Iron Mountain Incorporated

IRM · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Valuation
Market cap	$24,519	$30,846	$20,433	$14,492	$15,152	$8,536	$9,228	$9,384	$10,925	$9,405	$5,703	$7,549	$5,797	$5,390	$5,999	$5,052	$4,616	$4,978	$7,402	$5,460	$5,517	$3,936	$3,371	$2,794	$2,443	$1,972	$1,311	$701	$322	$478
Enterprise value	$43,684	$47,258	$34,998	$27,637	$26,600	$19,329	$19,651	$17,363	$17,044	$15,419	$10,440	$12,020	$9,858	$8,984	$9,181	$7,810	$7,425	$7,946	$10,551	$8,089	$7,999	$6,396	$5,462	$4,532	$3,983	$3,364	$1,963	$1,154	$599	$694
P/E (TTM) at period end	169.58×	171.22×	110.91×	26.02×	33.66×	24.91×	34.51×	26.51×	64.22×	89.72×	46.28×	23.15×	60.09×	31.54×	15.17×	–	21.18×	60.68×	48.35×	42.37×	47.32×	41.79×	39.83×	47.93×	–	–	–	–	–	941.40×
P/S (TTM) at period end	3.55×	5.02×	3.73×	2.84×	3.37×	2.06×	2.16×	5.85×	2.84×	2.68×	1.90×	2.42×	1.92×	1.79×	1.99×	1.73×	1.53×	1.63×	2.71×	2.32×	2.65×	2.17×	2.25×	2.12×	2.09×	2.00×	2.52×	2.59×	1.75×	3.69×
P/B at period end	–	–	96.54×	22.76×	17.70×	7.51×	6.30×	5.04×	4.76×	4.86×	11.21×	8.82×	5.57×	4.69×	4.82×	2.60×	2.14×	2.76×	4.12×	3.52×	4.03×	3.23×	3.16×	2.96×	2.76×	2.13×	2.68×	2.07×	5.43×	–
EV / EBITDA (TTM)	23.06×	28.84×	24.18×	18.08×	20.16×	13.98×	15.88×	13.77×	16.38×	17.78×	12.64×	14.08×	12.77×	10.75×	10.65×	9.45×	9.03×	10.58×	14.87×	13.02×	13.82×	12.50×	12.43×	12.34×	13.13×	13.76×	14.90×	11.80×	11.68×	21.27×
EV / Sales (TTM)	6.33×	7.68×	6.39×	5.42×	5.92×	4.66×	4.61×	10.83×	4.43×	4.39×	3.47×	3.86×	3.26×	2.99×	3.05×	2.68×	2.46×	2.60×	3.86×	3.44×	3.85×	3.52×	3.64×	3.44×	3.40×	3.41×	3.78×	4.27×	3.26×	5.35×
Returns
Return on equity	–	–	87.0%	87.5%	52.6%	30.1%	18.3%	19.0%	7.4%	5.4%	24.2%	38.1%	9.3%	14.9%	31.8%	(3.0%)	10.1%	4.6%	8.5%	8.3%	8.5%	7.7%	7.9%	6.2%	(5.0%)	(3.0%)	(2.9%)	(3.2%)	(25.6%)	–
Return on invested capital	4.6%	4.8%	5.1%	6.8%	5.0%	7.2%	5.4%	7.2%	6.7%	4.4%	7.7%	10.3%	5.9%	7.2%	9.0%	5.8%	7.4%	4.0%	6.3%	5.7%	5.9%	5.5%	5.6%	5.5%	6.0%	5.0%	–	6.0%	6.9%	10.4%
Dividend yield	3.7%	2.6%	3.6%	5.0%	4.7%	8.4%	7.6%	7.2%	4.0%	5.4%	7.1%	7.2%	3.6%	5.9%	2.9%	0.8%	–	–	–	–	–	–	–	–	–	–	–	–	–	0.1%
Financial health
Current ratio	0.74×	0.55×	0.78×	0.81×	0.71×	0.64×	0.63×	0.81×	1.47×	1.06×	1.02×	1.07×	0.96×	1.13×	1.08×	1.39×	1.49×	1.34×	1.07×	1.06×	0.94×	0.97×	0.81×	0.86×	0.86×	0.75×	0.96×	0.76×	0.71×	0.46×
Debt / equity	(16.75×)	(27.27×)	56.38×	16.60×	10.83×	7.66×	5.92×	4.38×	3.07×	3.23×	9.52×	5.39×	4.01×	3.33×	2.69×	1.55×	1.51×	1.80×	1.82×	1.72×	1.85×	2.03×	1.96×	1.83×	1.69×	1.47×	1.25×	1.35×	4.70×	(8.52×)
Effective tax rate	27.9%	24.9%	17.6%	11.0%	28.0%	7.9%	18.3%	11.9%	10.6%	30.6%	23.1%	(43.5%)	38.1%	38.3%	30.2%	50.1%	32.9%	61.3%	30.9%	41.8%	41.4%	41.7%	42.5%	41.1%	(320.2%)	(57.7%)	111.6%	(42.9%)	(411.1%)	–
Share count
Diluted shares outstanding	298	296	294	292	291	289	288	287	267	247	212	197	192	175	196	202	204	203	202	200	198	197	195	194	188	179	113	102	58	58

