. The negative equity and high debt levels are concerning, impacting financial stability. Cash flow generation is mixed, with positive operating cash flow but negative free cash flow, suggesting the need for improved cash management.

Income Statement

Iron Mountain's income statement shows moderate revenue growth with a TTM growth rate of 2.83%. Gross profit margins are stable at around 56%, but net profit margins are low at 0.64% for TTM, indicating challenges in converting revenue into profit. EBIT and EBITDA margins are reasonable, reflecting operational efficiency, but the declining net income suggests potential profitability issues.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, currently negative due to negative equity, which poses a significant risk. The negative return on equity indicates that the company is not generating profit from shareholders' investments. The equity ratio is also negative, highlighting a weak financial structure with high leverage.

Cash Flow

Operating cash flow remains positive, but free cash flow is negative, reflecting challenges in generating cash after capital expenditures. The free cash flow growth rate is improving, but the negative free cash flow to net income ratio indicates inefficiencies in cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.44B	6.15B	5.48B	5.10B	4.49B	4.15B
Gross Profit	3.61B	3.45B	3.12B	2.91B	2.60B	2.39B
EBITDA	1.90B	1.91B	1.62B	1.87B	1.75B	1.47B
Net Income	41.34M	180.16M	184.23M	556.98M	450.22M	342.69M
Balance Sheet
Total Assets	20.18B	18.72B	17.47B	16.14B	14.45B	14.15B
Cash, Cash Equivalents and Short-Term Investments	217.99M	155.72M	222.79M	141.80M	255.83M	205.06M
Total Debt	17.85B	16.37B	14.79B	13.29B	11.70B	11.00B
Total Liabilities	20.67B	18.94B	17.08B	15.41B	13.52B	13.01B
Stockholders Equity	-767.44M	-503.12M	211.65M	636.67M	855.95M	1.14B
Cash Flow
Free Cash Flow	-1.06B	-657.24M	-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	-2.53B	-2.14B	-1.44B	-1.66B	-473.31M	-85.44M
Financing Cash Flow	1.39B	876.75M	425.67M	639.21M	-220.81M	-886.70M

Iron Mountain Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 106.46
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 106.46 is above the 20-day moving average (MA) of 104.41, above the 50-day MA of 98.92, and above the 200-day MA of 95.07, indicating a bullish trend. The MACD of 1.54 indicates Positive momentum. The RSI at 61.91 is Neutral, neither overbought nor oversold. The STOCH value of 58.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IRM.

Iron Mountain Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EQIX	―	$82.16B	82.18	7.54%	2.17%	5.74%	-6.58%
LAMR	―	$12.17B	28.02	41.80%	5.25%	3.08%	-12.87%
AMT	―	$89.68B	69.52	66.09%	3.54%	-9.52%	-48.20%
Sector *	―	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
IRM	―	$31.08B	766.42	―	2.88%	10.72%	-81.96%
SBAC	―	$21.33B	24.42	―	2.18%	1.82%	71.39%
CCI	―	$42.89B	―	-276.36%	5.38%	-26.56%	-369.24%

Iron Mountain Corporate Events

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.

The most recent analyst rating on (IRM) stock is a Buy with a $125.00 price target. To see the full list of analyst forecasts on Iron Mountain stock, see the IRM Stock Forecast page.

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.

The most recent analyst rating on (IRM) stock is a Hold with a $103.00 price target. To see the full list of analyst forecasts on Iron Mountain stock, see the IRM Stock Forecast page.

Iron Mountain Reports Record Revenue and Growth in Q2 2025

Iron Mountain Incorporated is a global leader in information management services, providing solutions for information management, digital transformation, information security, data center, and asset lifecycle management to over 240,000 customers in 61 countries. The company is renowned for its commitment to safety, security, sustainability, and innovation.

Iron Mountain Reports Record Earnings and Growth

Iron Mountain’s recent earnings call painted a picture of robust financial health and growth, with the company achieving record-breaking revenue and expansion across multiple business segments. Despite some challenges in the Data Center segment, the overall sentiment was positive, buoyed by increased financial guidance and significant customer acquisitions.