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Iron Mountain
(NYSE:IRM)
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Rating:65Neutral
Price Target:
$137.00
▲(6.77% Upside)
Action:Reiterated
Date:08/06/26
Raised 2026 guidance and strong operating momentum in higher-growth businesses (Data Centers/ALM/Digital) are the biggest positives, supported by an upward technical trend. The score is tempered by balance-sheet risk (negative equity and high leverage) and persistently negative free cash flow, while valuation is a meaningful headwind given the very high P/E despite a moderate dividend yield.
Positive Factors
Raised Guidance & Earnings Momentum
Management raised FY26 guidance with midpoints implying double-digit revenue, EBITDA and AFFO growth, reflecting durable demand across core and growth segments. Upgraded guidance improves planning visibility, supports reinvestment and signals sustainable operational leverage over the next 2–6 months.
Negative Factors
High Leverage / Negative Equity
A highly leveraged balance sheet with negative equity compresses financial flexibility, amplifies refinancing and interest-rate sensitivity risk, and constrains strategic optionality. Over 2–6 months this heightens vulnerability to market dislocations and limits the company's ability to fund growth or opportunistic M&A from internal capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Raised Guidance & Earnings Momentum
Management raised FY26 guidance with midpoints implying double-digit revenue, EBITDA and AFFO growth, reflecting durable demand across core and growth segments. Upgraded guidance improves planning visibility, supports reinvestment and signals sustainable operational leverage over the next 2–6 months.
Read all positive factors
Iron Mountain Key Performance Indicators (KPIs)
Any
Revenue by Type
Highlights the different sources of revenue, helping investors understand the company's business model and which areas are driving growth or facing challenges.
Highlights the different sources of revenue, helping investors understand the company's business model and which areas are driving growth or facing challenges.
Data provided by:
The Fly
The FlyIron Mountain (IRM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$38.53B
Dividend Yield2.61%
Average Volume (3M)1.90M
Price to Earnings (P/E)92.5
Beta (1Y)0.97
Revenue Growth17.37%
EPS Growth898.02%
CountryUS
Employees29,400
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)1.40
Shares Outstanding297,702,820
10 Day Avg. Volume2,070,234
30 Day Avg. Volume1,900,701
Financial Highlights & Ratios
PEG Ratio-8.61
Price to Book (P/B)-24.98
Price to Sales (P/S)3.55
P/FCF Ratio-26.30
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$145.00Price Target Upside13.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)2.37
Revenue Forecast (FY)$8.00B
Iron Mountain Business Overview & Revenue Model
Company Description
Established in 1951, Iron Mountain Incorporated (NYSE: IRM) has become the world's foremost authority in storage and information management solutions. More than 225,000 organizations globally trust Iron Mountain with their critical assets. With an...
How the Company Makes Money
Iron Mountain makes money mainly by charging businesses recurring fees and transactional service charges tied to storing, moving, processing, and securing information and IT infrastructure.
1) Records storage (recurring revenue): A major portion ...
Iron Mountain Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based operational and financial momentum: record revenue, EBITDA and AFFO growth; rapid expansion in Data Center, ALM and Digital businesses; robust cash generation and improved leverage; and raised full-year guidance. Notable risks include FX variability, timing/lumpiness in hyperscaler projects (including a ~$30M timing benefit), memory-price variability affecting ALM, and the ongoing need to build scale in certain geographies. On balance, the favorable metrics, raised guidance, and strategic wins materially outweigh the manageable challenges.Positive Updates
Record Revenue and Organic Growth
Total revenue of $2.03 billion in Q2, up $317 million year-over-year (+19% reported, +18% constant currency, +17% organic). Revenue was approximately $65 million ahead of prior projection.
Negative Updates
FX Headwind and Currency Variability
Foreign exchange provided only ~$14 million in revenue year-over-year and was slightly below prior assumptions due to a strengthening U.S. dollar, creating modest headwinds relative to earlier outlooks.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Organic Growth
Total revenue of $2.03 billion in Q2, up $317 million year-over-year (+19% reported, +18% constant currency, +17% organic). Revenue was approximately $65 million ahead of prior projection.
