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Iron Mountain (IRM) stock

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NYSE: IRM NYSE Other Specialized REITs Next results ~November 5, 2026

D Fundamentals grade

Iron Mountain is a US-listed company in the other specialized REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$81

Valuation models combined (2)

Base case. Range ~$54–$94. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Iron Mountain valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 8 selling1 purchase and 73 sales by directors and officers, last 12 monthsInsider trades
  • Funds584 adding, 436 cuttingOf 58 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Iron Mountain files

Where Iron Mountain stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.56bn, up 17.4% on a year earlier, faster than 15.6% a quarter earlier. Our valuation models combined value is $76.61 a share, against a share price of $114.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Iron Mountain's trailing-twelve-month revenue grew 17.4% year on year, with a free-cash-flow margin of -7.9%. Where it stands out: revenue growth of 17.4% ranks 1 of 6 other specialized reits companies we cover. Where it lags: operating margin of 18.8% ranks 5 of 5 other specialized reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 43.6% while net income grew 912.6%: a 869pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.4% over the last 12 months, against a median of 7.3% for other specialized reits companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -7.9% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $16.9bn, more than 1.5 times annual revenue.
  • High earnings multiple. The shares trade at 82 times the last 12 months' earnings, so expectations are demanding.
  • Weak cash conversion. Free cash flow was -143% of net income over the last 12 months.
  • Below peers: operating margin. Operating margin of 18.8% ranks 5 of 5 other specialized reits companies we cover (median 31.8%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.60 against an average estimate of $0.56: beat by 7.5%
Revenue
$2.03bn, up 18.5% on a year earlier
Share reaction
-2.8% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
total Revenue $7,940m to $8,010m (Full Year 2026); adjusted EBITDA $2,945m to $2,975m (Full Year 2026)
Next report
November 5, 2026; average EPS estimate $0.61

Iron Mountain's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.2%
  • 1 week+1.9%
  • 1 month+1.6%
  • This year+42.0%
  • 1 year+15.6%
  • 5 years+188.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.6B
Operating margin
18.8%
Net margin
5.5%
EPS (TTM, diluted)
$1.40

Growth

Revenue growth
+17.4%
Change in growth rate
+1.7 pts
Share count change
+0.9%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Announcement
  4. Partnership
  5. Insider trade
  6. Announcement
  7. Insider trade
  8. Insider trade
  9. Results
  10. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Iron Mountain valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Iron Mountain as an equity reit, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$94 ~$79–$120 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$1.8 ~$43–$88 Left out: out of range vs price (0.02x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$54 ~$47–$64 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$81 ~$54–$94 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Iron Mountain with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

47 /100

Moderate moat

How hard Iron Mountain's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.5% of total assets over 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.5%; its worst year was 16.2%.

  • Cash conversion 6 / 20

    Free cash flow was positive in 5 of 9 years, at a median 1.4% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.3% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $2.0bn and EPS of $0.61 (range $0.51 to $0.66) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.48 +17% $8.0bn +16%
Next $2.73 +10% $8.8bn +9%

Next year's EPS estimate has moved +2.0% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.0% on 90 days ago. In the last 30 days, 1 analyst raised Iron Mountain's forecast and 0 cut it.

Consensus EPS forecast Iron Mountain, last 90 days
$2.40 $2.50 $2.60 $2.70 $2.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.43 Current fiscal year, 60 days ago: $2.48 Current fiscal year, 30 days ago: $2.48 Current fiscal year, 7 days ago: $2.48 Current fiscal year, Now: $2.48 $2.48 Next fiscal year, 90 days ago: $2.68 Next fiscal year, 60 days ago: $2.73 Next fiscal year, 30 days ago: $2.73 Next fiscal year, 7 days ago: $2.73 Next fiscal year, Now: $2.73 $2.73

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.43$2.68
60 days ago $2.48$2.73
30 days ago $2.48$2.73
7 days ago $2.48$2.73
Now $2.48$2.73

