Iron Mountain Incorporated
- Open
- 114.12
- Day high
- 115.76
- Day low
- 110.77
- Prev close
- 114.22
- Volume
- 2.7M
- Mkt cap
- $33.3B
- P/E (TTM)
- 79.9
- EPS (TTM)
- $1.40
- P/B
- -26.0
- P/S
- 4.4
- Yield
- 3.02%
- Per share
- $3.38
- ▼Insiders net selling -$11.8M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
Iron Mountain Incorporated (IRM) is a Real Estate company listed on NYSE. The stock is up 24% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4). Drillr has 2 published research articles covering IRM.
Iron Mountain Incorporated (IRM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IRM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.54 | $0.60 | +10.5% | $2.0B | +3.1% |
| Apr 30, 2026 | $0.52 | $1.43 | +176.1% | $1.9B | +4.1% |
| Feb 12, 2026 | $1.39 | $1.44 | +3.6% | $1.8B | -1.0% |
| Nov 5, 2025 | $1.29 | $1.32 | +2.3% | $1.8B | -2.7% |
| Aug 6, 2025 | $1.19 | $1.24 | +4.2% | $1.7B | -2.7% |
| May 1, 2025 | $1.16 | $1.17 | +0.9% | $1.6B | -4.6% |
| Feb 13, 2025 | $1.20 | $1.24 | +3.3% | $1.6B | -2.5% |
| Aug 1, 2024 | $1.06 | $1.08 | +2.0% | $1.5B | +2.0% |
| May 2, 2024 | $1.05 | $1.10 | +4.9% | $1.5B | +1.8% |
| Feb 22, 2024 | $1.05 | $1.11 | +5.7% | $1.4B | -1.7% |
| Nov 2, 2023 | $1.00 | $0.99 | -1.3% | $1.4B | -1.7% |
| Aug 3, 2023 | $0.93 | $0.94 | +0.6% | $1.4B | -0.0% |
IRM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 10, 2026 | Meaney William Ldirector, officer: President and CEO | Sell | 16,785 | $122.11 |
| Aug 10, 2026 | McIntosh Greg Wofficer: EVP, Chief Commercial Officer | Option | 6,839 | $37.00 |
| Aug 10, 2026 | Meaney William Ldirector, officer: President and CEO | Sell | 2,909 | $122.75 |
| Aug 10, 2026 | Kidd Markofficer: EVP, GM Data Centers & ALM | Sell | 6,000 | $122.70 |
| Aug 10, 2026 | Meaney William Ldirector, officer: President and CEO | Option | 38,474 | $37.00 |
| Aug 10, 2026 | Meaney William Ldirector, officer: President and CEO | Sell | 18,780 | $121.10 |
| Aug 10, 2026 | McIntosh Greg Wofficer: EVP, Chief Commercial Officer | Sell | 6,839 | $127.13 |
| Jul 7, 2026 | Simons Doyledirector | Grant | 339 | — |
| Jul 7, 2026 | Samuels Theodore R. IIdirector | Grant | 99 | — |
| Jul 6, 2026 | Samuels Theodore R. IIdirector | Grant | 311 | — |
| Jul 2, 2026 | Meaney William Ldirector, officer: President and CEO | Sell | 2,530 | $125.82 |
| Jul 2, 2026 | Meaney William Ldirector, officer: President and CEO | Sell | 1,601 | $124.72 |
| Jul 2, 2026 | Kidd Markofficer: EVP, GM Data Centers & ALM | Sell | 6,000 | $125.62 |
| Jul 2, 2026 | Meaney William Ldirector, officer: President and CEO | Sell | 17,514 | $121.81 |
| Jul 2, 2026 | Meaney William Ldirector, officer: President and CEO | Option | 38,474 | $37.00 |
Source: IRM SEC Form 4 filings, latest Aug 10, 2026. For informational purposes only — not investment advice.