Read all positive updates
Company Guidance
Iron Mountain raised full‑year 2026 guidance to revenue $7.94B–$8.01B (midpoint +16% y/y), adjusted EBITDA $2.945B–$2.975B (midpoint +15% y/y) and AFFO $1.76B–$1.78B (or $5.87–$5.93 per share; midpoint AFFO growth ~15% and AFFO/sh +14%), and said on prior‑FX rates the midpoint represents +$125M revenue (+$60M in 2H), +$25M adjusted EBITDA (+$12M in 2H), +$35M AFFO (+$20M in 2H) and +$0.10 AFFO/sh (+$0.06 in 2H); Q3 outlook is revenue ≈ $1.98B, adjusted EBITDA ≈ $745M (both +13% y/y) and AFFO ≈ $440M or $1.47/sh (+12% y/y). Management also raised ALM expectations to approach $1B of revenue for the year, reiterated Data Center momentum (13 MW leased in Q2, 75 MW in July, 110 MW YTD, ~325 MW of leasable capacity to energize over the next 24 months), reported net lease adjusted leverage of 4.8x, declared a $0.864 quarterly dividend (trailing‑4Q AFFO payout ~60%), invested $553M growth CapEx and $38M recurring CapEx in Q2, and completed a $1.5B bond at 6.25% maturing 2035.Iron Mountain Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
28
Negative
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.56B | 6.90B | 6.15B | 5.48B | 5.10B | 4.49B |
| Gross Profit | 4.10B | 1.77B | 3.45B | 3.12B | 2.91B | 2.60B |
| EBITDA | 2.51B | 2.08B | 1.91B | 1.62B | 1.87B | 1.75B |
| Net Income | 418.65M | 144.59M | 180.16M | 184.23M | 556.98M | 450.22M |
Balance Sheet | ||||||
| Total Assets | 21.96B | 21.13B | 18.72B | 17.47B | 16.14B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 204.79M | 158.53M | 155.72M | 222.79M | 141.80M | 255.83M |
| Total Debt | 19.61B | 19.05B | 16.37B | 14.79B | 13.29B | 11.70B |
| Total Liabilities | 22.91B | 21.77B | 18.94B | 17.08B | 15.41B | 13.52B |
| Stockholders Equity | -1.28B | -981.01M | -503.12M | 211.65M | 636.67M | 855.95M |
Cash Flow | ||||||
| Free Cash Flow | -481.02M | -931.63M | -657.24M | -231.53M | 44.11M | 134.53M |
| Operating Cash Flow | 1.66B | 1.34B | 1.20B | 1.11B | 927.70M | 758.90M |
| Investing Cash Flow | -2.39B | -2.57B | -2.14B | -1.44B | -1.66B | -473.31M |
| Financing Cash Flow | 689.03M | 1.27B | 876.75M | 425.67M | 639.21M | -220.81M |
Iron Mountain Technical Analysis
Positive
128.31
Price Trends
124.62
Positive
120.88
Positive
106.97
Positive
Market Momentum
0.44
Negative
59.84
Neutral
71.32
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 128.31 is above the 20-day moving average (MA) of 124.59, above the 50-day MA of 124.62, and above the 200-day MA of 106.97, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 59.84 is Neutral, neither overbought nor oversold. The STOCH value of 71.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IRM.
Iron Mountain Risk Analysis
Iron Mountain disclosed 39 risk factors in its most recent earnings report. Iron Mountain reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Iron Mountain Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $108.75B | 70.65 | 10.76% | 1.82% | 9.64% | 52.13% | |
68 Neutral | $81.81B | 24.12 | 90.23% | 4.19% | 6.65% | 163.52% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $38.53B | 92.45 | -38.42% | 2.63% | 17.37% | 898.02% | |
60 Neutral | $2.43B | 1.99 | 270.16% | ― | 199.70% | 2008.88% | |
56 Neutral | $32.33B | 30.76 | -51.70% | 5.67% | -23.24% | ― |
* Real Estate Sector Average
IRM
Iron Mountain
129.43
41.68
47.50%
AMT
American Tower
175.58
-19.99
-10.22%
CCI
Crown Castle
75.98
-19.96
-20.80%
EQIX
Equinix
1,102.10
349.57
46.45%
UNIT
Uniti Group
10.01
3.76
60.16%
BXDC
Blackstone Digital Infrastructure Trust, Inc.
20.97
1.16
5.86%
Iron Mountain Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Iron Mountain Completes $1.5 Billion Senior Notes Offering
Positive
Jun 26, 2026
On June 26, 2026, Iron Mountain completed a private offering of $1.5 billion in 6.250% Senior Notes due 2035, issued at par and generating net proceeds of about $1.48 billion. The notes carry semi-annual interest payments starting January 15, 2027...
Executive/Board ChangesShareholder Meetings
Iron Mountain Shareholders Back Board, Refresh Governance Committees
Positive
May 12, 2026
Iron Mountain held its Annual Meeting of Stockholders on May 7, 2026, where shareholders elected eleven directors to one-year terms ending at the 2027 annual meeting, signaling continued support for the existing board and governance structure. Inv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.