EPR Properties vs Iron Mountain
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KIRA’s take AI analyst
I put EPR Properties and Iron Mountain side by side, using each one’s latest annual report. Here is what stands out:
- Iron Mountain is the larger business, with $6.9B of revenue in fiscal 2025 against $718M for EPR Properties, about 9.6 times as much.
- Iron Mountain grew revenue faster (12.2%, against 2.9%).
- EPR Properties kept more of each dollar of sales as operating profit (57.7% operating margin, against 16.9%).
- EPR Properties turned more of its sales into free cash flow (37.5% FCF margin, against −13.5%).
- EPR Properties earned a higher return on the capital invested in it (8.0%, against 5.6%).
- Investors pay more for each dollar of Iron Mountain’s earnings: a P/E of 80.8x against 17.9x for EPR Properties.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
EPR Properties
EPR
6/8
5-year growthOperating marginNet marginFCF marginReturn on capitalNet debt / EBITDA
Iron Mountain
IRM
2/8
Revenue growthShare count change
Side by side
Best in the row
| Latest fiscal year | EPR FY25 | IRM FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $33.9B |
| Revenue | $718M | $6.9B |
| Free cash flow | $269M | −$932M |
| Net income | $275M | $152M |
| Growth | ||
| Revenue growth | 2.9% | 12.2% |
| 5-year growth | 11.6% | 10.7% |
| Share count change | 0.7% | 0.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 57.7% | 16.9% |
| Net margin | 38.3% | 2.2% |
| FCF margin | 37.5% | −13.5% |
| Return on capital | 8.0% | 5.6% |
| Return on equity | 11.8% | — |
| Balance sheet | ||
| Net debt | $2.8B | $16.8B |
| Net debt / EBITDA | 4.9x | 7.7x |
| Dividends and buybacks | $301M | $919M |
| Valuation & quality | ||
| P/E | 17.9x | 80.8x |
| Piotroski F-score | — | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.