Latest Ratios: P/E Ratio 234.9x · EV/EBITDA 21.9x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34.2B | $24.7B | $31.1B | $20.6B | $14.6B | $15.2B | $8.5B | $9.2B | $9.3B | $10.1B | $8.0B |
| Enterprise Value | $53.1B | $43.6B | $47.4B | $35.1B | $27.7B | $26.7B | $19.3B | $19.6B | $17.3B | $16.2B | $14.0B |
| P/E Ratio → | 234.88 | 169.29 | 172.31 | 111.08 | 26.24 | 33.76 | 24.77 | 34.27 | 25.52 | 58.95 | 77.33 |
| P/S Ratio | 4.96 | 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 | 25.55 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 21.87 | 17.94 | 24.46 | 20.49 | 15.44 | 17.20 | 12.03 | 13.45 | 11.80 | 14.00 | 14.72 |
| EV / EBIT | 37.80 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.7% | 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% |
| 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 | 2.7% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying IRM stock.
Iron Mountain Incorporated's current P/E ratio is 234.9x. The historical average is 55.1x. This places it at the 100th percentile of its historical range.
Iron Mountain Incorporated's current EV/EBITDA is 21.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
Based on historical data, Iron Mountain Incorporated is trading at a P/E of 234.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Iron Mountain Incorporated's current dividend yield is 2.68% with a payout ratio of 635.9%.
Iron Mountain Incorporated has 25.7% gross margin and 20.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Iron Mountain Incorporated's Debt/EBITDA ratio is 7.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative AFFO and high leverage
Metrics are mathematically derived from official filings.
Hybrid Valuation Discount Persists
IRM trades at a P/FFO of -2.97, reflecting negative FFO per share, while EV/EBITDA of 23.28 sits above self-storage peers, suggesting a premium for data center growth.
The negative P/FFO is an artifact of negative FFO per share in the quarter, but the EV/EBITDA multiple of 23.28 is notably higher than the self-storage peer average of roughly 18.7, indicating the market is paying up for the data center and ALM expansion. However, the implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions, suggesting that the growth narrative is already priced in. Investors should monitor whether the data center segment can deliver the lease-up rates necessary to justify the premium.
NOI Margin Drifts on Mix Shift
NOI margin declined from 55.9% in 2025Q2 to 52.8% in 2026Q2, as reported in the latest quarterly data, reflecting the dilutive impact of lower-margin ALM and data center revenue.
The 310 basis point year-over-year decline in NOI margin suggests that the aggressive acquisition strategy is weighing on property-level profitability, even as revenue grows at 18.5%. This mix shift may continue as ALM and data centers become a larger share of the portfolio, potentially capping margin expansion. The stability of the legacy storage business, with its high switching costs, provides a floor, but the incremental dollar of revenue is increasingly coming from less profitable segments.
Dividend Coverage Hinges on FFO
FFO payout ratio improved to 67.2% in 2026Q2 from 107.6% a year earlier, but AFFO remains deeply negative at -$0.67 per share, raising questions about true cash coverage.
The FFO payout ratio appears healthy at 67.2%, but this metric is misleading given that AFFO has been negative for ten consecutive quarters. The negative AFFO implies that maintenance capex and other deductions exceed reported FFO, suggesting that the dividend may not be fully covered by distributable cash flow. Investors should monitor whether the gap between FFO and AFFO narrows as the data center portfolio stabilizes, or if the company is relying on external financing to sustain the dividend.
Leverage Intensifies as Equity Turns Negative
Interest coverage fell to 1.54x in 2026Q2 from 1.56x a year earlier, while total debt reached $19.6B against negative shareholders' equity of -$1.3B, per the balance sheet.
The debt-to-gross-assets ratio, though not directly provided, is clearly elevated given that equity is negative and debt has grown 27% year-over-year. Interest coverage of 1.54x is thin, leaving little room for further rate hikes or earnings volatility. The reliance on debt to fund the data center and ALM expansion increases refinancing risk, especially if credit markets tighten. The negative equity position suggests that all growth is debt-financed, which may limit future financial flexibility.
Occupancy and Mix Shift Risks
Occupancy data is not disclosed, but the revenue mix shift toward ALM and data centers, which carry higher cyclicality, may increase earnings volatility, as noted in recent filings.
The aggressive expansion into ALM, which is tied to hardware resale markets, introduces commodity-linked revenue that could swing with tech cycles. While the legacy records management business provides a defensive anchor, the growth segments may not offer the same stability. G&A efficiency appears to be improving under Project Summit, but the overall portfolio quality is now more dependent on the successful execution of the data center pipeline, which faces power availability constraints.
P/E Misleads on Depreciation
IRM's P/E of 258.41 is distorted by heavy depreciation charges, which are non-cash and understate the cash-generative potential of the assets, as per the income statement.
Standard P/E is the most misapplied ratio for IRM because depreciation on real estate and equipment significantly depresses GAAP net income, making the multiple appear extreme. Instead, investors should focus on P/FFO and P/AFFO, which add back depreciation and amortization. However, even FFO is not a perfect measure, as the classification of racking as growth capex may overstate AFFO. A more accurate approach would be to adjust AFFO for actual maintenance capex and permanent withdrawal fees to assess true distributable cash flow.