Upside case
Bull case
$182+37.8%
IRM would need investors to value it at roughly 81x earnings — about 22x more generous than today's 58x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Iron Mountain Incorporated (IRM) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
20
analysts
13 bullish · 5 bearish · 20 covering IRM
Strong Buy
0
Buy
13
Hold
2
Sell
5
Strong Sell
0
Consensus Target
$132
+0.5% vs today
Scenario Range
$85 – $182
Model bear to bull value window
Coverage
20
Published analyst ratings
Valuation Context
58.4x
Forward P/E · Market cap $39.2B
IRM price targets
Three scenarios for where IRM stock could go
Current
~$132
Confidence
72 / 100
Updated
May 1, 2026
Where we are now
Current · $132
Bear
$85
Base
$98
Bull
$182
Market caseClosest to today
Base case
$98-25.3%
At 44x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$85-35.3%
If investor confidence fades or macro conditions deteriorate, a 21x multiple contraction could push IRM down roughly 35% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Iron Mountain Incorporated
IRM · NYSEReal EstateREIT - SpecialtyDecember year-end
Iron Mountain is a specialized real estate investment trust that provides secure storage and information management services for physical and digital assets. It generates revenue primarily through recurring rental income from its global network of secure storage facilities — about 85% of revenue — supplemented by value-added services like document shredding, data management, and data center operations. The company's moat lies in its massive global footprint of secure facilities, high customer switching costs due to the sensitive nature of stored materials, and regulatory compliance expertise that creates significant barriers to entry.
Market Cap
$39.2B
Revenue TTM
$7.2B
Net Income TTM
$272M
Net Margin
3.8%
IRM Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
42%Exceptional
vs consensus estimates
Avg EPS Surprise
+15.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.24/$1.19
Revenue
$1.7B/$1.8B
Q4 2025
EPS
$1.32/$1.29
Revenue
$1.8B/$1.8B
Q1 2026
EPS
$1.44/$0.59
Revenue
$1.8B/$1.8B
Q2 2026
EPS
$0.60/$0.50
Revenue
$1.9B/$1.9B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.24/$1.19 | +4.2% | $1.7B/$1.8B | -2.7% |
| Q4 2025 | $1.32/$1.29 | +2.3% | $1.8B/$1.8B | -2.7% |
| Q1 2026 | $1.44/$0.59 | +144.9% | $1.8B/$1.8B | +2.0% |
| Q2 2026 | $0.60/$0.50 | +19.8% | $1.9B/$1.9B | +4.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$8.0B
+10.8% YoY
FY2
$8.9B
+11.1% YoY
EPS Outlook
FY1
$1.15
+25.7% YoY
FY2
$1.23
+7.3% YoY
Trailing FCF (TTM)-$625M
FCF Margin: -8.6%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
IRM beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
IRM Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $6.1B
Product Mix
Latest annual revenue by segment or product family
Global Records and Information Management Business
86.8%
+6.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
85.5%
+14.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Global Records and Information Management Business is the largest disclosed segment at 86.8% of FY 2025 revenue, up 6.3% YoY.
UNITED STATES is the largest reported region at 85.5%, up 14.1% YoY.
IRM Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $67 — implies -46.9% from today's price.
