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what it is
Iron Mountain stores your boxes, protects your data, and charges you for the privilege of not moving either.
how it gets paid
Last year Iron Mountain made $6.9B in revenue. Storage rental was the main engine at $3.57B, or 52% of sales.
why it's growing
Revenue grew 12.2% last year. Q4 2025 revenue reached $1.84B, up 17% vs. prior year, according to the company release cited in February 2026 coverage.
what just happened
Iron Mountain's latest report beat EPS estimates, with $0.61 in adjusted EPS versus a $0.57 consensus.
At a glance
B+ balance sheet — decent shape, but not bulletproof
90/100 earnings predictability — you can trust these numbers
40.2x trailing p/e — you're paying up for this one
4.2% dividend yield — cash in your pocket every quarter
8.5% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
Iron Mountain stores your boxes, protects your data, and charges you for the privilege of not moving either.
Iron Mountain wins because leaving is expensive, slow, and annoying. It serves more than 240,000 corporate clients across about 1,350 facilities in 61 countries, so your files are usually already where your compliance team wants them. Switching costs (the pain of moving to a rival) → boxes, retrieval rules, contracts, and chain-of-custody headaches → so what: customers stay, and IRM keeps collecting rent-like revenue.
How they make money
$6.9B
annual revenue · their business grew +12.2% last year
Storage rental
$3.57B
Service revenue
$2.79B
Data centers
$0.28B
Digital solutions
$0.17B
Asset lifecycle management
$0.09B
The products that matter
physical document storage and archiving
Records Storage & Management
~70% of revenue · company revenue $6.9B
the page attributes about 70% of revenue to storage and management, sitting inside a $6.9B company. That's the legacy engine still paying the bills — and the part digitization is trying to shrink.
core engine
Key numbers
$9.0B
2028 revenue
The FY2028 revenue estimate is about $2.1B above today's $6.9B base, so your whole bull case depends on that gap closing.
40.2x
trailing p/e
P/E (price-to-earnings ratio) → how expensive the stock is versus profit → so what: you are already paying up for future growth.
16.9%
operating margin
Operating margin → profit after running the business → so what: the company is profitable, but not enough to make 40.2x look cheap on its own.
4.2%
dividend yield
Dividend yield → your cash payout while you wait → so what: income softens the story, but it does not erase valuation risk.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- net profit margin 2.2% — keeps 11 cents of every dollar in revenue
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in IRM 3 years ago → it's now worth $16,860.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Iron Mountain's latest report beat EPS estimates, with $0.61 in adjusted EPS versus a $0.57 consensus.
Q4 2025 revenue reached $1.84B, up 17% vs. prior year, according to the company release cited in February 2026 coverage. The absurd part is that quarterly EPS in the historical series was still just $0.57 in Q4 2025, so the market is paying a growth multiple for a business still growing one quarter at a time.
$1.84B
revenue
$0.61
eps
16.9%
operating margin
the number that mattered
The 7.02% EPS beat matters because this stock already trades at 40.2x earnings, so even small misses can hit hard.
source: company earnings report, 2026
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What could go wrong
the top risk is digital obsolescence of physical records storage.
med
the core business still leans on paper
About 70% of revenue comes from storage and management. If customers digitize faster than Iron Mountain replaces that demand elsewhere, the core engine shrinks.
This is the direct threat to the biggest part of a $6.9B revenue base.
med
40.2x trailing earnings leaves less room for disappointment
A premium multiple can work when growth feels clean. IRM's 8.5% return on capital says this is still a steadier, lower-return business than the multiple implies.
If growth cools toward the $7B revenue estimate, the stock can de-rate even if the business stays profitable.
med
global scale also means global complexity
Running about 1,350 facilities in 61 countries is a moat, but it also means more moving pieces, more regulation, and more operating friction than a simple domestic business.
Complexity does not need to break the model to pressure margins. It only needs to get a little more expensive.
If physical storage demand erodes faster than the company can offset it, the pressure lands on the roughly 70% of revenue tied to storage and management while investors are still paying 40.2x trailing earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
You want to see whether the quarterly EPS climb continues past the $0.57 exit quarter. That is the cleanest sign the earnings trend is still intact.
metric
fy2026 revenue estimate
The current estimate is $7B versus $6.9B last year. If that number stalls, the growth narrative gets a lot thinner.
trend
multiple versus business quality
A 40.2x trailing p/e and 8.5% return on capital is an odd pairing. Either returns improve, or the premium can compress.
risk
storage and management exposure
About 70% of revenue still sits here. That concentration is manageable until digitization stops being slow.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts are not expecting this to be a near-term leader.
risk profile
average
stability score 3 — middle-of-the-pack risk. Not especially defensive, not especially wild.
chart momentum
top 20%
technical score 2 — the chart looks better than the short-term fundamental rank.
earnings predictability
90 / 100
management has been consistent. You usually do not get big drama in the quarterly numbers.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 436 buyers vs. 461 sellers in 3q2025. total institutional holdings: 0.3B shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$69
$147
$82
current price
$108
target midpoint · +31% from current · 3-5yr high: $145 (+75% · 18% ann'l return)
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