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IRON MOUNTAIN INC (IRM) Stock Fundamental Analysis

NYSE:IRM - New York Stock Exchange, Inc. - US46284V1017 - REIT - Currency: USD

98.7  -0.6 (-0.6%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to IRM. IRM was compared to 30 industry peers in the Specialized REITs industry. While IRM is still in line with the averages on profitability rating, there are concerns on its financial health. While showing a medium growth rate, IRM is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year IRM was profitable.
In the past year IRM had a positive cash flow from operations.
Each year in the past 5 years IRM has been profitable.
IRM had a positive operating cash flow in each of the past 5 years.
IRM Yearly Net Income VS EBIT VS OCF VS FCFIRM Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B

1.2 Ratios

IRM has a worse Return On Assets (0.63%) than 70.00% of its industry peers.
IRM has a better Return On Invested Capital (5.91%) than 66.67% of its industry peers.
The Average Return On Invested Capital over the past 3 years for IRM is in line with the industry average of 5.28%.
The last Return On Invested Capital (5.91%) for IRM is above the 3 year average (5.88%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 0.63%
ROE N/A
ROIC 5.91%
ROA(3y)1.82%
ROA(5y)2.2%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)5.88%
ROIC(5y)5.9%
IRM Yearly ROA, ROE, ROICIRM Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 60 80

1.3 Margins

The Profit Margin of IRM (1.95%) is worse than 70.00% of its industry peers.
In the last couple of years the Profit Margin of IRM has declined.
IRM has a Operating Margin of 19.77%. This is in the lower half of the industry: IRM underperforms 73.33% of its industry peers.
IRM's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 66.98%, IRM is doing worse than 60.00% of the companies in the same industry.
IRM's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 19.77%
PM (TTM) 1.95%
GM 66.98%
OM growth 3Y-0.58%
OM growth 5Y1.53%
PM growth 3Y-33.64%
PM growth 5Y-14.13%
GM growth 3Y-1.38%
GM growth 5Y3.37%
IRM Yearly Profit, Operating, Gross MarginsIRM Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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1

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so IRM is destroying value.
The number of shares outstanding for IRM has been increased compared to 1 year ago.
IRM has more shares outstanding than it did 5 years ago.
IRM has a worse debt/assets ratio than last year.
IRM Yearly Shares OutstandingIRM Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
IRM Yearly Total Debt VS Total AssetsIRM Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.2 Solvency

IRM has an Altman-Z score of 1.00. This is a bad value and indicates that IRM is not financially healthy and even has some risk of bankruptcy.
With a Altman-Z score value of 1.00, IRM perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF N/A
Altman-Z 1
ROIC/WACC0.74
WACC8.02%
IRM Yearly LT Debt VS Equity VS FCFIRM Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B 10B

2.3 Liquidity

IRM has a Current Ratio of 0.62. This is a bad value and indicates that IRM is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of IRM (0.62) is comparable to the rest of the industry.
A Quick Ratio of 0.62 indicates that IRM may have some problems paying its short term obligations.
IRM has a Quick ratio of 0.62. This is comparable to the rest of the industry: IRM outperforms 56.67% of its industry peers.
Industry RankSector Rank
Current Ratio 0.62
Quick Ratio 0.62
IRM Yearly Current Assets VS Current LiabilitesIRM Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

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4

3. Growth

3.1 Past

IRM shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -0.56%.
The Earnings Per Share has been growing by 11.69% on average over the past years. This is quite good.
The Revenue has grown by 11.04% in the past year. This is quite good.
The Revenue has been growing slightly by 7.61% on average over the past years.
EPS 1Y (TTM)-0.56%
EPS 3Y5.37%
EPS 5Y11.69%
EPS Q2Q%0%
Revenue 1Y (TTM)11.04%
Revenue growth 3Y11.04%
Revenue growth 5Y7.61%
Sales Q2Q%7.83%

3.2 Future

The Earnings Per Share is expected to grow by 13.74% on average over the next years. This is quite good.
IRM is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 7.68% yearly.
EPS Next Y15.39%
EPS Next 2Y14.73%
EPS Next 3Y13.74%
EPS Next 5YN/A
Revenue Next Year10.57%
Revenue Next 2Y9.78%
Revenue Next 3Y8.96%
Revenue Next 5Y7.68%

3.3 Evolution

The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
IRM Yearly Revenue VS EstimatesIRM Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2B 4B 6B 8B
IRM Yearly EPS VS EstimatesIRM Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2 2.5

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1

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 55.14, which means the current valuation is very expensive for IRM.
The rest of the industry has a similar Price/Earnings ratio as IRM.
The average S&P500 Price/Earnings ratio is at 27.53. IRM is valued rather expensively when compared to this.
The Price/Forward Earnings ratio is 41.89, which means the current valuation is very expensive for IRM.
IRM's Price/Forward Earnings ratio is in line with the industry average.
The average S&P500 Price/Forward Earnings ratio is at 36.71. IRM is around the same levels.
Industry RankSector Rank
PE 55.14
Fwd PE 41.89
IRM Price Earnings VS Forward Price EarningsIRM Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

70.00% of the companies in the same industry are cheaper than IRM, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 20.43
IRM Per share dataIRM EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20 -20

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
A more expensive valuation may be justified as IRM's earnings are expected to grow with 13.74% in the coming years.
PEG (NY)3.58
PEG (5Y)4.72
EPS Next 2Y14.73%
EPS Next 3Y13.74%

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5

5. Dividend

5.1 Amount

IRM has a Yearly Dividend Yield of 3.18%. Purely for dividend investing, there may be better candidates out there.
IRM's Dividend Yield is slightly below the industry average, which is at 5.63.
Compared to an average S&P500 Dividend Yield of 2.34, IRM pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.18%