Premium to Fair Value
46.9%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
IRM
268.8x
vs
S&P 500
25.1x
+970% premium
vs Real Estate Trailing P/E
IRM
268.8x
vs
Real Estate
24.1x
+1013% premium
vs IRM 5Y Avg P/E
Today
268.8x
vs
5Y Average
102.5x
+162% premium
Forward PE
58.4x
S&P 500
19.1x
+206%
Real Estate
26.4x
+122%
5Y Avg
—
—
Trailing PE
268.8x
S&P 500
25.1x
+970%
Real Estate
24.1x
+1013%
5Y Avg
102.5x
+162%
PEG Ratio
—
S&P 500
1.72x
—
Real Estate
1.25x
—
5Y Avg
—
—
EV/EBITDA
23.9x
S&P 500
15.2x
+57%
Real Estate
16.7x
+43%
5Y Avg
19.1x
+25%
Price/FCF
—
S&P 500
21.1x
—
Real Estate
15.4x
—
5Y Avg
113.2x
—
Price/Sales
5.7x
S&P 500
3.1x
+82%
Real Estate
3.0x
+91%
5Y Avg
3.7x
+52%
Dividend Yield
2.34%
S&P 500
1.87%
+25%
Real Estate
4.66%
-50%
5Y Avg
3.91%
-40%
| Metric | IRM | S&P 500 | Real Estate | 5Y Avg IRM |
|---|---|---|---|---|
| Forward PE | 58.4x | 19.1x+206% | 26.4x+122% | — |
| Trailing PE | 268.8x | 25.1x+970% | 24.1x+1013% | 102.5x+162% |
| PEG Ratio | — | 1.72x | 1.25x | — |
| EV/EBITDA | 23.9x | 15.2x+57% | 16.7x+43% | 19.1x+25% |
| Price/FCF | — | 21.1x | 15.4x | 113.2x |
| Price/Sales | 5.7x | 3.1x+82% | 3.0x+91% | 3.7x+52% |
| Dividend Yield | 2.34% | 1.87% | 4.66% | 3.91% |
IRM trades above S&P 500 benchmarks on 4 of 4 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolIRM Financial Health
Verdict
Adequate
IRM pays 2.3% total shareholder yield with 18.0% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$7.2B
Revenue Growth
TTM vs prior year
+15.6%
Gross Margin
Gross profit as a share of revenue
55.0%
Operating Margin
Operating income divided by revenue
18.0%
Net Margin
Net income divided by revenue
3.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$0.91
Operating Margin
NOI-equivalent margin — key for REIT property economics
18.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.2%
ROA
Return on assets, trailing twelve months
1.3%
Cash & Equivalents
Liquid assets on the balance sheet
$159M
Net Debt
Total debt minus cash
$18.9B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
—
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE
Return on equity, trailing twelve months
—
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.3%
Dividend
2.3%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$3.09
Payout Ratio
Share of earnings distributed as dividends
635.9%
Shares Outstanding
Current diluted share count
297M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pageIRM Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
High Debt Levels
Iron Mountain’s long‑term debt stands at roughly $16.5 billion as of December 31 2025, a level typical for capital‑intensive REITs but exposing the company to higher interest costs if rates rise. The leverage also limits flexibility for new data‑center projects and could compress margins if debt servicing costs increase.
High Risk
Regulatory Compliance
The company operates under stringent data‑privacy, cybersecurity, and environmental regulations. Non‑compliance could trigger significant legal penalties, reputational damage, and costly remediation, especially as it expands digital services and AI‑enabled offerings.
Medium
Data Center Expansion
Expanding the Global Data Center Business requires large upfront capital and operational resources. Overbuilding in a competitive market could reduce future leasing demand, impacting revenue and return on investment.
Medium
Cash Flow Generation
Operating cash flow has not consistently covered capital expenditures, leading to a cash burn and increasing reliance on debt financing. This pattern raises concerns about the company’s ability to fund growth without further leverage.
Medium
Data Privacy & Security
Hosting sensitive customer data heightens the risk of data breaches and regulatory exposure. Potential contractual liabilities could arise from service interruptions or equipment damage, affecting client trust and financial performance.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why IRM Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Robust RIM Core with High Retention
Iron Mountain’s records and information management (RIM) business shows strong pricing power and consistent revenue growth. The company’s customer retention rate was 93.3% in Q4 2025, ensuring a steady stream of recurring revenue.
Rapid Data Center Expansion & Lease Rates
The data center portfolio was 97% leased in Q4 2025 and the firm aims to nearly triple its capacity. Data‑center revenues grew 30% in 2025 and are projected to rise by over 25% in 2026, supported by a significant pre‑leased backlog.
ALM & Digital Solutions Scaling
The asset lifecycle management (ALM) and digital solutions (DS) segments are expanding quickly. New government contracts, including an expanded U.S. Treasury deal to digitize tax returns, are adding recurring revenue and opening additional opportunities.