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.56 $0.60 +7.5%
Mar 2026 $0.52 $0.60 +15.8%
Dec 2025 $0.59 $0.61 +3.8%
Sept 2025 $0.53 $0.54 +2.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Total Revenue Full Year 2026 $7,940m to $8,010m Raised
    “Total Revenue $7,940 - $8,010 ~16% $7,825 - $7,925 ~$1,980 ~13%” source
  • Total Revenue Q3 2026 about $1,980m
    “Total Revenue $7,940 - $8,010 ~16% $7,825 - $7,925 ~$1,980 ~13%” source
  • Adjusted EBITDA Full Year 2026 $2,945m to $2,975m Non-GAAP Raised
    “Adjusted EBITDA $2,945 - $2,975 ~15% $2,925 - $2,965 ~$745 ~13%” source
  • AFFO Full Year 2026 $1,760m to $1,780m Non-GAAP Raised
    “AFFO $1,760 - $1,780 ~15% $1,735 - $1,755 ~$440 ~12%” source
  • AFFO Per Share Full Year 2026 $5.87 to $5.93 Non-GAAP Raised
    “AFFO Per Share $5.87 - $5.93 ~14% $5.79 - $5.86 ~$1.47 ~11%” source
  • Adjusted EBITDA Q3 2026 about $745m Non-GAAP
    “Adjusted EBITDA $2,945 - $2,975 ~15% $2,925 - $2,965 ~$745 ~13%” source
Show 2 more items
  • AFFO Q3 2026 about $440m Non-GAAP
    “AFFO $1,760 - $1,780 ~15% $1,735 - $1,755 ~$440 ~12%” source
  • AFFO Per Share Q3 2026 about $1.47 Non-GAAP
    “AFFO Per Share $5.87 - $5.93 ~14% $5.79 - $5.86 ~$1.47 ~11%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

12 analysts, Oct 2026
Buy1192%
Hold00%
Sell18%

Monthly trend

  1. Oct 202647112
  2. Sep 202647112
  3. Aug 202646111
  4. Jul 202646111

Counts of recommendations published by analysts covering Iron Mountain, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
4.66
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
0.9%
of shares
Employees
29,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +15.6%

$99.60 on October 31, 2025 to $115.18

ThenNowEffect
Revenue (last 12 months) $6.4bn $7.6bn +17.4%
Net margin 0.6% 5.5% +762.8%
P/E multiple n/m 82.4x −88.5%
Share count 297m 299m −0.9%

Biggest factor: p/e multiple.

Last 3 years +105.3%

$56.11 on November 3, 2023 to $115.18

ThenNowEffect
Revenue (last 12 months) $5.2bn $7.6bn +44.4%
Net margin 7.2% 5.5% −23.5%
P/E multiple 43.3x 82.4x +90.0%
Share count 293m 299m −2.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IRM+88%−0%+47%+55%−18%+42%
Industry peers (median)+42%−18%+9%+4%−1%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IRM75%50%67%67%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IRM−14%−23%−12%−20%−30%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 39% from October 28, 2024 to April 8, 2025. Getting back needed a 64% gain, reached on April 30, 2026, 387 days after the low.

