EPR Properties vs Iron Mountain
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The short version
- 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 78.5x against 17.9x for EPR Properties.
| Latest fiscal year | EPR · FY25 | IRM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $33.0B |
| 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 | 78.5x |
| Piotroski F-score | — | 5 |
Revenue
FY16
EPR $493M
IRM $3.5B
FY17
EPR $518M
IRM $3.8B
FY18
EPR $640M
IRM $4.2B
FY19
EPR $652M
IRM $4.3B
FY20
EPR $415M
IRM $4.1B
FY21
EPR $532M
IRM $4.5B
FY22
EPR $658M
IRM $5.1B
FY23
EPR $706M
IRM $5.5B
FY24
EPR $698M
IRM $6.1B
FY25
EPR $718M
IRM $6.9B
EPR
IRM
Operating margin
FY16
EPR —
IRM 14.3%
FY17
EPR —
IRM 16.5%
FY18
EPR —
IRM 19.1%
FY19
EPR —
IRM 18.3%
FY20
EPR 12.6%
IRM 22.5%
FY21
EPR 52.4%
IRM 19.0%
FY22
EPR 47.3%
IRM 20.6%
FY23
EPR 43.4%
IRM 16.8%
FY24
EPR 45.2%
IRM 16.4%
FY25
EPR 57.7%
IRM 16.9%
EPR
IRM
Free cash flow
FY16
EPR $86.2M
IRM $215M
FY17
EPR $0.7M
IRM $378M
FY18
EPR $297M
IRM $475M
FY19
EPR −$61.1M
IRM $274M
FY20
EPR $26.6M
IRM $549M
FY21
EPR $250M
IRM $148M
FY22
EPR $39.2M
IRM $52.3M
FY23
EPR $178M
IRM −$226M
FY24
EPR $129M
IRM −$595M
FY25
EPR $269M
IRM −$932M
EPR
IRM
Return on capital
FY16
EPR 7.4%
IRM 4.7%
FY17
EPR 6.8%
IRM 6.6%
FY18
EPR 6.1%
IRM 7.6%
FY19
EPR 5.1%
IRM 6.0%
FY20
EPR 0.8%
IRM 8.5%
FY21
EPR 5.3%
IRM 6.1%
FY22
EPR 6.0%
IRM 8.6%
FY23
EPR 5.8%
IRM 6.4%
FY24
EPR 6.0%
IRM 5.9%
FY25
EPR 8.0%
IRM 5.6%
EPR
IRM
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.