Iron Mountain Incorporated (IRM) 10-Year Financial Performance & Capital Metrics

IRM • • REIT / Real Estate

Real EstateSpecialty REITsCommunications InfrastructureData Center REITs

AboutIron 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.Show more

Revenue $6.15B +12.2%
FFO $1.11B +13.2%
FFO/Share 3.74 +12.4%
FFO Payout 71.34% -5.5%
FFO per Share 3.74 +12.4%
NOI Margin 56.15% -1.4%
FFO Margin 17.99% +0.9%
ROE 220.76% +572.0%
ROA 1% -9.2%
Debt/Assets 87.46% +3.3%
Net Debt/EBITDA 8.37 -1.4%
Book Value/Share -0.76 -157.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 106.9%
✓FFO growing 18.2% TTM
✓Sustainable FFO payout ratio of 71.3%
✓Healthy dividend yield of 2.9%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.03%

5Y7.61%

3Y11.04%

TTM10.88%

Profit (Net Income) CAGR

10Y-5.76%

5Y-7.59%

3Y-26.31%

TTM52.1%

EPS CAGR

10Y-9.53%

5Y-8.09%

3Y-26.72%

TTM49.85%

ROCE

10Y Avg7.41%

5Y Avg7.08%

3Y Avg6.89%

Latest6.54%

Peer Comparison

Data Center REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IRMIron Mountain Incorporated	27.39B	92.67	151.92	12.22%	2.4%	220.76%
EQIXEquinix, Inc.	78.73B	801.82	94.33	6.84%	11.82%	7.55%	0.23%	1.40

