Iron Mountain Incorporated (IRM) Stock

Iron Mountain Incorporated (IRM) is a Real Estate stock trading at $121.98 (as of 2026-08-21), with a market capitalization of $36.29B and a trailing P/E of 127.3. 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: how it makes money

Iron Mountain provides storage and information management services, protecting physical and digital assets through a global network of facilities and solutions such as secure records storage and digital transformation, generating revenue from storage rental and information management services (plus data center and asset lifecycle offerings).

The profit engine is built on recurring storage rental tied to a large, purpose-built real estate footprint, with additional revenue from information management services layered on top of that storage base.

Revenue by segment (latest quarter)
RIM	$1.4B
Data Centers	$0.2B
ALM	$0.2B
Corporate	$0.3B

Business quality (Mixed): Good directional business description and segment revenue candidates are provided, but key profit quality inputs (for example gross margin detail and clearer segment definitions) are missing, limiting precision for retail investors.

Valuation: At 144× earnings, IRM trades 329% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Scale of storage and information management operations: Iron Mountain is described as the global leader, with more than 90 million square feet across approximately 1,450 facilities in about 50 countries and trusted by more than 225,000 organizations.
Broader solutions beyond storage: The company provides secure records storage, information management, and digital transformation, which can support multiple revenue streams (storage rental and services).

Bear case

Real estate and facility footprint can amplify operating risk: Because the model depends on a large storage network, changes in demand, utilization, or facility operating conditions could pressure storage revenue and overall results.
Service and digital transformation mix may change: If customers shift spend across storage rental versus services, the revenue mix could evolve and affect the sustainability of the profit profile.

Valuation — source: SEC EDGAR (first-party)
Price	$121.98
Market Cap	$36.29B
P/E Ratio	127.3
EV / EBITDA	22.5
Price / Sales	5.01
FCF Yield	-1.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$6.90B
Net Margin	2.2%
Revenue Growth (YoY)	21.6%
EPS Growth (YoY)	860.0%
FCF Growth (YoY)	-62.4%

Valuation vs Sector & Industry
Stock P/E	127.3
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	368.6%
vs Industry	260.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($3.87B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Real Estate
Industry	Trading
CEO	William L. Meaney
Employees	28,850
Country	US
IPO Date	1996-02-01

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

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