Price behaviour

52-week range
$77.09 – $132.03
From 52-week high
−12.8%
vs 50-day average
+0.8%
vs 200-day average
+1.0%
Volatility (1 year)
33%
Beta vs S&P 500
1.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.9%
After a week
6 up, 6 down
typical move ±6.5%
After a month
7 up, 5 down
typical move ±9.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −2.8% −0.4% −0.9% −8.4%
April 30, 2026 +11.1% +1.3% +10.7% +10.4%
February 12, 2026 +9.6% −1.5% +10.0% +8.2%
November 5, 2025 −2.4% −0.7% −5.1% −18.4%
August 6, 2025 −3.9% +0.7% −1.7% −3.5%
May 1, 2025 +6.8% +2.2% +7.9% +10.9%
February 13, 2025 −7.1% +1.1% −10.7% −12.4%
November 6, 2024 −7.0% +3.3% −7.8% −4.4%
August 1, 2024 +4.0% −3.3% +4.7% +10.4%
May 2, 2024 −3.6% +2.2% +1.9% +3.4%
February 22, 2024 +9.5% +2.1% +14.8% +16.9%
November 2, 2023 +3.5% +2.8% −1.3% +11.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Iron Mountain in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Iron Mountain
$5B $6B $7B $8B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.3B Revenue (TTM), FY23 Q4: $5.5B Revenue (TTM), FY24 Q1: $5.6B Revenue (TTM), FY24 Q2: $5.8B Revenue (TTM), FY24 Q3: $6B Revenue (TTM), FY24 Q4: $6.1B Revenue (TTM), FY25 Q1: $6.3B Revenue (TTM), FY25 Q2: $6.4B Revenue (TTM), FY25 Q3: $6.6B Revenue (TTM), FY25 Q4: $6.9B Revenue (TTM), FY26 Q1: $7.2B Revenue (TTM), FY26 Q2: $7.6B $7.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.3B
FY23 Q4 $5.5B
FY24 Q1 $5.6B
FY24 Q2 $5.8B
FY24 Q3 $6B
FY24 Q4 $6.1B
FY25 Q1 $6.3B
FY25 Q2 $6.4B
FY25 Q3 $6.6B
FY25 Q4 $6.9B
FY26 Q1 $7.2B
FY26 Q2 $7.6B
Revenue growth, TTM YoY Iron Mountain
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 7.1% Revenue growth, TTM YoY, FY23 Q4: 7.4% Revenue growth, TTM YoY, FY24 Q1: 9.1% Revenue growth, TTM YoY, FY24 Q2: 11.1% Revenue growth, TTM YoY, FY24 Q3: 12.2% Revenue growth, TTM YoY, FY24 Q4: 12.2% Revenue growth, TTM YoY, FY25 Q1: 11.0% Revenue growth, TTM YoY, FY25 Q2: 10.7% Revenue growth, TTM YoY, FY25 Q3: 10.9% Revenue growth, TTM YoY, FY25 Q4: 12.2% Revenue growth, TTM YoY, FY26 Q1: 15.6% Revenue growth, TTM YoY, FY26 Q2: 17.4% 17.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 7.1%
FY23 Q4 7.4%
FY24 Q1 9.1%
FY24 Q2 11.1%
FY24 Q3 12.2%
FY24 Q4 12.2%
FY25 Q1 11.0%
FY25 Q2 10.7%
FY25 Q3 10.9%
FY25 Q4 12.2%
FY26 Q1 15.6%
FY26 Q2 17.4%
Operating margin (TTM) Iron Mountain
15% 16% 17% 18% 19% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 17.6% Operating margin (TTM), FY23 Q4: 16.8% Operating margin (TTM), FY24 Q1: 16.4% Operating margin (TTM), FY24 Q2: 16.2% Operating margin (TTM), FY24 Q3: 16.0% Operating margin (TTM), FY24 Q4: 16.4% Operating margin (TTM), FY25 Q1: 16.3% Operating margin (TTM), FY25 Q2: 16.3% Operating margin (TTM), FY25 Q3: 16.6% Operating margin (TTM), FY25 Q4: 16.9% Operating margin (TTM), FY26 Q1: 18.0% Operating margin (TTM), FY26 Q2: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 17.6%
FY23 Q4 16.8%
FY24 Q1 16.4%
FY24 Q2 16.2%
FY24 Q3 16.0%
FY24 Q4 16.4%
FY25 Q1 16.3%
FY25 Q2 16.3%
FY25 Q3 16.6%
FY25 Q4 16.9%
FY26 Q1 18.0%
FY26 Q2 18.8%
FCF margin (TTM) Iron Mountain
-20% -15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -3.9% FCF margin (TTM), FY23 Q4: -4.1% FCF margin (TTM), FY24 Q1: -6.0% FCF margin (TTM), FY24 Q2: -5.9% FCF margin (TTM), FY24 Q3: -5.8% FCF margin (TTM), FY24 Q4: -10.7% FCF margin (TTM), FY25 Q1: -14.2% FCF margin (TTM), FY25 Q2: -16.4% FCF margin (TTM), FY25 Q3: -17.8% FCF margin (TTM), FY25 Q4: -14.6% FCF margin (TTM), FY26 Q1: -9.7% FCF margin (TTM), FY26 Q2: -7.9% -7.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -3.9%
FY23 Q4 -4.1%
FY24 Q1 -6.0%
FY24 Q2 -5.9%
FY24 Q3 -5.8%
FY24 Q4 -10.7%
FY25 Q1 -14.2%
FY25 Q2 -16.4%
FY25 Q3 -17.8%
FY25 Q4 -14.6%
FY26 Q1 -9.7%
FY26 Q2 -7.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3.5 3.8 4.2 4.3 4.1 4.5 5.1 5.5 6.1 6.9 7.6
EBITDA 1.0 1.2 1.4 1.4 1.6 1.5 1.8 1.7 1.9 2.2 2.5
Operating income 0.5 0.6 0.8 0.8 0.9 0.9 1.0 0.9 1.0 1.2 1.4
Net income 0.1 0.2 0.4 0.3 0.3 0.5 0.6 0.2 0.2 0.1 0.4
Diluted EPS $0.42 $0.64 $1.23 $0.93 $1.19 $1.55 $1.90 $0.63 $0.61 $0.49 $1.40
Growth (year on year)
Revenue — +9.5% +9.9% +0.9% −2.7% +8.3% +13.6% +7.4% +12.2% +12.2% +17.4%
EBITDA — +21.2% +25.2% −0.6% +10.2% −3.3% +15.8% −4.5% +12.5% +14.5% +25.4%
Operating income — +26.4% +27.5% −3.3% +19.6% −8.6% +22.9% −12.2% +9.5% +15.3% +35.4%
Net income — +62.3% +108.1% −24.5% +28.2% +31.4% +23.7% −66.9% −2.2% −19.7% —
Diluted EPS — +52.4% +92.2% −24.4% +28.0% +30.3% +22.6% −66.8% −3.2% −19.7% —
Margins
EBITDA margin 27.2% 30.1% 34.3% 33.8% 38.3% 34.2% 34.8% 31.0% 31.1% 31.7% 33.2%
Operating margin 14.3% 16.5% 19.1% 18.3% 22.5% 19.0% 20.6% 16.8% 16.4% 16.9% 18.8%
Net margin 3.0% 4.4% 8.4% 6.3% 8.3% 10.0% 10.9% 3.4% 2.9% 2.1% 5.5%
Free-cash-flow margin 6.1% 9.8% 11.3% 6.4% 13.2% 3.3% 1.0% −4.1% −9.7% −13.5% −6.5%
Cash flow
Cash from operations 0.5 0.7 0.9 1.0 1.0 0.8 0.9 1.1 1.2 1.3 1.7
Capital spending 0.3 0.3 0.5 0.7 0.4 0.6 0.9 1.3 1.8 2.3 2.1
Free cash flow 0.2 0.4 0.5 0.3 0.5 0.1 0.1 −0.2 −0.6 −0.9 −0.5
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.2 0.3 0.4 0.2 0.5 0.1 −0.0 −0.3 −0.7 −1.1 −0.6
Balance sheet
Cash 0.2 0.9 0.2 0.2 0.2 0.3 0.1 0.2 0.2 0.2 0.2
Total debt 6.3 7.1 8.2 8.8 8.8 9.4 10.7 12.0 13.8 16.5 17.5
Net debt (negative = net cash) 6.1 6.2 8.1 8.6 8.6 9.1 10.5 11.8 13.7 16.4 17.3
Diluted shares 247m 267m 287m 288m 289m 291m 292m 294m 296m 298m 299m
Returned to shareholders
Dividends 0.5 0.4 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.9 1.0
Total returned 0.5 0.4 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.9 1.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$997M
Diluted share count
+0.9%
year over year
Total shareholder yield
2.9%
dividends 2.9% + buybacks 0.0% of market value
Dividend payout ratio
238%
of net income paid out
Sales & admin spending
19.2%
of revenue
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in other specialized reits
Last 12 months unless stated IRM LAMR OUT EPR IIPR FPI Median
Revenue, last 12 months $7.6bn $2.3bn $1.9bn $764m $264m $50m $1.3bn
Revenue growth, last 12 months 17.4% 4.4% 7.6% 7.3% −8.4% −5.6% 5.8%
Revenue growth, 3-year average 13.0% 3.9% 2.2% 2.4% −3.6% −4.7% 2.3%
Revenue growth, latest quarter 18.5% 6.5% 13.5% 12.0% 0.7% −13.1% 9.2%
Operating margin 18.8% 31.8% 20.5% 59.0% 51.4% 34.8% 33.3%
Operating margin, 3-year average 17.1% 30.4% 19.0% 53.2% 52.5% 35.2% 32.8%
Net margin 5.5% 23.9% 12.7% 38.8% 52.3% 19.5% 21.7%
Cash from operations / revenue 21.9% 39.0% 20.2% 61.9% 74.5% 36.2% 37.6%
Free-cash-flow margin −7.9% 30.9% 15.7% −28.4% 46.2% 28.9% 22.3%
Free-cash-flow margin, 3-year average −10.1% 32.0% 12.6% 3.9% 54.0% 19.0% 15.8%
Stock pay / revenue 1.8% 1.3% 1.3% 2.2% 4.1% 3.9% 2.0%
Change in share count 0.9% −1.1% 4.1% 0.6% 0.9% −3.1% 0.7%

Median of all 6 companies we cover in other specialized reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

6 other specialized reits companies
Measure Company Peer median Rank
Revenue growth Growth 17.4% 7.3% 1 of 6
Change in growth rate Growth +1.7pp +2.8pp 4 of 6
Operating margin Profitability 18.8% 31.8% 5 of 5
Net margin Profitability 5.5% 23.9% 6 of 6
Stock pay as % of revenue Cash generation 1.8% 2.2% 3 of 6
Long-term debt as % of assets Balance sheet 78.0% 46.7% 6 of 6
Change in share count Balance sheet 0.9% 0.9% 4 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable Segment Aggregation Before Other Operating $6.1B 88.3% ▲ 8.8%
Global Records and Information Management Business $5.3B 86.8% ▲ 6.3%
Global Data Center Business $803M 13.2% ▲ 29.6%
Corporate and Other $807M 11.7% ▲ 46.6%
Products and services
Line of business Revenue YoY
Records Management $4.4B ▲ 7.9%
Storage Rental $4.1B ▲ 10.1%
Services $2.8B ▲ 15.5%
Information Destruction $1.2B ▲ 27.0%
Data Center $803M ▲ 29.6%
Data Management $505M ▼ 2.1%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $4.6B 66.3% ▲ 14.1%
Other International $1.6B 22.5% ▲ 10.0%
United Kingdom $473M 6.8% ▲ 10.8%
Canada $302M 4.4% ▼ 0.3%

From Iron Mountain's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$32.4B
Institutions reporting
1,157
Shares held vs prior quarter
▲ 1.5%
Positions opened / closed
138 / 61

Top buyers and sellers, Q2 2026: 584 institutions bought and 436 sold ; the biggest buyer was UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (+3.2M shares) and the biggest seller Cohen & Steers, Inc (−4.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.2B 33.6M 13.1% ▲ 1.7%
Vanguard Portfolio Management LLC $3.2B 25.6M 10.0% ▲ 2.2%
Vanguard Capital Management LLC $2.4B 19.0M 7.4% ▲ 1.0%
State Street Corp $2.2B 17.6M 6.9% ▲ 0.5%
Cohen & Steers, Inc. $1.5B 12.0M 4.7% ▼ 25.7%
Geode Capital Management, LLC $1.1B 8.6M 3.4% ▲ 1.9%
FMR LLC $994M 7.9M 3.1% ▲ 5.2%
Dimensional Fund Advisors LP $584M 4.6M 1.8% ▲ 1.6%
Morgan Stanley $559M 4.4M 1.7% ▼ 4.8%
Principal Financial Group Inc $552M 4.4M 1.7% ▼ 4.2%
Charles Schwab Investment Management Inc $539M 4.3M 1.7% ▲ 6.2%
Northern Trust Corp $533M 4.2M 1.6% ▲ 1.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Iron Mountain's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2,954 1 trade by 1 insider, last 12 months Insider sales History → $117M 73 trades by 8 insiders · 99% under pre-set plans
Net ▼ $117M net selling
Insider Date Trade Shares Price Value
Mcintosh Greg W EVP, Chief Commercial Officer October 1, 2026 Sell pre-set plan 5,000 $110.72 $553,600
Meaney William L President and CEO October 1, 2026 Sell pre-set plan 14,308 $111.18 $1.6M
Meaney William L President and CEO October 1, 2026 Sell pre-set plan 10,808 $110.56 $1.2M
Meaney William L President and CEO October 1, 2026 Sell pre-set plan 13,358 $109.57 $1.5M
Kidd Mark EVP, GM Data Centers & ALM September 1, 2026 Sell pre-set plan 6,000 $115.60 $693,600
Mcintosh Greg W EVP, Chief Commercial Officer September 1, 2026 Sell pre-set plan 5,000 $115.60 $578,000
Meaney William L President and CEO September 1, 2026 Sell pre-set plan 89 $116.00 $10,324
Meaney William L President and CEO September 1, 2026 Sell pre-set plan 6,101 $115.00 $701,615
Meaney William L President and CEO September 1, 2026 Sell pre-set plan 20,952 $114.14 $2.4M
Meaney William L President and CEO September 1, 2026 Sell pre-set plan 11,332 $113.45 $1.3M
Kidd Mark EVP, GM Data Centers & ALM August 7, 2026 Sell pre-set plan 6,000 $122.70 $736,200
Meaney William L President and CEO August 7, 2026 Sell pre-set plan 2,909 $122.75 $357,080

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

No trades in Iron Mountain disclosed in the last 12 months; 19 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded July 12, 2023, filed August 13, 2023
  • Katherine M. Clark(D-MA 5):Sale (full), $1,001 - $15,000, traded July 27, 2021, filed August 15, 2021
  • Katherine M. Clark(D-MA 5):Sale (full), $1,001 - $15,000, traded July 27, 2021, filed August 15, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • April 30, 2026
  • February 12, 2026
  • November 5, 2025
  • August 6, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Iron Mountain was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Iron Mountain in brief

What does Iron Mountain do?
Iron Mountain is a US-listed company in the other specialized REITs industry. Its financial year ends in December.
What is Iron Mountain's stock ticker?
Iron Mountain trades under the ticker IRM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Iron Mountain's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Iron Mountain reported revenue of $7.6B, 17.4% higher than a year earlier, according to its SEC filings.
What is Iron Mountain's free cash flow?
Iron Mountain's free-cash-flow margin is -7.9% of revenue over the trailing twelve months.
Who are Iron Mountain's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Iron Mountain's market cap?
On November 2, 2026, Iron Mountain's market capitalisation was about $34.5B, with a price-to-earnings ratio of 82.4 and net debt of $17.3B. Market figures come from third-party market data and may be delayed.
Does Iron Mountain pay a dividend?
Yes: Iron Mountain paid $997M in dividends over the trailing twelve months, a dividend yield of 2.91% and a payout ratio of 238.1%.
Who are Iron Mountain's competitors?
In our Other Specialized REITs peer group, the companies closest to Iron Mountain are Lamar Advertising Co, Outfront Media Inc., EPR Properties, Innovative Industrial Properties Inc and Farmland Partners Inc. The side-by-side comparison below sets their revenue, margins and growth against Iron Mountain's.
Are insiders buying or selling Iron Mountain stock?
Over the last 12 months, Iron Mountain's directors and officers reported 1 open-market purchases and 73 sales on Form 4. The insider trading page charts every trade.
When is Iron Mountain's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Iron Mountain announces its own schedule.