Iron Mountain Incorporated (IRM) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Specialty
EV/EBITDA
↑
23.90
↑+25% 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 268.8x earnings, 162% 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 1013%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $39.2B | $24.7B | $31.1B | $20.6B | $14.6B | $15.2B | $8.5B | $9.2B | $9.3B | $10.1B | $8.0B |
| Enterprise Value | $58.1B | $43.6B | $47.4B | $35.1B | $27.7B | $26.7B | $19.3B | $19.6B | $17.3B | $16.2B | $14.0B |
| P/E Ratio → | 268.78 | 169.29 | 172.31 | 111.08 | 26.24 | 33.76 | 24.77 | 34.27 | 25.52 | 58.95 | 77.33 |
| P/S Ratio | 5.68 | 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 | 29.24 | 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 23.9x EBITDA, 25% above its 5-year average of 19.1x. The Real Estate sector median is 16.7x, placing the stock at a 43% 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 | 23.90 | 17.94 | 24.46 | 20.49 | 15.44 | 17.20 | 12.03 | 13.45 | 11.80 | 14.00 | 14.72 |
| EV / EBIT | 41.32 | 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 26.0%. 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 2.3% 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 | 2.3% | 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 | 2.3% | 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 | $39B | 268.8 | 23.9 | — | 25.7% | 20.4% | — | 6.2% | 7.8 |
 EXR | $30B | 30.5 | 20.1 | 16.1 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 PSA | $52B | 33.2 | 18.3 | 18.1 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 CUBE | $9B | 26.8 | 17.6 | 15.8 | 22.7% | 40.0% | 11.6% | 5.5% | 5.0 |
 NSA | $3B | 59.9 | 14.2 | 10.8 | 46.0% | 37.0% | 4.5% | 4.1% | 7.3 |
 CLVT | $2B | -9.2 | 7.1 | 4.8 | 66.0% | 2.9% | -4.0% | 0.6% | 5.4 |
 GXO | $6B | 178.0 | 14.5 | 9999.0 | 11.6% | 3.2% | 1.1% | 3.6% | 9.0 |
 STAG | $7B | 26.1 | 17.0 | 18.1 | 61.3% | 37.7% | 7.6% | 3.5% | 5.3 |
 REXR | $8B | 41.3 | 16.9 | 40.5 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 DLR | $68B | 54.9 | 34.6 | 28.0 | 55.4% | 10.8% | 5.5% | 1.2% | 9.5 |
 EQIX | $106B | 78.4 | 32.5 | — | 51.3% | 20.0% | 9.7% | 4.3% | 5.8 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonIRM — 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 268.8x. 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 23.9x. 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 268.8x. 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 2.34% 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.