See the full IRM insider & 13F page →IRM research & analysis
[IRM] Iron Mountain Thesis 2026: Data Center Revenue Accelerates, Record Year Achieved
Iron Mountain FY25 (Dec 31, 2025) at $6.90B revenue (+12%). NI $145M; EPS $0.49. Adj EBITDA $2.57B (+15%). AFFO $1.54B (+15%+). Q4 organic +14%. Data center revenue +30% FY25; Q4 DC $237M (+39%). Q4 RIM $1.37B (+9% reported / +7% organic). FY26 guide: revenue $7.625-$7.775B (+12%), adj EBITDA $2.875-$2.925B (+13%), AFFO $1.705-$1.735B.
Which data center REITs benefit most as hyperscalers race to lock up AI-ready capacity?
Data center REITs are experiencing unprecedented demand as hyperscalers and GPU cloud providers race to lock up AI-ready capacity, with CoreWeave alone planning $30-35B in 2026 capex. Digital Realty offers the best risk-reward with its 5 GW power pipeline and record backlog, while Iron Mountain is the highest-upside dark horse with 30%+ data center revenue growth at a meaningful valuation discount to peers.
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Iron Mountain Incorporated company profile
Overview
Iron Mountain Incorporated (NYSE:IRM) is a global leader in storage and information management services founded in 1951. The company went public in 1996 and has evolved from a traditional records storage business into a diversified information management and data infrastructure company. Today, Iron Mountain serves over 225,000 organizations worldwide through a network of more than 1,450 facilities spanning approximately 90 million square feet across 50 countries. The company operates as a Real Estate Investment Trust (REIT) and has transformed itself into a comprehensive provider of physical storage, digital solutions, data centers, and asset lifecycle management services.
Business
Iron Mountain operates in the information management and data infrastructure industry, providing three core business segments that collectively address the full lifecycle of data and physical assets. **Global Records and Information Management (Global RIM)** represents the company's largest segment, generating approximately 77% of total revenue. This business involves the secure storage and management of physical documents, records, and other materials for businesses and organizations. The service includes picking up documents from client locations, storing them in climate-controlled, secure warehouses, and providing retrieval services when needed. Beyond basic storage, RIM also offers digital scanning services to convert physical documents into electronic formats, secure destruction services for confidential materials, and compliance management to help organizations meet regulatory requirements for record retention. **Global Data Center** operations account for roughly 10% of revenue and involve providing colocation services where businesses can house their computer servers and networking equipment in Iron Mountain's facilities. These data centers offer power, cooling, physical security, and network connectivity. The company leases space to clients ranging from small businesses to large hyperscale cloud providers like Amazon and Microsoft. Data centers generate recurring rental revenue similar to traditional real estate, but with higher margins due to the specialized infrastructure and services provided. **Asset Lifecycle Management (ALM)** represents about 13% of revenue and focuses on the end-of-life management of IT equipment and electronic assets. When companies upgrade their computer hardware, servers, or other electronic equipment, Iron Mountain handles the secure decommissioning, data destruction, refurbishment, and resale or recycling of these assets. This business has grown significantly as organizations refresh their IT infrastructure more frequently, particularly driven by cloud computing and artificial intelligence requirements.
Revenue model
Iron Mountain generates revenue through multiple complementary business models that create recurring, predictable cash flows. The Global RIM business operates on a storage rental model where customers pay monthly fees for each box or unit of records stored, plus additional fees for services like retrieval, delivery, and digital scanning. This creates highly predictable recurring revenue since customers typically store records for many years to meet legal and regulatory requirements. The Data Center business uses a colocation model where customers sign multi-year leases for space, power, and cooling capacity measured in kilowatts or megawatts. Customers pay monthly recurring fees based on their allocated space and power consumption, with lease terms typically ranging from 3-10 years. This segment benefits from high switching costs since moving data center operations is complex and expensive for customers. The ALM business operates on a project-based service fee model where Iron Mountain charges for decommissioning services, asset recovery value sharing, and component resale. Revenue can be variable based on customer refresh cycles and commodity prices for recovered materials like precious metals and rare earth elements. Several factors influence Iron Mountain's margins positively, including their ability to implement regular price increases across storage services due to high customer switching costs and regulatory requirements for record retention. The company benefits from economies of scale in facility operations and route optimization for pickup and delivery services. Cross-selling opportunities allow them to increase revenue per customer by offering multiple services. However, margins face pressure from rising real estate costs, labor inflation for warehouse and delivery operations, energy costs for data centers, and commodity price volatility affecting ALM component values. Competition from cloud storage providers and digital-first companies also creates pricing pressure in some segments.
