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Iron Mountain

IRM NYSE Other Specialized REITs Financials FY2016–FY2025

Iron Mountain's revenue rose 12.2% to $6.9 billion in fiscal 2025. Its operating margin was 16.9%, up from 16.4% a year earlier. Free cash flow was −$932 million. It paid out $919 million in dividends and buybacks. The diluted share count rose 0.5%.

Last close · Oct 23, 2026

$109.96

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$6.9B
12.2% vs prior year
Operating margin Operating income as a share of revenue.
16.9%
0.4 pts
Net income Profit after all expenses, interest and tax.
$152M
17.1%
Free cash flow Cash from operations minus capital spending.
−$932M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.6%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$33.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
78.5x
On $1.40 EPS (TTM)

What Iron Mountain does

No business description yet.

Legal name
IRON MOUNTAIN INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001020569-26-000013
0001020569

Revenue and margins

Iron Mountain had $6.9B of revenue in fiscal 2025, up 12.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 1.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$932M in fiscal 2025, −13.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Iron Mountain returned $919M to shareholders in fiscal 2025. The diluted share count rose 0.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Iron Mountain yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$16.8B and divides by 297.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 78.5x · peers 23.1x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Iron Mountain can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $256M$142M$223M$156M$159M
Debt incl. finance leases $9.6B$10.9B$12.3B$14.1B$17.0B
Net debt / EBITDA 6.1x6.1x7.1x7.3x7.7x
Debt / equity 11.3x————
Interest coverage 2.0x2.2x1.6x1.4x1.4x
Current ratio 0.7x0.8x0.8x0.6x0.7x
Quick ratio 0.7x0.8x0.8x0.6x0.7x
Total assets $14.5B$16.1B$17.5B$18.7B$21.1B
Total liabilities $13.6B$15.5B$17.3B$19.0B$21.8B
Shareholders' equity $856M$637M$212M−$503M−$981M
Net debt (− = net cash) $9.4B$10.8B$12.1B$14.0B$16.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$28.5M