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	3.01B	3.51B	3.85B	4.23B	4.26B	4.15B	4.49B	5.1B	5.48B	6.15B
Revenue Growth %	-0.04%	0.17%	0.1%	0.1%	0.01%	-0.03%	0.08%	0.14%	0.07%	0.12%
Property Operating Expenses	1.29B	1.57B	1.69B	1.8B	1.83B	1.76B	1.89B	2.19B	2.36B	2.7B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	1.19B	1.44B	1.55B	1.62B	1.65B	1.46B	1.75B	1.86B	2.2B	2.44B
G&A Expenses	829.63M	859.65M	905.73M	977.31M	991.66M	913.17M	1.02B	1.14B	1.24B	1.34B
EBITDA+	869.99M	953.93M	1.16B	1.46B	1.46B	1.6B	1.55B	1.8B	1.71B	1.94B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	345.46M	452.33M	522.38M	655.19M	674.94M	669.45M	696.97M	745.64M	793.02M	926.49M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	524.53M	501.61M	634.05M	808.27M	781.34M	934.78M	854.17M	1.05B	921.78M	1.01B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	267.86M	318.22M	361.23M	415.84M	425.86M	426.85M	425.3M	496.29M	598.4M	736.23M
Interest Coverage	1.96x	1.58x	1.76x	1.94x	1.83x	2.19x	2.01x	2.12x	1.54x	1.37x
Non-Operating Income	94.61M	36.74M	71.77M	-18.25M	27.34M	135.23M	-200.15M	-78.06M	96.17M	28.75M
Pretax Income+	162.07M	146.64M	216.1M	357.91M	328.14M	372.7M	629.01M	631.64M	227.21M	244.54M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	37.71M	44.94M	25.95M	36.26M	59.93M	29.61M	176.29M	69.49M	39.94M	60.87M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	123.24M	104.82M	183.82M	363.35M	267.38M	342.69M	450.22M	556.98M	184.23M	180.16M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.62%	-0.15%	0.75%	0.98%	-0.26%	0.28%	0.31%	0.24%	-0.67%	-0.02%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.31%	0.19%	0.27%	0.44%	-0.07%	0.07%	0.13%	0.14%	-0.25%	0.13%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.58	0.42	0.64	1.27	0.93	1.19	1.55	1.90	0.63	0.61
EPS Growth %	-0.65%	-0.28%	0.52%	0.98%	-0.27%	0.28%	0.3%	0.23%	-0.67%	-0.03%
EPS (Basic)	0.58	0.43	0.64	1.27	0.93	1.19	1.56	1.92	0.63	0.61
Diluted Shares Outstanding	212.12M	247.27M	266.85M	286.65M	287.69M	288.64M	290.98M	292.44M	293.96M	296.23M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	6.35B	9.49B	10.97B	11.85B	13.82B	14.15B	14.45B	16.14B	17.47B	18.72B
Asset Growth %	-0.03%	0.49%	0.16%	0.08%	0.17%	0.02%	0.02%	0.12%	0.08%	0.07%
Real Estate & Other Assets+	28.44M	117.02M	133.59M	206.48M	209.95M	295.95M	381.62M	588.34M	429.65M	484.78M
PP&E (Net)	2.5B	3.08B	3.42B	4.49B	6.49B	6.7B	6.98B	7.7B	9.01B	10.12B
Investment Securities	0	0	0	0	0	0	0	0	0	1000K
Total Current Assets+	857.91M	1.11B	1.95B	1.21B	1.24B	1.27B	1.44B	1.55B	1.74B	1.69B
Cash & Equivalents	128.38M	236.48M	925.7M	165.49M	193.56M	205.06M	255.83M	141.8M	222.79M	155.72M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	22.18M	0	0	0	0	0	0	230.43M	252.93M	244.13M
Intangible Assets	606.1M	1.27B	1.41B	1.51B	1.39B	1.33B	1.18B	1.42B	1.28B	1.27B
Total Liabilities	5.82B	7.55B	8.67B	9.99B	12.35B	13.01B	13.52B	15.41B	17.08B	18.94B
Total Debt+	4.85B	6.25B	7.04B	8.14B	10.62B	11B	11.7B	13.29B	14.79B	16.37B
Net Debt	4.72B	6.01B	6.12B	7.98B	10.42B	10.79B	11.45B	13.15B	14.56B	16.21B
Long-Term Debt	4.76B	6.08B	6.9B	8.02B	8.28B	8.51B	8.96B	10.48B	11.81B	13B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	191.64M	514.44M	756.77M	712.84M	1.73B	2.04B	2.17B	2.72B	2.85B	2.65B
Total Current Liabilities+	841.83M	1.05B	1.33B	1.46B	1.95B	2B	2.02B	1.92B	2.24B	3.09B
Accounts Payable	219.59M	222.2M	289.14M	318.76M	324.71M	359.86M	369.14M	469.2M	539.59M	678.72M
Deferred Revenue	183.11M	201.13M	241.59M	264.82M	274.04M	295.79M	307.47M	328.91M	325.67M	326.88M
Other Liabilities	167.54M	274.07M	290.69M	303.73M	210.7M	264.31M	144.05M	317.38M	237.59M	312.2M
Total Equity+	528.61M	1.94B	2.3B	1.86B	1.46B	1.14B	929.48M	731.95M	389.72M	-226.5M
Equity Growth %	-0.39%	2.66%	0.19%	-0.19%	-0.21%	-0.22%	-0.18%	-0.21%	-0.47%	-1.58%
Shareholders Equity	508.84M	1.94B	2.3B	1.86B	1.46B	1.14B	855.95M	636.67M	211.65M	-503.12M
Minority Interest	19.77M	124K	1.4M	1.41M	265K	0	73.53M	95.28M	178.07M	276.62M
Common Stock	2.11M	2.64M	2.83M	2.86M	2.87M	2.88M	2.9M	2.91M	2.92M	2.94M
Additional Paid-in Capital	1.62B	3.49B	4.16B	4.26B	4.3B	4.34B	4.41B	4.47B	4.53B	4.65B
Retained Earnings	-942.22M	-1.34B	-1.77B	-2.14B	-2.57B	-2.95B	-3.22B	-3.39B	-3.95B	-4.58B
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.01%	0.02%	0.03%	0.02%	0.02%	0.03%	0.04%	0.01%	0.01%
Return on Equity (ROE)	0.18%	0.09%	0.09%	0.17%	0.16%	0.26%	0.44%	0.67%	0.33%	2.21%
Debt / Assets	0.76%	0.66%	0.64%	0.69%	0.77%	0.78%	0.81%	0.82%	0.85%	0.87%
Debt / Equity	9.17x	3.23x	3.06x	4.37x	7.25x	9.68x	12.59x	18.15x	37.94x	-
Net Debt / EBITDA	5.42x	6.31x	5.29x	5.45x	7.16x	6.73x	7.38x	7.32x	8.49x	8.37x
Book Value per Share	2.49	7.83	8.61	6.50	5.09	3.94	3.19	2.50	1.33	-0.76