Competitive moat
Iron Mountain possesses a moderately strong economic moat built primarily on high customer switching costs and network effects. The company's core competitive advantage stems from the significant friction customers face when considering alternatives. For records management, switching providers requires physically moving thousands of boxes of documents, updating retrieval systems, and retraining staff - a complex and risky process that most organizations avoid. Additionally, many customers are legally required to maintain chain of custody documentation for their records, making provider changes even more complicated. The company's extensive physical infrastructure creates barriers to entry, as replicating Iron Mountain's global network of 1,450 facilities would require massive capital investment and decades to build. Their established relationships with major corporations, government agencies, and healthcare organizations provide recurring revenue streams that competitors struggle to penetrate. The data center business benefits from similar switching costs, as migrating critical IT infrastructure involves significant downtime risks and technical complexity. However, Iron Mountain's moat faces meaningful challenges from digital transformation trends. As organizations increasingly adopt cloud-based document management and digital-first processes, demand for physical records storage may decline over time. Cloud storage providers like Amazon Web Services and Microsoft Azure offer compelling alternatives that eliminate physical storage needs entirely. The company has responded by developing digital solutions and expanding into data centers, but these markets face intense competition from specialized providers and hyperscale cloud companies with deeper resources. While Iron Mountain's existing customer relationships provide cross-selling opportunities, the company must continuously invest in technology and new services to maintain relevance as customer needs evolve toward digital solutions.
Risks & safety
Iron Mountain presents moderate financial risk with mixed safety indicators requiring careful consideration. **Debt and Solvency Concerns:** - Total liabilities of $19.8 billion exceed total assets of $19.4 billion, creating negative equity of approximately $424 million - Current ratio of 0.62 indicates potential short-term liquidity challenges with current liabilities exceeding current assets - Negative free cash flow of $477 million in Q1 2025, primarily due to heavy capital expenditure in data center expansion - However, operating cash flow remains positive at $197 million, indicating core business generates cash **Valuation Metrics:** - EV/EBITDA ratio of 23.1x appears elevated relative to REIT averages - Price-to-earnings ratios have been volatile, ranging from 74x to negative in recent quarters - As a REIT, the company pays substantial dividends (recently increased 10%), which may strain cash flows during heavy investment periods **Other Considerations:** - REIT structure provides some tax advantages but requires distributing most taxable income as dividends - Heavy capital expenditure cycle for data center expansion creates near-term cash flow pressure but should generate future returns - Diversified revenue streams across multiple business segments provide some stability - Strong EBITDA margins around 36-37% indicate underlying business profitability despite leverage concerns
Recent development
Over the past few years, Iron Mountain has executed a significant strategic transformation focused on diversifying beyond traditional records storage into higher-growth digital infrastructure businesses. The company launched **Project Matterhorn**, a comprehensive operating model redesign that centralizes commercial leadership to enable cross-selling across all business segments. This initiative has proven successful, with over 95% of Asset Lifecycle Management bookings now coming from cross-selling to existing customers. The company has aggressively expanded its data center footprint, leasing 420 megawatts of new capacity in 2024 alone and building a development pipeline approaching 1.3 gigawatts. Major investments include new facilities in Richmond, Virginia, and a joint venture with Ooredoo to enter Middle Eastern markets. Iron Mountain has also developed the **InSight Digital Experience Platform (DXP)**, which uses artificial intelligence to automate document processing and metadata creation, generating recurring revenue contracts with 20-40% gross margins. In Asset Lifecycle Management, the company has pursued strategic acquisitions including **Regency Technologies**, **Wisetek**, **APCD**, and most recently **Premier Surplus** to expand geographic coverage and capabilities. The ALM business has shifted its customer mix toward 60-70% enterprise clients and 30-40% data center decommissioning, capitalizing on increased IT equipment refresh cycles driven by artificial intelligence infrastructure upgrades. The company has also secured major government contracts, including a $140 million digital solutions contract with the U.S. Department of Treasury, demonstrating success in expanding beyond traditional storage services into comprehensive information management solutions.
IRM company profile · for informational purposes only — not investment advice.
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