Iron Mountain Inc. (IRM)
NYSE:IRM
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Iron Mountain
(NYSE:IRM)
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Rating:58Neutral
Price Target:
$131.00
▲(10.95% Upside)
Action:ReiteratedDate:05/01/26
The score is held back primarily by balance-sheet risk (negative equity) and weak free-cash-flow conversion despite strong revenue growth. Offsetting these concerns are strong technical momentum and an earnings call that featured raised guidance and broad operating outperformance, while valuation remains a notable headwind due to the very high P/E.
Positive Factors
High-growth data & digital businesses
Data, data center, ALM and digital now form a growing, diversified revenue base exceeding 30% of sales. This secular shift toward higher-growth, higher-margin digital and colocation services strengthens long-term revenue mix, reduces reliance on slow-growth physical storage and increases total addressable market exposure.
Negative Factors
Weak balance sheet; negative equity
Negative equity and substantial debt weaken financial flexibility and heighten refinancing and covenant risk for a REIT. This constrains strategic options, limits ability to opportunistically deploy capital, and increases sensitivity to interest rates and regulatory or tax developments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High-growth data & digital businesses
Data, data center, ALM and digital now form a growing, diversified revenue base exceeding 30% of sales. This secular shift toward higher-growth, higher-margin digital and colocation services strengthens long-term revenue mix, reduces reliance on slow-growth physical storage and increases total addressable market exposure.
Read all positive factors
Iron Mountain (IRM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.48B
Dividend Yield3.98%
Average Volume (3M)1.35M
Price to Earnings (P/E)52.8
Beta (1Y)1.04
Revenue Growth15.64%
EPS Growth121.11%
CountryUS
Employees28,850
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.60
Shares Outstanding297,478,820
10 Day Avg. Volume1,270,958
30 Day Avg. Volume1,350,188
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 Cap1.41
Enterprise Value/Revenue7.31
Enterprise Value/Gross Profit13.29
Enterprise Value/Ebitda22.81
Forecast
1Y Price Target
$136.50Price Target Upside15.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)2.25
Revenue Forecast (FY)$7.75B
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call communicated broad, above-expectation operational and financial outperformance across revenue, adjusted EBITDA, AFFO and cash flow, driven by strong demand in data center, ALM, digital solutions and records services. Management raised full-year guidance and highlighted strategic wins (FedRAMP, government contracts, large cross-sells) and stronger balance sheet metrics. Risks noted include FX sensitivity, memory-price and project timing volatility in ALM, and the lumpy nature of hyperscaler-driven data center leasing and pass-through cost effects on margins.Positive Updates
Strong Top-Line Performance
Total revenue of $1.94 billion, up $344 million year-over-year (+22% reported, +19% constant currency, +17% organic). First quarter organic growth of 17% — the highest rate in more than 25 years.
Negative Updates
Data Center Margin Nuance and Pass-Through Costs
Data center adjusted EBITDA margin was 52.1%, 30 basis points below last year. Management noted power is a pass-through item; when corrected for power, data center margin was up 120 basis points year-over-year, highlighting margin volatility tied to pass-throughs.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Performance
Total revenue of $1.94 billion, up $344 million year-over-year (+22% reported, +19% constant currency, +17% organic). First quarter organic growth of 17% — the highest rate in more than 25 years.
Read all positive updates
Company Guidance
Iron Mountain raised its 2026 outlook, now targeting total revenue of $7.825–7.925 billion (≈14% growth at the midpoint; +$175M vs. prior guide, driven by an $80M Q1 beat and $95M of incremental upside), adjusted EBITDA of $2.925–2.965 billion (≈14% growth at midpoint; +$45M vs. prior), and AFFO of $1.735–1.755 billion ($5.79–$5.86 per share, ≈13% growth at midpoint; +$25M and +$0.09/share vs. prior); Q2 guidance is ~ $1.965B revenue (+15% y/y), ~$715M adjusted EBITDA (+14%), and ~ $418M AFFO ($1.40/share, +13%); ALM revenue guidance was raised to $950M (+$100M vs. prior, with $40M realized in Q1 and $60M expected the rest of the year), retained cash flow is now projected to be at least $300M ahead of last year, full‑year CapEx is planned to be slightly down, dividend was declared at $0.864/share (trailing payout ratio ~61%), net lease adjusted leverage was 4.8x, and the revenue upgrade is not FX‑driven (using prior FX assumptions).Iron Mountain Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
28
Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.25B | 6.90B | 6.15B | 5.48B | 5.10B | 4.49B |
| Gross Profit | 3.99B | 1.77B | 3.45B | 3.12B | 2.91B | 2.60B |
| EBITDA | 2.32B | 2.08B | 1.91B | 1.62B | 1.87B | 1.75B |
| Net Income | 272.30M | 144.59M | 180.16M | 184.23M | 556.98M | 450.22M |
Balance Sheet | ||||||
| Total Assets | 21.49B | 21.13B | 18.72B | 17.47B | 16.14B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 250.71M | 158.53M | 155.72M | 222.79M | 141.80M | 255.83M |
| Total Debt | 3.77B | 19.05B | 16.37B | 14.79B | 13.29B | 11.70B |
| Total Liabilities | 22.43B | 21.77B | 18.94B | 17.08B | 15.41B | 13.52B |
| Stockholders Equity | -1.22B | -981.01M | -503.12M | 211.65M | 636.67M | 855.95M |
Cash Flow | ||||||
| Free Cash Flow | -624.70M | -931.63M | -657.24M | -231.53M | 44.11M | 134.53M |
| Operating Cash Flow | 1.48B | 1.34B | 1.20B | 1.11B | 927.70M | 758.90M |
| Investing Cash Flow | -2.34B | -2.57B | -2.14B | -1.44B | -1.66B | -473.31M |
| Financing Cash Flow | 960.30M | 1.27B | 876.75M | 425.67M | 639.21M | -220.81M |
Iron Mountain Technical Analysis
Positive
118.07
Price Trends
105.56
Positive
95.61
Positive
95.74
Positive
Market Momentum
3.38
Negative
74.80
Negative
95.57
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 118.07 is above the 20-day moving average (MA) of 105.73, above the 50-day MA of 105.56, and above the 200-day MA of 95.74, indicating a bullish trend. The MACD of 3.38 indicates Negative momentum. The RSI at 74.80 is Negative, neither overbought nor oversold. The STOCH value of 95.57 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $106.79B | 58.10 | 10.03% | 2.47% | 6.67% | 50.09% | |
75 Outperform | $13.98B | 21.05 | 59.02% | 4.90% | 2.68% | 63.44% | |
69 Neutral | $23.46B | 24.63 | -20.90% | 2.31% | 6.27% | 25.76% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $85.12B | 24.04 | 76.90% | 3.76% | 2.72% | 58.77% | |
58 Neutral | $37.48B | 52.76 | -17.37% | 3.98% | 15.64% | 121.11% | |
56 Neutral | $38.74B | 58.69 | -65.88% | 5.44% | -29.63% | ― |
* Real Estate Sector Average
IRM
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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.