Iron Mountain Incorporated (Delaware)Common Stock REIT (IRM) Stock

Iron Mountain Incorporated (Delaware)Common Stock REIT (IRM) is a Real Estate stock trading at $111.99 (as of 2026-09-15), with a market capitalization of $33.34B and a trailing P/E of 76.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Iron Mountain Incorporated provides storage and information management services, including secure records storage, information management, digital transformation, secure destruction, and related data center, cloud, and art storage and logistics offerings. Its services are used by organizations worldwide, supported by a global network of facilities and real estate locations.

Understand Iron Mountain Incorporated (Delaware)Common Stock REIT: how it makes money

Iron Mountain stores and protects physical records, sensitive data, and digital assets in about 1,450 secure facilities across 50 countries, earning revenue from long-term storage and rental contracts. Its core income is recurring storage rental from over 225,000 organizational clients, with digital and data center services adding a higher-growth layer on the same real estate.

The profit engine converts 90+ million square feet of owned facilities into annuity-like storage rental income, while digital and data center services are grafted onto that same real estate as a higher-growth overlay.

Revenue by segment (latest quarter)
Global RIM$1.4B
Global Data Center$0.3B
Corporate and Other$0.3B

Business quality (Exceptional): Business quality is exceptional: 20% operating margin, 45%+ recurring revenue, and a 90M sq ft installed base with high switching costs. The challenge is that the 127x P/E already prices in years of flawless execution.

Valuation: At 127× earnings, IRM trades 254% above the Trading average (36×).

Bull case

  • Growth mix is accelerating: Growth businesses contributed 35% of quarterly revenue, up 750 basis points year over year, signaling a structural shift away from the legacy storage base toward higher-growth digital and data center lines.
  • 325 megawatts of capacity pipeline: Approximately 325 megawatts of data center capacity is expected to energize over 24 months, which could more than double the Global Data Center line currently at $260 million per quarter.
  • Recurring base keeps widening: Recurring business now exceeds 45% of total revenue, and digital revenue remains recurring, meaning a growing share of the top line is contract-backed rather than one-time.

Bear case

  • Hyperscale deals are lumpy: Q2 ALM results benefited from a $30 million hyperscale project that is explicitly a one-time timing event, and management flagged that hyperscale leasing remains lumpy, so quarterly revenue can swing even when the annual run-rate is solid.
  • Services mix compresses margins: Management noted the services mix creates pressure on consolidated margins despite 22% revenue growth, so the 20% operating margin may not expand in line with the top line.
  • Valuation prices in near perfection: The stock trades at a P/E of 126.6x versus the Trading industry average of 35.7x, a premium of 254%, leaving very little room for execution stumbles, FX headwinds, or a slower data center ramp.
Valuation — source: SEC EDGAR (first-party)
Price$111.99
Market Cap$33.34B
P/E Ratio76.7
EV / EBITDA20.1
Price / Sales4.41
Dividend Yield3.0%
FCF Yield-1.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$6.90B
Net Margin2.2%
Current Ratio0.73
Revenue Growth (YoY)18.5%
EPS Growth (YoY)-326.7%
FCF Growth (YoY)-78.6%
Financial Health — source: SEC EDGAR
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Stock P/E76.7
Sector P/E (Real Estate)25.4
Industry P/E (Trading)34.1
vs Sector201.8%
vs Industry125.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($4.24B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorReal Estate
IndustryTrading
CEOWilliam L. Meaney
Employees28,850
CountryUS
IPO Date1996-02-01

Iron Mountain Incorporated (Delaware)Common Stock REIT earnings call transcripts

  • IRM Q2 FY26 earnings call transcript (reported 2026-08-05) · analysis
  • IRM Q2 FY25 earnings call transcript (reported 2025-08-06) · analysis
  • IRM Q1 FY25 earnings call transcript (reported 2025-05-01) · analysis
  • IRM Q3 FY24 earnings call transcript (reported 2024-11-06) · analysis
  • IRM Q2 FY24 earnings call transcript (reported 2024-08-01) · analysis

All IRM earnings calls

Related Companies (Trading; 8 comparable financial firms)

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  • Realty Income Corporation (O)
  • American Tower Corporation (REIT) (AMT)
  • Equinix, Inc. (EQIX)
  • Public Storage (PSA)
IRM earnings history · IRM institutional & insider holders · IRM KPIs & operating metrics · IRM financials · IRM filings, presentations & press releases · IRM investor presentations & press releases · IRM SEC filings · IRM peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-15.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.