Iron Mountain (IRM) stock
Real Estate · Other Specialized REITs
Iron Mountain (IRM) is an Other Specialized REITs company in the Real Estate sector, headquartered in Portsmouth, New Hampshire. As of October 23, 2026, IRM closed at $109.96, a market capitalization of $32.74 billion, the 308th largest company in the S&P 500. Over the last twelve months it generated $7.56 billion in revenue (+18% year over year) and -$596.68 million in free cash flow. The stock trades at 78.5x trailing earnings and 40.3x forward earnings.
- 1-year total return: +9.4% (dividends reinvested)
- 5-year return: +23.6% a year
- 52-week range: $77.77 – $134.68
- Gross margin 54.2%, operating margin 19.1%
- Dividend yield: 3.15%, 3 straight years of increases
- FI Handbook report card: D+ across 9 metrics
- 13th largest of 30 Real Estate stocks in the S&P 500
IRM price chart
1Y price change: +5.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| IRM | -4.5% | +35.6% | +9.4% | +27.0% | +23.6% | +18.7% | +16.0% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1996.
IRM key statistics
- Market cap
- $32.7B
- #308 in S&P 500
- P/E (TTM)
- 78.5x
- Forward P/E
- 40.3x
- EPS (TTM)
- $1.40
- Revenue (TTM)
- $7.6B
- +19%
- Free cash flow
- -$596.7M
- Gross margin
- 54.2%
- Operating margin
- 19.1%
- Return on equity
- —
- Dividend yield
- 3.15%
- 52-week range
- $77.77 – $134.68
- Beta
- 1.19
- Price / sales
- 4.3x
- EV / EBITDA
- 20.7x
- Debt / equity
- —
- Employees
- 29,400
IRM report card
D+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth18.5%B
- Gross margin54.2%B
- Operating margin19.1%C
- FCF margin-7.9%F
- Return on equity——
- Net debt / EBITDA7.7xF
- Forward P/E40.3xF
- PEG ratio2.7xD
- Shareholder yield3.1%B
- Share count change / yr0.6%D
Iron Mountain Incorporated (Del financials
Revenue went from $3.5B in fiscal 2016 to $6.9B in fiscal 2025, growing 7.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5B | $3.8B | $1.6B | $1.6B | $4.1B | $4.5B | $5.1B | $5.5B | $6.1B | $6.9B |
| Operating income | $501.6M | $634.1M | $808.3M | $781.3M | $934.8M | $854.2M | $1.0B | $921.8M | $1.0B | $1.2B |
| Net income | $107.2M | $171.7M | $355.1M | $268.3M | $343.1M | $452.7M | $562.1M | $187.3M | $183.7M | $152.3M |
| EPS (diluted) | $0.42 | $0.64 | $1.23 | $0.93 | $1.19 | $1.55 | $1.90 | $0.63 | $0.61 | $0.49 |
| Free cash flow | $215.3M | $377.8M | $475.5M | $273.7M | $549.4M | $147.8M | $52.3M | -$225.7M | -$594.9M | -$931.6M |
| Dividends paid | $505.9M | $440.0M | $673.6M | $704.5M | $716.3M | $718.3M | $724.4M | $737.6M | $789.5M | $919.4M |
| Diluted shares | 247.3M | 266.8M | 286.7M | 287.7M | 288.6M | 291.0M | 292.4M | 294.0M | 296.2M | 297.8M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into IRM?
A reverse DCF asks what growth the current price requires. With an enterprise value of $52.5B and -$596.7M of trailing free cash flow, Iron Mountain Incorporated (Del needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 224.4x vs. median 42.7x (10th–90th percentile 26.5x–178.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
IRM dividend
- Dividend yield
- 3.15%
- Annual dividend
- $3.46
- Years of increases
- 3
- 5-yr dividend growth
- 5.4%
- per year
- Payout ratio
- 241%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
IRM analyst price targets
11 analysts' average 12-month target is $144.00 (+31% vs. $109.96). Targets range from $132.00 to $155.00. 92% rate it a buy.
IRM earnings
Next report: November 5, 2026. Iron Mountain Incorporated (Del has beaten EPS estimates 4 quarters in a row. Last quarter's revenue was $2.0B (+19% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 5, 2026 | $0.56 | $0.60 | +7.5% |
| Apr 30, 2026 | $0.52 | $0.60 | +15.8% |
| Feb 12, 2026 | $0.59 | $0.61 | +3.8% |
| Nov 5, 2025 | $0.53 | $0.54 | +2.4% |
| Aug 6, 2025 | $0.50 | $0.48 | -4.2% |
| May 1, 2025 | $0.40 | $0.43 | +7.0% |
| Feb 13, 2025 | $0.53 | $0.50 | -6.2% |
| Nov 6, 2024 | $0.48 | $0.44 | -9.0% |
Stocks like IRM
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
 O Realty Income | -0.30% | -0% | $53.8B | 41.2x | Compare |
IRM news
- Iron Mountain’s Quarterly Earnings Preview: What You Need to Know · Oct 22, 2026
- Iron Mountain Schedules Third Quarter 2026 Earnings Release and Conference Call · Oct 15, 2026
- Iron Mountain Targets 300MW Data Center Pipeline as ALM Growth Accelerates · Sep 30, 2026
- Accelerating Growth Drives Another Beat-and-Raise Quarter for Iron Mountain (IRM) · Sep 29, 2026
- Iron Mountain (IRM) Gains Fresh Analyst Recognition, Is The AI Upside Fully Priced? · Sep 29, 2026
IRM stock FAQ
What is IRM's market cap?
Iron Mountain's market capitalization is $32.74 billion as of October 23, 2026, ranking 308th in the S&P 500.
What is IRM's P/E ratio?
IRM trades at a trailing price-to-earnings ratio of 78.5x and a forward P/E of 40.3x. Its median P/E over the period we track is 42.7x.
Does IRM pay a dividend?
Yes. Iron Mountain pays $3.46 per share a year, a 3.15% yield. It has raised its dividend 3 years in a row. Dividends grew 5.4% a year over the last five years.
How much has IRM stock returned?
Including reinvested dividends, IRM returned +9.4% over one year, +23.6% a year over five years, +18.7% a year over ten years through October 23, 2026.
What is the IRM price target?
11 analysts cover IRM with an average 12-month price target of $144.00, +31% from the current price. 92% of them rate it a buy.
When does IRM report earnings?
Iron Mountain is expected to report earnings on November 5, 2026. It has beaten EPS estimates 4 quarters in a row.
How many employees does Iron Mountain have?
Iron Mountain has about 29,400 full-time employees, or $257,227 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology