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Stores and manages physical business records and increasingly data-center/digital assets for organizations worldwide.
Stores and manages physical business records and increasingly data-center/digital assets for organizations worldwide.
Collects monthly rent on each box or file it stores, with fees for pickup, retrieval and shredding on top, and stored boxes rarely leave, so storage rent is the steady core. It became a real-estate investment trust (REIT, which pays out most income as dividends) in 2014; data-centre leasing is the growth side.
Moat: wide (switching costs, installed base, scale). Once records are stored with Iron Mountain, retrieving and moving them is costly and rarely worth the hassle for customers.
Headquarters: Boston, Massachusetts, United States · Founded: 1951 · Employees: 29,400
Size Iron Mountain (IRM) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $31.7B, the 346th largest of 3,117 United States companies the cockpit tracks. Shares closed at $106.52 on 6 Nov 2026.
Performance Over six months the shares fell 16.8%, against -1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 17.4% over the last twelve months (peer median +4.8%); the operating margin is 20.6% (peer median 39.3%).
Valuation It trades at 39.2× forward earnings against a peer median of 30.4× (5th most expensive of 21).
Backlog Backlog (remaining performance obligations) was $300,000 at 30 Sep 2026 — 0.0 years of trailing revenue. Backlog detail →
Credit Iron Mountain has 11 bonds outstanding ($11.6B), rated BB- by the agencies and trading like BB+ at a weighted spread of 177 bp.
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.56B | $6.90B | $6.15B | $5.48B | $5.10B |
| Revenue growth | — | +12% | +12% | +7% | — |
| Gross profit | $3.01B | $2.80B | $2.55B | $2.35B | $2.19B |
| EBITDA | $2.65B | $2.41B | $2.10B | $1.89B | $1.77B |
| Net income | $419M | $145M | $180M | $184M | $557M |
| Free cash flow | -$491M | -$932M | -$595M | -$226M | $52.3M |
| Capital expenditure | $2.34B | $2.44B | $1.97B | $1.44B | $954M |
| Total debt | $19.9B | $19.1B | $16.4B | $14.8B | $13.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Iron Mountain IRM | $31.7B | -17% | +17% | 21% | 39.2× | n/a |
| Digital Realty DLR | $65.9B | -10% | +21% | 20% | 65.9× | n/a |
| Equinix EQIX | $100B | -5% | +11% | 15% | 53.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IRM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.7% | +8.7% | lowest of 21 |
| 6-month return | -16.8% | -1.2% | 2nd lowest of 20 |
| Distance from 52-week high | -20.9% | -11.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +17.4% | +4.8% | 4th highest of 21 |
| Operating margin | 20.6% | 39.3% | 5th lowest of 21 |
| Forward P/E | 39.2× | 30.4× | 5th most expensive of 21 |
| Bond spread | 177 bp | 93 bp | widest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | 21% | 39.2× | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 29% | 33.2× | n/a | n/a |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 77% | 8.4× | n/a | n/a |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | 48% | 31.6× | n/a | n/a |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 52% | 19.4× | n/a | n/a |
| Ventas VTR | United States | $47.9B | +2% | +22% | 15% | 106.4× | n/a | n/a |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 29% | 39.1× | n/a | n/a |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | 53% | 23.8× | n/a | n/a |
| Realty Income O | United States | $56.1B | -4% | +11% | 46% | 36.0× | n/a | n/a |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 30% | 43.9× | n/a | n/a |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 35% | 29.3× | n/a | n/a |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 14% | 23.2× | n/a | n/a |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 69% | 23.8× | n/a | n/a |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 44% | 35.6× | n/a | n/a |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 32% | 25.0× | n/a | n/a |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 25% | 35.2× | n/a | n/a |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 20% | 65.9× | n/a | n/a |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 6% | 86.1× | n/a | n/a |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 52% | 21.6× | n/a | n/a |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 77% | 6.0× | n/a | n/a |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 65% | 19.1× | n/a | n/a |
Iron Mountain has 11 bonds outstanding with $11.6B face value. The agencies rate it BB-; its bonds trade like BB+. Weighted yield 6.20%, a spread of 177 bp over government bonds.
Iron Mountain reported $300,000 of remaining performance obligations at 30 Sep 2026 and flat from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.