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Revenue and gross profit
Revenue	$7,562	$6,902	$6,150	$5,480	$5,104	$4,492	$4,147	$4,263	$1,603	$3,846	$3,511	$3,008	$3,118	$3,026	$3,005	$3,015	$2,917	$3,014	$3,055	$2,730	$2,350	$2,078	$1,818	$1,501	$1,318	$1,171	$986	$520	$270	$184	$130
Cost of revenue	($3,463)	($3,079)	($2,697)	($2,358)	($2,189)	($1,887)	($1,757)	($1,833)	($1,794)	($1,665)	($1,568)	($1,290)	($1,345)	($1,289)	($1,277)	($1,245)	($1,204)	($1,271)	($1,382)	($1,260)	($1,074)	($938)	($824)	($681)	($622)	($562)	($480)	($259)	($153)	($101)	($74)
Gross profit	$4,100	$3,822	$3,453	$3,122	$2,914	$2,604	$2,390	$2,429	($191)	$2,181	$1,944	$1,718	$1,773	$1,737	$1,728	$1,770	$1,712	$1,742	$1,673	$1,470	$1,276	$1,140	$994	$821	$696	$609	$506	$261	$117	$83	$56
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,449)	($1,394)	($1,340)	($1,236)	($1,141)	($1,023)	($949)	($992)	($1,007)	($937)	($988)	($845)	($870)	($924)	($850)	($835)	($773)	($750)	($766)	($771)	($670)	($570)	($486)	($384)	($332)	($307)	($262)	($129)	($37)	($30)	($20)
Total operating expenses	($2,681)	($2,658)	($2,444)	($2,201)	($1,865)	($1,750)	($1,455)	($1,648)	$999	($1,547)	($1,442)	($1,193)	($1,224)	($1,248)	($1,173)	($1,198)	($1,165)	($1,197)	($1,179)	($1,015)	($869)	($753)	($649)	($516)	($444)	($464)	($391)	($196)	($70)	($60)	($36)
Total costs and expenses	($6,144)	($5,738)	($5,140)	($4,559)	($4,054)	($3,637)	($3,212)	($3,481)	($795)	($3,212)	($3,010)	($2,483)	($2,568)	($2,537)	($2,450)	($2,444)	($2,369)	($2,468)	($2,561)	($2,275)	($1,943)	($1,691)	($1,473)	($1,196)	($1,066)	($1,026)	($871)	($455)	($223)	($160)	($110)
Operating income	$1,418	$1,164	$1,010	$922	$1,050	$854	$935	$781	$808	$634	$502	$525	$549	$489	$555	$571	$548	$545	$494	$455	$407	$387	$344	$305	$253	$145	$115	$64	$48	$23	$20
Earnings
EBITDA	$2,201	$1,895	$1,639	$1,448	$1,529	$1,319	$1,382	$1,238	$1,261	$1,040	$867	$826	$854	$772	$836	$862	$826	$822	$751	$709	$621	$579	$512	$439	$367	$304	$245	$132	$98	$51	$33
Interest income	$12	$17	$15	$12	$8	$7	$8	$7	$7	$8	$8	$4	$2	$4	$2	$2	$2	$3	$5	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($877)	($829)	($722)	($586)	($488)	($425)	($427)	($426)	($416)	($361)	($318)	($268)	($261)	($254)	($243)	($205)	($205)	($213)	($222)	($229)	($195)	($184)	($186)	($150)	($137)	($135)	–	–	–	–	–
Pre-tax income	$504	$211	$245	$227	$632	$629	$373	$328	$358	$216	$147	$163	$223	$163	$298	$353	$334	$345	$240	$223	$224	$197	$167	$157	$120	($8)	($16)	$10	($8)	($2)	–
Income tax expense	($70)	($59)	($61)	($40)	($69)	($176)	($30)	($60)	($43)	($23)	($45)	($38)	$97	($62)	($114)	($106)	($167)	($114)	($147)	($69)	($94)	($81)	($70)	($67)	($49)	($26)	($9)	($11)	($3)	($7)	($19)
Net income	$419	$145	$180	$184	$557	$450	$343	$267	$354	$170	$105	$123	$326	$96	$171	$396	($54)	$221	$82	$153	$129	$117	$94	$85	$58	($44)	($28)	($14)	($11)	($15)	$1
Per share
Diluted EPS (GAAP)	$1.40	$0.49	$0.61	$0.63	$1.90	$1.55	$1.19	$0.93	$1.23	$0.64	$0.42	$0.58	$1.66	$0.50	$0.98	$2.02	($0.29)	$1.07	$0.40	$0.76	$0.64	$0.56	$0.48	$0.43	$0.30	($0.23)	($0.16)	($0.13)	($0.11)	($0.26)	($0.0182)
Basic EPS (GAAP)	$1.40	$0.49	$0.61	$0.63	$1.92	$1.56	$1.19	$0.93	$1.24	$0.64	$0.43	$0.58	$1.67	$0.51	$0.98	$2.03	($0.29)	$1.07	$0.41	$0.77	$0.65	$0.57	$0.49	$0.44	$0.31	($0.23)	($0.16)	($0.13)	($0.11)	($0.26)	($0.0182)
Basic shares outstanding	297	295	293	292	291	289	288	287	286	266	246	211	195	191	174	195	202	203	201	200	198	196	194	192	190	188	179	113	102	58	58
Margins
Gross margin	54.2%	55.4%	56.2%	57.0%	57.1%	58.0%	57.6%	57.0%	(11.9%)	56.7%	55.4%	57.1%	56.9%	57.4%	57.5%	58.7%	58.7%	57.8%	54.8%	53.8%	54.3%	54.9%	54.7%	54.7%	52.8%	52.0%	51.3%	50.2%	43.4%	45.1%	43.1%
Operating margin	18.8%	16.9%	16.4%	16.8%	20.6%	19.0%	22.5%	18.3%	50.4%	16.5%	14.3%	17.4%	17.6%	16.2%	18.5%	18.9%	18.8%	18.1%	16.2%	16.7%	17.3%	18.6%	19.0%	20.3%	19.2%	12.4%	11.7%	12.4%	17.6%	12.6%	15.2%
Net margin	5.5%	2.1%	2.9%	3.4%	10.9%	10.0%	8.3%	6.3%	22.1%	4.4%	3.0%	4.1%	10.5%	3.2%	5.7%	13.1%	(1.8%)	7.3%	2.7%	5.6%	5.5%	5.6%	5.2%	5.6%	4.4%	(3.8%)	(2.8%)	(2.8%)	(4.1%)	(8.3%)	0.4%

Analyst consensus

Buy21 analysts

Bearish · 5 · Hold · 2 · Bullish · 14

Earnings history

	EPS	Estimate
Q3 2024	$0.44	$0.48	Miss
Q4 2024	$0.50	$0.53	Miss
Q1 2025	$0.43	$0.40	Beat
Q2 2025	$0.48	$0.50	Miss
Q3 2025	$0.54	$0.59	Miss
Q4 2025	$0.61	$0.59	Beat
Q1 2026	$0.60	$0.50	Beat
Q2 2026	$0.60	$0.54	Beat

Peers

Company overview

IPO dateFeb 1, 1996

CEOWilliam L. Meaney

Employees29,400

SectorReal Estate

IndustryREIT - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ironmountain.com

Established in 1951, Iron Mountain Incorporated (NYSE: IRM) has become the world's foremost authority in storage and information management solutions. More than 225,000 organizations globally trust Iron Mountain with their critical assets. With an extensive physical infrastructure spanning over 90 million square feet, the company operates approximately 1,450 facilities in around 50 countries. Within this vast network, Iron Mountain safeguards billions of valued items, including vital corporate records, highly confidential digital assets, and invaluable cultural and historical artifacts. Their comprehensive suite of offerings encompasses secure document archiving, robust information governance, digital transformation initiatives, confidential destruction services, along with advanced data centers, cloud computing solutions, and specialized art storage and logistics. These services empower clients to mitigate costs and risks, ensure regulatory compliance, facilitate swift disaster recovery, and enable a more efficient, digital-first operational model.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.