Iron Mountain Incorporated (IRM) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Specialty
EV/EBITDA
↑
23.42
↑+23% vs avg
5yr avg: 19.11
30Y Low9.0·High24.5
P/FCF
↑
N/A
—
5yr avg: 221.84
30Y Low14.3·High113.2
P/B Ratio
↑
N/A
—
5yr avg: 29.69
30Y Low2.0·High52.8
ROE
↑
N/A
—
5yr avg: 91.1%
30Y Low-90%·High221%
Debt/EBITDA
↑
7.84
↓-2% vs avg
5yr avg: 7.97
30Y Low3.5·High8.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
IRM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Iron Mountain Incorporated trades at 260.9x earnings, 154% above its 5-year average of 102.5x, sitting at the 100th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 983%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $38.0B | $24.7B | $31.1B | $20.6B | $14.6B | $15.2B | $8.5B | $9.2B | $9.3B | $10.1B | $8.0B |
| Enterprise Value | $56.9B | $43.6B | $47.4B | $35.1B | $27.7B | $26.7B | $19.3B | $19.6B | $17.3B | $16.2B | $14.0B |
| P/E Ratio → | 260.88 | 169.29 | 172.31 | 111.08 | 26.24 | 33.76 | 24.77 | 34.27 | 25.52 | 58.95 | 77.33 |
| P/S Ratio | 5.51 | 3.58 | 5.06 | 3.75 | 2.86 | 3.39 | 2.05 | 2.15 | 2.20 | 2.62 | 2.29 |
| P/B Ratio | — | — | — | 52.79 | 19.92 | 16.38 | 7.49 | 6.26 | 4.99 | 4.38 | 4.15 |
| P/FCF | — | — | — | — | 330.48 | 113.19 | 15.92 | 42.02 | 23.05 | 33.27 | 48.81 |
| P/OCF | 28.38 | 18.44 | 26.02 | 18.47 | 15.71 | 20.06 | 8.62 | 9.48 | 9.93 | 13.96 | 14.77 |
P/E links to full P/E history page with 30-year chart
IRM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Iron Mountain Incorporated's enterprise value stands at 23.4x EBITDA, 23% above its 5-year average of 19.1x. The Real Estate sector median is 17.0x, placing the stock at a 38% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.32 | 7.70 | 6.41 | 5.43 | 5.94 | 4.65 | 4.60 | 4.09 | 4.21 | 4.00 |
| EV / EBITDA | 23.42 | 17.94 | 24.46 | 20.49 | 15.44 | 17.20 | 12.03 | 13.45 | 11.80 | 14.00 | 14.72 |
| EV / EBIT | 40.50 | 41.16 | 48.28 | 42.56 | 24.58 | 25.30 | 24.14 | 25.98 | 20.89 | 28.79 | 30.22 |
| EV / FCF | — | — | — | — | 628.48 | 198.28 | 36.12 | 89.79 | 42.85 | 53.48 | 85.37 |
IRM Profitability
Margins and return-on-capital ratios measuring operating efficiency
Iron Mountain Incorporated earns an operating margin of 20.4%, below the Real Estate sector average of 24.8%. Operating margins have expanded from 16.8% to 20.4% over the past 3 years, signaling improving operational efficiency. ROIC of 6.2% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.7% | 25.7% | 56.2% | 57.0% | 57.1% | 58.0% | 57.6% | 57.0% | 57.4% | 56.2% | 55.4% |
| Operating Margin | 20.4% | 20.4% | 16.4% | 16.8% | 20.6% | 19.0% | 22.5% | 18.3% | 19.1% | 16.5% | 14.3% |
| Net Profit Margin | 2.1% | 2.1% | 2.9% | 3.4% | 10.9% | 10.0% | 8.3% | 6.3% | 8.6% | 4.8% | 3.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 220.8% | 32.8% | 67.0% | 43.6% | 26.4% | 16.1% | 17.5% | 8.7% | 8.5% |
| ROA | 0.7% | 0.7% | 1.0% | 1.1% | 3.6% | 3.1% | 2.5% | 2.1% | 3.2% | 1.8% | 1.3% |
| ROIC | 6.2% | 6.2% | 4.9% | 4.8% | 6.0% | 5.3% | 5.9% | 5.4% | 6.6% | 5.8% | 5.7% |
| ROCE | 8.2% | 8.2% | 6.5% | 6.3% | 7.9% | 6.9% | 7.8% | 7.0% | 8.1% | 7.0% | 7.2% |
IRM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Iron Mountain Incorporated carries a Debt/EBITDA ratio of 7.8x, which is highly leveraged (roughly in line with the sector average of 7.9x). Net debt stands at $18.9B ($19.1B total debt minus $159M cash). Interest coverage of just 1.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 37.94 | 18.15 | 12.59 | 9.68 | 7.25 | 4.37 | 3.06 | 3.23 |
| Debt / EBITDA | 7.84 | 7.84 | 8.46 | 8.62 | 7.40 | 7.54 | 6.86 | 7.29 | 5.56 | 6.09 | 6.55 |
| Net Debt / Equity | — | — | — | 37.37 | 17.96 | 12.32 | 9.49 | 7.12 | 4.28 | 2.66 | 3.11 |
