Iron Mountain vs Lamar Advertising
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The short version
- Iron Mountain is the larger business, with $6.9B of revenue in fiscal 2025 against $2.3B for Lamar Advertising, about 3.0 times as much.
- Iron Mountain grew revenue faster (12.2%, against 2.7%).
- Lamar Advertising kept more of each dollar of sales as operating profit (34.2% operating margin, against 16.9%).
- Lamar Advertising turned more of its sales into free cash flow (30.2% FCF margin, against −13.5%).
- Lamar Advertising earned a higher return on the capital invested in it (17.3%, against 5.6%).
- Investors pay more for each dollar of Iron Mountain’s earnings: a P/E of 78.5x against 28.3x for Lamar Advertising.
| Latest fiscal year | IRM · FY25 | LAMR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $33.0B | $15.8B |
| Revenue | $6.9B | $2.3B |
| Free cash flow | −$932M | $683M |
| Net income | $152M | $587M |
| Growth | ||
| Revenue growth | 12.2% | 2.7% |
| 5-year growth | 10.7% | 7.6% |
| Share count change | 0.5% | −0.9% |
| Profitability | ||
| Gross margin | — | 67.0% |
| Operating margin | 16.9% | 34.2% |
| Net margin | 2.2% | 25.9% |
| FCF margin | −13.5% | 30.2% |
| Return on capital | 5.6% | 17.3% |
| Return on equity | — | 56.7% |
| Balance sheet | ||
| Net debt | $16.8B | $3.4B |
| Net debt / EBITDA | 7.7x | 3.1x |
| Dividends and buybacks | $919M | $814M |
| Valuation & quality | ||
| P/E | 78.5x | 28.3x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
IRM $3.5B
LAMR $1.5B
FY17
IRM $3.8B
LAMR $1.5B
FY18
IRM $4.2B
LAMR $1.6B
FY19
IRM $4.3B
LAMR $1.8B
FY20
IRM $4.1B
LAMR $1.6B
FY21
IRM $4.5B
LAMR $1.8B
FY22
IRM $5.1B
LAMR $2.0B
FY23
IRM $5.5B
LAMR $2.1B
FY24
IRM $6.1B
LAMR $2.2B
FY25
IRM $6.9B
LAMR $2.3B
IRM
LAMR
Operating margin
FY16
IRM 14.3%
LAMR 29.3%
FY17
IRM 16.5%
LAMR 29.6%
FY18
IRM 19.1%
LAMR 28.3%
FY19
IRM 18.3%
LAMR 29.5%
FY20
IRM 22.5%
LAMR 26.1%
FY21
IRM 19.0%
LAMR 29.2%
FY22
IRM 20.6%
LAMR 28.4%
FY23
IRM 16.8%
LAMR 32.0%
FY24
IRM 16.4%
LAMR 24.1%
FY25
IRM 16.9%
LAMR 34.2%
IRM
LAMR
Free cash flow
FY16
IRM $215M
LAMR $414M
FY17
IRM $378M
LAMR $398M
FY18
IRM $475M
LAMR $447M
FY19
IRM $274M
LAMR $490M
FY20
IRM $549M
LAMR $508M
FY21
IRM $148M
LAMR $608M
FY22
IRM $52.3M
LAMR $615M
FY23
IRM −$226M
LAMR $605M
FY24
IRM −$595M
LAMR $748M
FY25
IRM −$932M
LAMR $683M
IRM
LAMR
Return on capital
FY16
IRM 4.7%
LAMR 13.4%
FY17
IRM 6.6%
LAMR 12.8%
FY18
IRM 7.6%
LAMR 11.8%
FY19
IRM 6.0%
LAMR 12.7%
FY20
IRM 8.5%
LAMR 9.9%
FY21
IRM 6.1%
LAMR 12.5%
FY22
IRM 8.6%
LAMR 12.9%
FY23
IRM 6.4%
LAMR 14.7%
FY24
IRM 5.9%
LAMR 12.0%
FY25
IRM 5.6%
LAMR 17.3%
IRM
LAMR
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.