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	541.76M	543.89M	720.97M	935.55M	966.65M	987.66M	758.9M	927.7M	1.11B	1.2B
Operating CF Growth %	0.15%	0%	0.33%	0.3%	0.03%	0.02%	-0.23%	0.22%	0.2%	0.07%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	125.2M	107.23M	185.43M	364.55M	268.31M	343.1M	452.73M	562.15M	187.26M	183.67M
Depreciation & Amortization	345.46M	452.33M	522.38M	639.51M	658.2M	669.45M	696.97M	745.64M	793.02M	926.49M
Stock-Based Compensation	27.59M	28.98M	30.02M	31.17M	35.65M	37.67M	61M	56.86M	73.8M	118.14M
Other Non-Cash Items	94.39M	66.54M	121.46M	-38.66M	-3.65M	-183.92M	-348.83M	-128.6M	135.34M	82.23M
Working Capital Changes	-43.41M	-60.81M	-101.95M	-50.29M	8.76M	134.35M	-131.67M	-252.44M	-40.59M	-72.4M
Cash from Investing+	-422.79M	-535.99M	-599.45M	-2.22B	-730.88M	-85.44M	-473.31M	-1.66B	-1.44B	-2.14B
Acquisitions (Net)	-113.56M	-261.31M	-190.47M	-1.76B	-77.46M	-136.83M	-68.74M	-876.92M	-57.68M	-188.25M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	2.27M	104.69M	9.34M	68.2M	95.03M	504.64M	219.81M	100.08M	-41.58M	-94.56M
Cash from Financing+	-108.51M	125.37M	540.42M	550.68M	-198.97M	-886.7M	-220.81M	639.21M	425.67M	876.75M
Dividends Paid	-406.51M	-505.87M	-440M	-673.63M	-704.53M	-716.29M	-718.34M	-724.39M	-737.65M	-789.53M
Common Dividends	-406.51M	-505.87M	-440M	-673.63M	-704.53M	-716.29M	-718.34M	-724.39M	-737.65M	-789.53M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	905K	14.62M	11.53M	-17.55M	-4.73M	-25.15M	-45.56M	10.23M	-17.08M	1.16M
Net Change in Cash+	2.45M	108.1M	689.22M	-760.21M	28.07M	11.51M	50.77M	-114.03M	80.99M	-67.07M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Cash at Beginning	125.93M	128.38M	236.48M	925.7M	165.49M	193.56M	205.06M	255.83M	141.8M	222.79M
Cash at End	128.38M	236.48M	925.7M	165.49M	193.56M	205.06M	255.83M	141.8M	222.79M	155.72M
Free Cash Flow+	196.4M	164.53M	302.65M	403.01M	218.2M	534.4M	134.53M	44.11M	-231.53M	-657.24M
FCF Growth %	1.56%	-0.16%	0.84%	0.33%	-0.46%	1.45%	-0.75%	-0.67%	-6.25%	-1.84%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.21	2.25	2.65	3.55	3.28	3.51	3.94	4.45	3.32	3.74
FFO Payout Ratio	86.73%	90.8%	62.31%	66.14%	74.77%	70.77%	62.62%	55.61%	75.48%	71.34%
NOI Margin	57.11%	55.35%	56.18%	57.37%	56.99%	57.63%	57.98%	57.11%	56.98%	56.15%
Net Debt / EBITDA	5.42x	6.31x	5.29x	5.45x	7.16x	6.73x	7.38x	7.32x	8.49x	8.37x
Debt / Assets	76.3%	65.89%	64.19%	68.7%	76.84%	77.73%	80.99%	82.32%	84.63%	87.46%
Interest Coverage	1.96x	1.58x	1.76x	1.94x	1.83x	2.19x	2.01x	2.12x	1.54x	1.37x
Book Value / Share	2.49	7.83	8.61	6.5	5.09	3.94	3.19	2.5	1.33	-0.76