| Net Debt / EBITDA | 7.78 | 7.78 | 8.37 | 8.49 | 7.32 | 7.38 | 6.73 | 7.16 | 5.45 | 5.29 | 6.31 |
| Debt / FCF | — | — | — | — | 297.99 | 85.09 | 20.20 | 47.77 | 19.79 | 20.21 | 36.56 |
| Interest Coverage | 1.28 | 1.28 | 1.33 | 1.38 | 2.27 | 2.48 | 1.87 | 1.77 | 1.99 | 1.56 | 1.46 |
IRM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.74x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.74 | 0.74 | 0.55 | 0.78 | 0.81 | 0.71 | 0.64 | 0.63 | 0.83 | 1.47 | 1.06 |
| Quick Ratio | 0.74 | 0.74 | 0.55 | 0.78 | 0.81 | 0.71 | 0.64 | 0.63 | 0.83 | 1.47 | 1.06 |
| Cash Ratio | 0.06 | 0.06 | 0.05 | 0.10 | 0.07 | 0.13 | 0.10 | 0.10 | 0.11 | 0.70 | 0.23 |
| Asset Turnover | — | 0.33 | 0.33 | 0.31 | 0.32 | 0.31 | 0.29 | 0.31 | 0.36 | 0.35 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
IRM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Iron Mountain Incorporated returns 2.4% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 635.9%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 0.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 3.7% | 2.5% | 3.6% | 5.0% | 4.7% | 8.4% | 7.7% | 7.3% | 4.4% | 6.3% |
| Payout Ratio | 635.9% | 635.9% | 438.2% | 400.4% | 130.1% | 159.6% | 209.0% | 263.5% | 185.4% | 239.4% | 482.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.6% | 0.6% | 0.9% | 3.8% | 3.0% | 4.0% | 2.9% | 3.9% | 1.7% | 1.3% |
| FCF Yield | — | — | — | — | 0.3% | 0.9% | 6.3% | 2.4% | 4.3% | 3.0% | 2.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.4% | 3.7% | 2.5% | 3.6% | 5.0% | 4.7% | 8.4% | 7.7% | 7.3% | 4.4% | 6.3% |
| Shares Outstanding | — | $298M | $296M | $294M | $292M | $291M | $289M | $288M | $287M | $267M | $247M |
Peer Comparison
Compare IRM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 IRMYou | $38B | 260.9 | 23.4 | — | 25.7% | 20.4% | — | 6.2% | 7.8 |
 EXR | $31B | 31.7 | 20.7 | 16.8 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 PSA | $56B | 35.3 | 19.3 | 19.3 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 CUBE | $9B | 27.8 | 18.1 | 16.3 | 22.7% | 40.0% | 11.6% | 5.5% | 5.0 |
 NSA | $3B | 63.5 | 14.6 | 11.4 | 46.0% | 37.0% | 4.5% | 4.1% | 7.3 |
 CLVT | $1B | -6.8 | 6.6 | 3.6 | 66.0% | 2.9% | -4.0% | 0.6% | 5.4 |
 GXO | $6B | 173.7 | 14.3 | 9999.0 | 11.6% | 3.2% | 1.1% | 3.6% | 9.0 |
 STAG | $7B | 25.9 | 16.9 | 18.0 | 61.3% | 37.7% | 7.6% | 3.5% | 5.3 |
 REXR | $8B | 38.5 | 16.1 | 37.7 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 DLR | $65B | 52.6 | 33.4 | 26.8 | 55.4% | 10.8% | 5.5% | 1.2% | 9.5 |
 EQIX | $108B | 79.4 | 32.9 | — | 51.3% | 20.0% | 9.7% | 4.3% | 5.8 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into IRM consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
IRM — Frequently Asked Questions
Quick answers to the most common questions about buying IRM stock.
What is Iron Mountain Incorporated's P/E ratio?
Iron Mountain Incorporated's current P/E ratio is 260.9x. The historical average is 55.1x. This places it at the 100th percentile of its historical range.
What is Iron Mountain Incorporated's EV/EBITDA?
Iron Mountain Incorporated's current EV/EBITDA is 23.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
Is IRM stock overvalued?
Based on historical data, Iron Mountain Incorporated is trading at a P/E of 260.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Iron Mountain Incorporated's dividend yield?
Iron Mountain Incorporated's current dividend yield is 2.42% with a payout ratio of 635.9%.
What are Iron Mountain Incorporated's profit margins?
Iron Mountain Incorporated has 25.7% gross margin and 20.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Iron Mountain Incorporated have?
Iron Mountain Incorporated's Debt/EBITDA ratio is 7.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.