IRM
Iron Mountain Incorporated
IRM's fundamentals are strong, but it looks expensive: trading at 74x earnings, above its usual 46x. Analysts expect strong earnings growth.
IRM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
IRM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like IRM.
IRM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $41.78 | -64% |
| Forward | 42x | $115 | — |
| Fair | 46x | $70.71 | -38% |
| Current | 74x | $115 | — |
| Expensive | 161x | $247 | +116% |
Historical ranges are pointers, not guarantees.
IRM's PE is in its fair range at 74x. If earnings grow as analysts expect, today's price would be 42x next year's earnings.
IRM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for IRM, but weaker profitability.
IRM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.72 | +77% |
| Q3 2026 | $1.54 | +191% |
| Q2 2026 | $1.41 | +907% |
| Q1 2026 | $0.92 | +124% |
| Q4 2025 | $0.49 | -20% |
| Q3 2025 | $0.53 | +47% |
| Q2 2025 | $0.14 | -82% |
| Q1 2025 | $0.41 | -38% |
| Q4 2024 | $0.61 | -3.2% |
IRM's earnings per share have fallen from their peak: $1.54 over the past year, against $2.20 in late 2021.
IRM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +13% |
| Q2 2026 | $2B | +19% |
| Q1 2026 | $1.9B | +22% |
| Q4 2025 | $1.8B | +17% |
| Q3 2025 | $1.8B | +13% |
| Q2 2025 | $1.7B | +12% |
| Q1 2025 | $1.6B | +7.8% |
| Q4 2024 | $1.6B | +11% |
IRM's revenue has grown year over year for 11 quarters in a row: $2B last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +3 points |
| Q2 2026 | 18% | +3.2 points |
| Q1 2026 | 20% | +4.4 points |
| Q4 2025 | 19% | +0.6 points |
| Q3 2025 | 18% | +1.5 points |
| Q2 2025 | 15% | +0.2 points |
| Q1 2025 | 16% | -0.7 points |
| Q4 2024 | 18% | +1.6 points |
IRM's operating margin was 21% last quarter, up 3 points from the same quarter a year ago.
IRM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$302.2M | -$45.9M |
| Q2 2026 | -$38.9M | +$142.7M |
| Q1 2026 | -$179.5M | +$298M |
| Q4 2025 | -$16.2M | +$169.8M |
| Q3 2025 | -$256.3M | -$113.1M |
| Q2 2025 | -$181.6M | -$167.1M |
| Q1 2025 | -$477.5M | -$226.4M |
| Q4 2024 | -$186M | -365% |
IRM's free cash flow was −$537M over the past year, against −$1.1B the year before. Free cash flow isn't a meaningful measure for real estate companies like IRM.
IRM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +145K shares |
| 1 year | +0.7% | +2M shares |
| 3 years | +1.9% | +5.7M shares |
| 5 years | +2.9% | +8.5M shares |
| Available history | +4.3% | +12.3M shares |
IRM has 300M diluted shares, up 0.7% from a year ago.
IRM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.7x | High |
| Q2 2026 | 6.8x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.4x | High |
| Q3 2025 | 7.7x | High |
| Q2 2025 | 7.7x | High |
| Q1 2025 | 7.6x | High |
| Q4 2024 | 7.1x | High |
IRM's net debt is about 6.7 years of its operating earnings (EBITDA), down from 7.7 years a year ago. Net leverage isn't a meaningful measure for real estate companies like IRM.
IRM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.3 | Neutral |
| Stochastic | 30.1 | Neutral |
IRM's weekly RSI is 49 (neutral) and its Stochastic is 30 (neutral).
IRM PE vs Real Estate Sector
| Metric | IRM | Sector median | Relative |
|---|---|---|---|
| PE | 74x | 24x | 211% above |
| PE % | 61 | 23 | 38 pts above |
IRM is trading at 74x earnings, a 211% premium to the Real Estate sector's median of 24x.
IRM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $112.4 | 1.9% above |
| 20 week MA | $117.5 | 2.4% below |
| 50 week MA | $111.2 | 3% above |
| 100 week MA | $103.9 | 10% above |
| 200 week MA | $90.1 | 27% above |
IRM's trend is mixed: it's above four of its five weekly moving averages, and 27% above its 200-week average.
IRM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.8 | $29.5 | -7.1% |
| 2021 | $29.5 | $51.3 | +74% |
| 2022 | $51.3 | $50.6 | -1.3% |
| 2023 | $50.6 | $70.0 | +38% |
| 2024 | $70.0 | $104.7 | +50% |
| 2025 | $104.7 | $82.0 | -22% |
| 2026 YTD | $82.0 | $114.6 | +40% |
IRM is up 40% so far in 2026, after finishing lower in three of the previous six years.