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Iron Mountain Incorporated — Intrinsic Value & Fair Price

IRM
NYSEReal EstateREIT - SpecialtyCIK 0001020569ironmountain.comAbout IRM
Last close · Oct 16, 2026112.51−0.17 (−0.15%)
Market cap$33.5B
Model value · P/Cash FFO · own history
100.62
Iron Mountain closed at $112.51 — overvalued by 12% vs model.
76.63the model's range120.63

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
55.10 – 186.44
Wall St. target
142.00 21% below
Above model, 1y
17 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
3.07%
Past 2 years
low 2.08%high 4.08%
Dividends per share, a year at a time
$2.47Sep ’21$2.47Sep ’22$2.51Sep ’23$2.67Sep ’24$3.07Sep ’25$3.46TTM
Dividends / FFO, FY2025
78.1%
Raised
3 years in a row
Growth, 5 yrs
6.9% a year
Last change
+10.1% · Dec 2025
Every payment, with ex-dates · latest $0.864, paid Oct 2, 2026

Research on IRM

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How it is valued

Valued asREIT
Moderate growth (~12% recent)Thin margins (2.2% net margin)Pays dividendsHighly cyclical earningsHigh leverage (D/E 5.0x)Negative free cash flow
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
3.07%
Dividends / Cash FFO
—
Debt / assets
90.2%
Price / book
—
Revenue growth
12.2%
Full financials

Superinvestors

13F

None of the tracked managers reported a position in their latest 13F.

All 0 holders

Analyst actions

third-party, quoted
09-21Redburn Partners · target132.00
09-08Barclays · target144.00
08-27Truist Financial · target155.00
08-22RBC Capital · “Outperform” from “Sector Perform”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just IRM. No account.

About Iron Mountain

Established in 1951, Iron Mountain Incorporated (NYSE: IRM) has become the world's foremost authority in storage and information management solutions. More than 225,000 organizations globally trust Iron Mountain with their critical assets. With an extensive physical infrastructure spanning over 90 million square feet, the company operates approximately 1,450 facilities in around 50 countries. Within this vast network, Iron Mountain safeguards billions of valued items, including vital corporate records, highly confidential digital assets, and invaluable cultural and historical artifacts. Their comprehensive suite of offerings encompasses secure document archiving, robust information governance, digital transformation initiatives, confidential destruction services, along with advanced data centers, cloud computing solutions, and specialized art storage and logistics. These services empower clients to mitigate costs and risks, ensure regulatory compliance, facilitate swift disaster recovery, and enable a more efficient, digital-first operational model.

CEO
William L. Meaney
Headquarters
Portsmouth, NH
Employees
29,400
IPO
1996-02-01
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.