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Iron Mountain key statistics and ratios

In fiscal 2025, Iron Mountain had a net margin of 2.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin3.0%4.4%8.4%6.3%8.3%10.0%10.9%3.4%2.9%2.1%5.5%
Return on equity5.4%8.0%17.0%16.1%26.4%45.2%74.6%43.4%———
Return on assets1.1%1.7%3.1%2.1%2.5%3.1%3.6%1.1%1.0%0.7%1.9%
Effective tax rate————7.9%28.0%11.0%17.6%24.9%27.9%13.8%
SG&A as % of revenue28.1%24.4%23.8%23.3%22.9%22.8%22.3%22.6%21.8%20.2%19.2%
Dividends ÷ net income482.6%258.7%190.3%263.5%209.0%159.6%130.1%400.4%438.2%635.9%238.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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Figures from Iron Mountain's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Iron Mountain.