Dividend Growth & Balance‑Sheet Strength
Iron Mountain has been increasing its quarterly dividend, providing a steady income stream. The company has de‑risked its balance sheet by extending debt maturities, supporting its strong market capitalization.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
IRM Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$131.70
52W Range Position
100%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$77.77
+69.3% from the low
52-Week High
$131.80
-0.1% from the high
1 Month
+26.20%
3 Month
+48.06%
YTD
+58.2%
1 Year
+35.5%
3Y CAGR
+32.7%
5Y CAGR
+27.7%
10Y CAGR
+13.5%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
IRM vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
58.4x
vs 30.1x median
+94% above peer median
Revenue Growth
+10.8%
vs +4.6% median
+134% above peer median
Net Margin
3.8%
vs 28.8% median
-87% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
IRM IRM Iron Mountain Incorporated | $39.2B | 58.4x | +10.8% | 3.8% | Buy | +0.5% |
EXR EXR Extra Space Storage Inc. | $29.5B | 30.1x | +8.6% | 28.8% | Hold | +6.7% |
PSA PSA Public Storage | $52.5B | 31.3x | +4.7% | 39.2% | Hold | +2.0% |
CUB CUBE CubeSmart | $8.9B | 27.7x | +4.6% | 28.9% | Hold | +5.9% |
NSA NSA National Storage Affiliates Trust | $3.2B | 79.6x | -0.1% | 11.9% | Hold | -20.4% |
CLV CLVT Clarivate Plc | $1.8B | 3.8x | -0.6% | -5.6% | Hold | +19.1% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
IRM Dividend and Capital Return
IRM returns 2.3% total yield, led by a 2.34% dividend.
Dividend SustainableFCF Unknown
Total Shareholder Yield
2.3%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
2.34%
Payout Ratio
6.4%
How IRM Splits Its Return
Div 2.34%
Dividend 2.34%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$3.09
Growth Streak
Consecutive years of dividend increases
4Y
3Y Div CAGR
9.2%
5Y Div CAGR
5.4%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
297M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.72 | — | — | — |
| 2025 | $3.22 | +17.9% | 0.0% | 3.7% |
| 2024 | $2.73 | +7.6% | 0.0% | 2.5% |
| 2023 | $2.54 | +2.5% | 0.0% | 3.6% |
| 2022 | $2.47 | 0.0% | 0.0% | 5.0% |
FAQ
7 questionsIRM Investor Questions
Common questions answered from live analyst data and company financials.
01Is Iron Mountain Incorporated (IRM) stock a buy or sell in 2026?
Iron Mountain Incorporated (IRM) is rated Buy by Wall Street analysts as of 2026. Of 20 analysts covering the stock, 13 rate it Buy or Strong Buy, 2 rate it Hold, and 5 rate it Sell or Strong Sell. The consensus 12-month price target is $132, implying +0.5% from the current price of $132. The bear case scenario is $85 and the bull case is $182.
02What is the IRM stock price target for 2026?
The Wall Street consensus price target for IRM is $132 based on 20 analyst estimates. The high-end target is $140 (+6.3% from today), and the low-end target is $127 (-3.6%). The base case model target is $98.
03Is Iron Mountain Incorporated (IRM) stock overvalued in 2026?
IRM trades at 58.4x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Iron Mountain Incorporated (IRM) stock in 2026?
The primary risks for IRM in 2026 are: (1) High Debt Levels — Iron Mountain’s long‑term debt stands at roughly $16. (2) Regulatory Compliance — The company operates under stringent data‑privacy, cybersecurity, and environmental regulations. (3) Data Center Expansion — Expanding the Global Data Center Business requires large upfront capital and operational resources. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Iron Mountain Incorporated's revenue and earnings forecast?
Analyst consensus estimates IRM will report consensus revenue of $8.0B (+10.8% year-over-year) and EPS of $1.15 (+25.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $8.9B in revenue.
06When does Iron Mountain Incorporated (IRM) report its next earnings?
A confirmed upcoming earnings date for IRM is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Iron Mountain Incorporated generate?
Iron Mountain Incorporated (IRM) had a free cash outflow of $625M in free cash flow over the trailing twelve months — a free cash flow margin of 8.6%. IRM returns capital to shareholders through dividends (2.3% yield) and share repurchases ($0 TTM).