Revenue Growth	-3.52%	16.74%	9.52%	9.89%	0.87%	-2.71%	8.3%	13.63%	7.38%	12.22%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Global Records and Information Management Business	-	-	-	-	1.49B	1.33B	1.5B	4.3B	4.66B	4.98B
Global Records and Information Management Business Growth	-	-	-	-	-	-11.18%	13.49%	185.53%	8.54%	6.81%
Global Data Center Business	-	-	37.69M	228.98M	257.15M	279.31M	326.9M	401.13M	495.03M	620.03M
Global Data Center Business Growth	-	-	-	507.48%	12.30%	8.62%	17.04%	22.71%	23.41%	25.25%
Records Management	2.26B	2.63B	-	-	-	-	-	-	-	-
Records Management Growth	-	16.70%	-	-	-	-	-	-	-	-
Data Management	509.26M	549.34M	-	-	-	-	-	-	-	-
Data Management Growth	-	7.87%	-	-	-	-	-	-	-	-
Information Destruction	243.51M	330.22M	-	-	-	-	-	-	-	-
Information Destruction Growth	-	35.61%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	1.97B	2.17B	2.31B	2.58B	2.63B	2.58B	2.71B	3.26B	3.51B	4.01B
UNITED STATES Growth	-	10.13%	6.28%	11.67%	2.04%	-2.11%	5.28%	20.26%	7.49%	14.29%
Remaining Countries	-	-	-	-	9.69B	963.84M	1.08B	1.24B	1.3B	1.41B
Remaining Countries Growth	-	-	-	-	-	-90.05%	12.35%	14.27%	5.05%	8.61%
UNITED KINGDOM	250.12M	237.03M	246.37M	280.99M	274.93M	247.67M	294.68M	332.56M	393.92M	426.46M
UNITED KINGDOM Growth	-	-5.23%	3.94%	14.05%	-2.16%	-9.92%	18.98%	12.86%	18.45%	8.26%
CANADA	215.23M	230.94M	243.63M	249.5M	243.03M	224.86M	252.38M	270.84M	279.32M	303.18M
CANADA Growth	-	7.30%	5.49%	2.41%	-2.59%	-7.48%	12.24%	7.31%	3.13%	8.54%
AUSTRALIA	-	148.18M	157.33M	155.37M	143.51M	133.81M	148.43M	144.84M	143.81M	-
AUSTRALIA Growth	-	-	6.18%	-1.25%	-7.63%	-6.76%	10.92%	-2.42%	-0.71%	-

Frequently Asked Questions

Valuation & Price

Iron Mountain Incorporated (IRM) has a price-to-earnings (P/E) ratio of 151.9x. This suggests investors expect higher future growth.

Growth & Financials

Iron Mountain Incorporated (IRM) reported $6.64B in revenue for fiscal year 2024. This represents a 120% increase from $3.01B in 2011.

Iron Mountain Incorporated (IRM) grew revenue by 12.2% over the past year. This is steady growth.

Yes, Iron Mountain Incorporated (IRM) is profitable, generating $159.3M in net income for fiscal year 2024 (2.9% net margin).

Dividend & Returns

Yes, Iron Mountain Incorporated (IRM) pays a dividend with a yield of 2.88%. This makes it attractive for income-focused investors.

Iron Mountain Incorporated (IRM) has a return on equity (ROE) of 220.8%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Iron Mountain Incorporated (IRM) generated Funds From Operations (FFO) of $1.18B in the trailing twelve months. FFO is the primary profitability metric for REITs.

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