Iron Mountain IncorporatedIRM
NYSE•Real Estate•REIT - Specialty
Iron Mountain Incorporated is a global leader in information management services, and is trusted by more than 240,000 customers in 61 countries. It also includes approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Their broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (ALM) needs. Their longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals commercial, legal, financial, healthcare, technology, life sciences, energy, business services, entertainment and government organizations. They are listed on the New York Stock Exchange (the NYSE) and are a constituent of the Standard & Poor's 500 Index, the Morgan Stanley Capital International (MSCI) REIT index and the FTSE EPRA Nareit Global Real Estate Index. As of December 31, 2025, we were number 567 on the Fortune 1000. We have been organized and have operated as a REIT beginning with our taxable year ended December 31, 2014. The firm was founded and incorporated in 1951 and is based in Portsmouth, United States.
Iron Mountain Incorporated (Del (IRM) reported trailing twelve months revenue of $7.25B as of March 2026, a 15.6% increase year-over-year. Quarterly revenue reached $1.94B, reflecting continued top-line momentum.
Iron Mountain Incorporated (Del generated $285.02M in TTM net income, with quarterly EBITDA of $663.07M. The operating margin expanded from 16.0% to 20.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (20.4%) and net margin (7.7%) indicates moderate non-operating costs. Net margin has improved from 1.0% a year ago, signaling stronger bottom-line efficiency.
IRM trades at a P/E of 132.5x (a premium multiple) and a P/S of 5.2x.
The company reported negative free cash flow of $-179.46M, indicating cash consumption over the period. The balance sheet shows $21.49B in total assets with $16.89B in long-term debt against $-1.22B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.1%, suggesting durable pricing power and cost discipline.
Limited ROE data for a reliable assessment.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~24.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~17.9% — no sign of cost or pricing stress.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation