Iron Mountain (IRM) AI Stock Analysis

• Market Cap: $30.51B
• Dividend Yield: 2.97%
• Average Volume (3M): 1.44M
• Price to Earnings (P/E): 744.8
• Beta (1Y): 1.05
• Revenue Growth: 10.72%
• EPS Growth: -81.96%
• Country: US
• Employees: 28,850
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Specialty
• EPS (TTM): 0.48
• Shares Outstanding: 295,348,240
• 10 Day Avg. Volume: 1,630,896
• 30 Day Avg. Volume: 1,437,855
• PEG Ratio: -53.92
• Price to Book (P/B): -61.29
• Price to Sales (P/S): 5.01
• P/FCF Ratio: -46.92
• Enterprise Value/Market Cap: 1.59
• Enterprise Value/Revenue: 7.53
• Enterprise Value/Gross Profit: 13.44
• Enterprise Value/Ebitda: 25.54
• 1Y Price Target: $124.67
• Price Target Upside: 18.96% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 63 Neutral
• Price Target: $103.00 ▼(-1.72% Downside)

Iron Mountain's overall stock score is driven by strong earnings performance and strategic financial adjustments, but is tempered by high leverage and valuation concerns. The company's positive earnings call and strategic initiatives in growth areas are significant strengths, while financial stability and valuation present notable risks.

Positive Factors

Revenue Growth

Consistent revenue growth, especially in key segments, indicates strong market demand and effective business strategies, supporting long-term expansion.

Strategic Expansion

The acquisition in India expands Iron Mountain's footprint in a growing market, potentially increasing revenue streams and market share.

Financial Stability

Amending the credit agreement enhances financial stability by optimizing debt structure, reducing reliance on revolving credit, and securing long-term funding.

Negative Factors

High Leverage

High leverage and negative equity pose risks to financial health, potentially limiting investment flexibility and increasing vulnerability to economic shifts.

Profitability Challenges

Low net profit margins suggest inefficiencies in operations or cost management, which could hinder long-term profitability and shareholder value.

Negative Free Cash Flow

Negative free cash flow indicates potential cash management issues, limiting the ability to fund growth initiatives or return capital to shareholders.

Iron Mountain Business Overview & Revenue Model

Company Description

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across approximately 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.

How the Company Makes Money

Iron Mountain generates revenue primarily through its core services, which include records management, data protection, and cloud services. The company earns money by charging clients for the storage of physical documents, the retrieval and delivery of those documents, and the management of digital assets. Key revenue streams include monthly fees for storage services, pay-per-use fees for retrieval, and sales from digital transformation services. Additionally, Iron Mountain benefits from long-term contracts with clients, which provide a stable revenue base. Partnerships with technology providers enhance its service offerings, particularly in digital backup and disaster recovery solutions, contributing to its earnings through added value services.

Iron Mountain Financial Statement Overview

Summary

Iron Mountain shows moderate revenue growth and operational efficiency, but faces challenges with profitability and high leverage. The negative equity and high debt levels are concerning, impacting financial stability. Cash flow generation is mixed, with positive operating cash flow but negative free cash flow, suggesting the need for improved cash management.

Income Statement

Iron Mountain's income statement shows moderate revenue growth with a TTM growth rate of 2.83%. Gross profit margins are stable at around 56%, but net profit margins are low at 0.64% for TTM, indicating challenges in converting revenue into profit. EBIT and EBITDA margins are reasonable, reflecting operational efficiency, but the declining net income suggests potential profitability issues.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, currently negative due to negative equity, which poses a significant risk. The negative return on equity indicates that the company is not generating profit from shareholders' investments. The equity ratio is also negative, highlighting a weak financial structure with high leverage.

Cash Flow

Operating cash flow remains positive, but free cash flow is negative, reflecting challenges in generating cash after capital expenditures. The free cash flow growth rate is improving, but the negative free cash flow to net income ratio indicates inefficiencies in cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.44B	6.15B	5.48B	5.10B	4.49B	4.15B
Gross Profit	3.61B	3.45B	3.12B	2.91B	2.60B	2.39B
EBITDA	1.90B	1.91B	1.62B	1.87B	1.75B	1.47B
Net Income	41.34M	180.16M	184.23M	556.98M	450.22M	342.69M
Balance Sheet
Total Assets	20.18B	18.72B	17.47B	16.14B	14.45B	14.15B
Cash, Cash Equivalents and Short-Term Investments	217.99M	155.72M	222.79M	141.80M	255.83M	205.06M
Total Debt	17.85B	16.37B	14.79B	13.29B	11.70B	11.00B
Total Liabilities	20.67B	18.94B	17.08B	15.41B	13.52B	13.01B
Stockholders Equity	-767.44M	-503.12M	211.65M	636.67M	855.95M	1.14B
Cash Flow
Free Cash Flow	-1.06B	-657.24M	-231.53M	44.11M	134.53M	534.40M
Operating Cash Flow	1.26B	1.20B	1.11B	927.70M	758.90M	987.66M
Investing Cash Flow	-2.53B	-2.14B	-1.44B	-1.66B	-473.31M	-85.44M
Financing Cash Flow	1.39B	876.75M	425.67M	639.21M	-220.81M	-886.70M

Iron Mountain Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 104.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IRM, the sentiment is Positive. The current price of 104.8 is above the 20-day moving average (MA) of 99.37, above the 50-day MA of 95.17, and above the 200-day MA of 94.90, indicating a bullish trend. The MACD of 2.31 indicates Negative momentum. The RSI at 64.43 is Neutral, neither overbought nor oversold. The STOCH value of 62.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IRM.

Iron Mountain Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EQIX	75 Outperform	$75.61B	75.77	7.06%	2.37%	5.74%	-6.58%
LAMR	67 Neutral	$12.35B	28.51	48.62%	5.16%	3.08%	-12.87%
IRM	63 Neutral	$30.51B	744.79	-35.81%	2.97%	10.72%	-81.96%
SBAC	62 Neutral	$20.58B	23.57	-17.79%	2.25%	1.82%	71.39%
AMT	58 Neutral	$89.52B	70.18	34.82%	3.52%	-9.52%	-48.20%
CCI	50 Neutral	$41.57B	-11.66	335.60%	5.50%	-17.95%	-398.78%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

Iron Mountain Corporate Events

Iron Mountain Amends Credit Agreement for Financial Stability

On June 18, 2025, Iron Mountain Incorporated and its subsidiaries amended their Credit Agreement, initially established in 2011, to adjust the amortization schedule of their 2022 Term A Loans and secure additional term loans totaling $286,718,750. This amendment aims to optimize the company’s financial structure by reducing borrowings under its revolving credit facility, maintaining the core terms of the original agreement, and ensuring continued financial stability with $500 million in outstanding borrowings post-amendment.