5.2 History

The dividend of IRM has a limited annual growth rate of 1.86%.
IRM has been paying a dividend for at least 10 years, so it has a reliable track record.
IRM has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)1.86%
Div Incr Years2
Div Non Decr Years11
IRM Yearly Dividends per shareIRM Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

IRM pays out 667.77% of its income as dividend. This is not a sustainable payout ratio.
IRM's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP667.77%
EPS Next 2Y14.73%
EPS Next 3Y13.74%
IRM Yearly Income VS Free CF VS DividendIRM Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M
IRM Dividend Payout.IRM Dividend Payout, showing the Payout Ratio.IRM Dividend Payout.PayoutRetained Earnings

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IRON MOUNTAIN INC

NYSE:IRM (7/23/2025, 1:58:22 PM)

98.7

-0.6 (-0.6%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)05-01 2025-05-01/bmo
Earnings (Next)08-06 2025-08-06/bmo
Inst Owners84.34%
Inst Owner Change-0.17%
Ins Owners0.68%
Ins Owner Change-1.82%
Market Cap29.12B
Analysts77.14
Price Target118.7 (20.26%)
Short Float %2.72%
Short Ratio4.88
Dividend
Industry RankSector Rank
Dividend Yield 3.18%
Yearly Dividend2.7
Dividend Growth(5Y)1.86%
DP667.77%
Div Incr Years2
Div Non Decr Years11
Ex-Date06-16 2025-06-16 (0.785)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1.93%
Min EPS beat(2)-9.85%
Max EPS beat(2)5.99%
EPS beat(4)1
Avg EPS beat(4)-4.62%
Min EPS beat(4)-9.99%
Max EPS beat(4)5.99%
EPS beat(8)4
Avg EPS beat(8)-0.59%
EPS beat(12)7
Avg EPS beat(12)2.66%
EPS beat(16)10
Avg EPS beat(16)2.91%
Revenue beat(2)0
Avg Revenue beat(2)-1.65%
Min Revenue beat(2)-2.21%
Max Revenue beat(2)-1.09%
Revenue beat(4)1
Avg Revenue beat(4)-0.77%
Min Revenue beat(4)-2.21%
Max Revenue beat(4)0.95%
Revenue beat(8)2
Avg Revenue beat(8)-1.11%
Revenue beat(12)2
Avg Revenue beat(12)-1.58%
Revenue beat(16)4
Avg Revenue beat(16)-1.16%
PT rev (1m)0%
PT rev (3m)-0.29%
EPS NQ rev (1m)0%
EPS NQ rev (3m)15.83%
EPS NY rev (1m)0%
EPS NY rev (3m)8.04%
Revenue NQ rev (1m)-0.12%
Revenue NQ rev (3m)0.83%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.44%
Valuation
Industry RankSector Rank
PE 55.14
Fwd PE 41.89
P/S 4.65
P/FCF N/A
P/OCF 23.04
P/B N/A
P/tB N/A
EV/EBITDA 20.43
EPS(TTM)1.79
EY1.81%
EPS(NY)2.36
Fwd EY2.39%
FCF(TTM)-3.02
FCFYN/A
OCF(TTM)4.28
OCFY4.34%
SpS21.24
BVpS-2.37
TBVpS-24.09
PEG (NY)3.58
PEG (5Y)4.72
Profitability
Industry RankSector Rank
ROA 0.63%
ROE N/A
ROCE 7.5%
ROIC 5.91%
ROICexc 5.96%
ROICexgc 9.8%
OM 19.77%
PM (TTM) 1.95%
GM 66.98%
FCFM N/A
ROA(3y)1.82%
ROA(5y)2.2%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)5.88%
ROIC(5y)5.9%
ROICexc(3y)5.95%
ROICexc(5y)5.98%
ROICexgc(3y)10.42%
ROICexgc(5y)10.9%
ROCE(3y)7.47%
ROCE(5y)7.49%
ROICexcg growth 3Y-1.19%
ROICexcg growth 5Y-0.22%
ROICexc growth 3Y1.92%
ROICexc growth 5Y3.27%
OM growth 3Y-0.58%
OM growth 5Y1.53%
PM growth 3Y-33.64%
PM growth 5Y-14.13%
GM growth 3Y-1.38%
GM growth 5Y3.37%
F-Score5
Asset Turnover0.32
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF N/A
Debt/EBITDA 6.58
Cap/Depr 234.82%
Cap/Sales 34.38%
Interest Coverage 1.62
Cash Conversion 58.62%
Profit Quality N/A
Current Ratio 0.62
Quick Ratio 0.62
Altman-Z 1
F-Score5
WACC8.02%
ROIC/WACC0.74
Cap/Depr(3y)166.84%
Cap/Depr(5y)132%
Cap/Sales(3y)24%
Cap/Sales(5y)19.37%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-0.56%
EPS 3Y5.37%
EPS 5Y11.69%
EPS Q2Q%0%
EPS Next Y15.39%
EPS Next 2Y14.73%
EPS Next 3Y13.74%
EPS Next 5YN/A
Revenue 1Y (TTM)11.04%
Revenue growth 3Y11.04%
Revenue growth 5Y7.61%
Sales Q2Q%7.83%
Revenue Next Year10.57%
Revenue Next 2Y9.78%
Revenue Next 3Y8.96%
Revenue Next 5Y7.68%
EBIT growth 1Y8.81%
EBIT growth 3Y10.4%
EBIT growth 5Y9.25%
EBIT Next Year118.76%
EBIT Next 3Y36.63%
EBIT Next 5Y27.87%
FCF growth 1Y-6413.77%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y26.14%
OCF growth 3Y16.4%
OCF growth 5Y4.36%