3 insiders

Of sales under plans

100%

$28.5M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Greg W McIntoshEVP, Chief Commercial Officer Sold plan 5,000 $110.72 $0.6M Form 4
Oct 1, 2026 William L MeaneyPresident and CEO, Director Sold plan 38,474 $110.45 $4.2M Form 4
Sep 1, 2026 Greg W McIntoshEVP, Chief Commercial Officer Sold plan 5,000 $115.60 $0.6M Form 4
Sep 1, 2026 Mark KiddEVP, GM Data Centers & ALM Sold plan 6,000 $115.60 $0.7M Form 4
Sep 1, 2026 William L MeaneyPresident and CEO, Director Sold plan 38,474 $114.08 $4.4M Form 4
Aug 7, 2026 Mark KiddEVP, GM Data Centers & ALM Sold plan 6,000 $122.70 $0.7M Form 4
Aug 7, 2026 William L MeaneyPresident and CEO, Director Sold plan 38,474 $121.67 $4.7M Form 4
Aug 6, 2026 Greg W McIntoshEVP, Chief Commercial Officer Sold plan 11,839 $127.13 $1.5M Form 4
Jul 1, 2026 Mark KiddEVP, GM Data Centers & ALM Sold plan 6,000 $125.62 $0.8M Form 4
Jul 1, 2026 William L MeaneyPresident and CEO, Director Sold plan 38,474 $122.83 $4.7M Form 4
Jun 1, 2026 Mark KiddEVP, GM Data Centers & ALM Sold plan 6,000 $126.70 $0.8M Form 4
Jun 1, 2026 William L MeaneyPresident and CEO, Director Sold plan 38,474 $127.55 $4.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 3 / 84 / 85 / 8
Accruals ratio −5.5%−5.6%−6.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Iron Mountain IRM $33.0B 12.2% 16.9% −13.5% 5.6% 78.5x 5
Lamar Advertising LAMR $15.8B 2.7% 34.2% 30.2% 17.3% 28.3x 8 Compare →
Gaming and Leisure Properties GLPI $11.3B 4.1% 75.3% 51.7% 10.2% 11.6x — Compare →
EPR Properties EPR $4.3B 2.9% 57.7% 37.5% 8.0% 17.9x — Compare →
Weyerhaeuser WY $14.1B −3.1% 10.6% — 5.1% 29.5x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.5B $3.8B $4.2B $4.3B $4.1B $4.5B $5.1B $5.5B $6.1B $6.9B
Operating income $502M $634M $808M $781M $935M $854M $1.0B $922M $1.0B $1.2B
Interest expense $297M $369M $388M $395M $390M $428M $488M $586M $722M $829M
Pretax income $119M $151M $357M $280M $373M $629M $632M $227M $245M $211M
Income tax $44.9M $23.0M $42.8M $59.9M $29.6M $176M $69.5M $39.9M $60.9M $58.9M
Net income $107M $172M $355M $268M $343M $453M $562M $187M $184M $152M
Diluted EPS $0.42 $0.64 $1.23 $0.93 $1.19 $1.55 $1.90 $0.63 $0.61 $0.49
Diluted shares 0.25B 0.27B 0.29B 0.29B 0.29B 0.29B 0.29B 0.29B 0.30B 0.30B
Cash flow
Cash from operations $544M $721M $936M $967M $988M $759M $928M $1.1B $1.2B $1.3B
Capital expenditure $329M $343M $460M $693M $438M $611M $875M $1.3B $1.8B $2.3B
Free cash flow $215M $378M $475M $274M $549M $148M $52.3M −$226M −$595M −$932M
Depreciation and amortization $452M $522M $640M $658M $652M $680M $728M $776M $901M $1.0B
Stock-based compensation $29.0M $30.0M $31.2M $35.7M $37.7M $61.0M $56.9M $73.8M $118M $140M
Acquisitions $292M $220M $1.8B $58.2M $119M $204M $804M $41.8M $178M $102M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $506M $440M $674M $705M $716M $718M $724M $738M $790M $919M
Dividends and buybacks $506M $440M $674M $705M $716M $718M $724M $738M $790M $919M
Balance sheet
Cash and short-term investments $237M $926M $166M $194M $205M $256M $142M $223M $156M $159M
Total debt $6.3B $7.0B $8.1B $8.7B $8.7B $9.3B $10.6B $11.9B $13.7B $16.4B
Finance lease liabilities $0.0M $0.0M $447M $367M $366M $357M $333M $350M $407M $527M
Current assets $1.1B $2.0B $1.2B $1.2B $1.3B $1.4B $1.5B $1.7B $1.7B $1.9B
Current liabilities $1.0B $1.3B $1.5B $1.9B $2.0B $2.0B $1.9B $2.2B $3.1B $2.6B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $11.7M $0.0M $0.0M $0.0M
Property and equipment, net $3.1B $3.4B $4.5B $4.6B $4.5B $4.7B $5.1B $6.3B $7.6B $9.5B
Total assets $9.5B $11.0B $11.9B $13.8B $14.1B $14.5B $16.1B $17.5B $18.7B $21.1B
Total liabilities $7.6B $8.7B $10.0B $12.4B $13.0B $13.6B $15.5B $17.3B $19.0B $21.8B
Shareholders' equity $1.9B $2.3B $1.9B $1.5B $1.1B $856M $637M $212M −$503M −$981M
Margins
Operating margin 14.3% 16.5% 19.1% 18.3% 22.5% 19.0% 20.6% 16.8% 16.4% 16.9%
EBITDA margin 27.2% 30.1% 34.3% 33.8% 38.3% 34.2% 34.8% 31.0% 31.1% 31.7%
Net margin 3.1% 4.5% 8.4% 6.3% 8.3% 10.1% 11.0% 3.4% 3.0% 2.2%
FCF margin 6.1% 9.8% 11.3% 6.4% 13.3% 3.3% 1.0% −4.1% −9.7% −13.5%
Returns
Return on capital 4.7% 6.6% 7.6% 6.0% 8.5% 6.1% 8.6% 6.4% 5.9% 5.6%
Return on capital employed 7.2% 7.0% 8.1% 7.0% 7.8% 7.0% 7.9% 6.3% 6.5% 6.8%
Return on equity 8.8% 8.1% 17.1% 16.1% 26.4% 45.4% — — — —
Return on assets 1.4% 1.7% 3.1% 2.1% 2.5% 3.2% 3.7% 1.1% 1.0% 0.8%
Growth
Revenue growth — 9.5% 9.9% 0.9% −2.7% 8.3% 13.6% 7.4% 12.2% 12.2%
Net income growth −14.4% 60.1% 106.8% −24.5% 27.9% 32.0% 24.2% −66.7% −1.9% −17.1%
EPS growth −27.6% 52.4% 92.2% −24.4% 28.0% 30.3% 22.6% −66.8% −3.2% −19.7%
FCF growth −14.4% 75.5% 25.8% −42.4% 100.8% −73.1% −64.6% −531.3% — —
Share count change 16.6% 7.9% 7.4% 0.4% 0.3% 0.8% 0.5% 0.5% 0.8% 0.5%
Financial health
Net debt / EBITDA 6.3x 5.3x 5.8x 6.1x 5.6x 6.1x 6.1x 7.1x 7.3x 7.7x
Debt / equity 3.2x 3.1x 4.6x 6.2x 8.0x 11.3x — — — —
Interest coverage 1.7x 1.7x 2.1x 2.0x 2.4x 2.0x 2.2x 1.6x 1.4x 1.4x
Current ratio 1.1x 1.5x 0.8x 0.6x 0.6x 0.7x 0.8x 0.8x 0.6x 0.7x
Quick ratio 1.1x 1.5x 0.8x 0.6x 0.6x 0.7x 0.8x 0.8x 0.6x 0.7x
Capital allocation
Capex / revenue 9.4% 8.9% 10.9% 16.3% 10.6% 13.6% 17.2% 24.4% 29.1% 32.9%
Stock comp / revenue 0.8% 0.8% 0.7% 0.8% 0.9% 1.4% 1.1% 1.4% 1.9% 2.0%
Payouts / FCF 235.0% 116.5% 141.7% 257.4% 130.4% 486.0% 1,384.6% — — —
Quality scores
Piotroski F-score — 6.0 4.0 4.0 6.0 6.0 6.0 3.0 4.0 5.0
Accruals ratio −5.5% −5.4% −5.1% −5.4% −4.6% −2.1% −2.4% −5.5% −5.6% −6.0%

Source: SEC EDGAR XBRL filings (CIK 0001020569). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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