# Iron Mountain Incorporated (IRM)

> Source: Nexqual · https://nexqual.com/IRM · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Iron Mountain Incorporated (IRM), nexqual.com/IRM" · informational, not investment advice.

**Price:** USD 112.68 (+1.64% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 110.86 · day 107.8–112.82 · 52w 77.77–134.68 · market cap $33.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.56B, net income $434M (5.7% margin), free cash flow -$491M (SEC filings).
- Valuation: P/E 77.2x (avg 147.2x at the last 3 fiscal year-ends), EV/EBITDA 20.2x, net debt $17.1B.
- Analysts: Buy (mean 1.83 on a 1–5 scale) (12 analysts), mean target USD 144 (range 132–155).
- Total return with dividends: 1Y +10.1% vs S&P 500 +18.1%; 5Y +203.4% vs S&P 500 +85.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.61, revenue estimate $1.99B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.49B | $5.10B | $5.48B | $6.15B | $6.90B | $7.56B |
| Operating income | $854M | $1.05B | $922M | $1.01B | $1.16B | $1.42B |
| Net income | $453M | $562M | $187M | $184M | $152M | $434M |
| EPS (diluted) | $1.55 | $1.90 | $0.63 | $0.61 | $0.49 | — |
| Free cash flow | $148M | $52.3M | -$226M | -$595M | -$932M | -$491M |
| Operating margin | 19.0% | 20.6% | 16.8% | 16.4% | 16.9% | 18.8% |
| Net margin | 10.1% | 11.0% | 3.4% | 3.0% | 2.2% | 5.7% |
| Revenue growth | +8.3% | +13.6% | +7.4% | +12.2% | +12.2% | — |
| Cash + short-term investments | $256M | $142M | $223M | $156M | $159M | — |
| Total debt | $9.27B | $10.6B | $11.9B | $13.7B | $16.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 77.2x · P/S 4.4x · EV/EBITDA 20.2x · EV/Sales 6.7x · FCF yield -1.46% · Earnings yield 1.30% · Dividend yield (paid, TTM) 2.97% · Net debt $17.1B · EV $50.7B
P/E at fiscal year-ends: Dec 2025 162.3x, Dec 2024 169.5x, Dec 2023 109.9x.

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 12 analysts; mean target USD 144 (low 132, high 155).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Rothschild & Co | Initiated | Buy | $132 |
| 2026-09-08 | Barclays | Target raised | Overweight | $143 → $144 |
| 2026-08-27 | Truist Securities | Target raised | Buy | $140 → $155 |
| 2026-08-06 | Wells Fargo | Target raised | Overweight | $135 → $140 |
| 2026-07-01 | Barclays | Target raised | Overweight | $127 → $143 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +10.1% | +203.4% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +10.1% | +24.8% |
| Volatility (annualized) | 32.9% | 31.0% |
| Max drawdown | -25.1% (Oct 2025→Dec 2025) | -38.6% (Oct 2024→Mar 2025) |

## Peers (REIT - Specialty)
CCI (Crown Castle Inc.) USD 80 +0.55% · SBAC (SBA Communications Corporation) USD 183.72 +1.04% · DLR (Digital Realty Trust, Inc.) USD 174.47 -2.06% · LAMR (Lamar Advertising Company) USD 148.07 +1.11% · WY (Weyerhaeuser Company) USD 19.38 +2.16% · AMT (American Tower Corporation (REI) USD 181.36 +1.08%

## More
Full page: https://nexqual.com/IRM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt