---
title: Iron Mountain (IRM) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/irm
ticker: IRM
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Specialty
---
# Iron Mountain (IRM)

Iron Mountain (IRM) closed at $112.51 on Oct 16, 2026, overvalued by 12% vs its model value of $100.62 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $112.51 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $100.62 |
| Price vs model | overvalued by 12% vs model |
| Range of that model | $76.63 – $120.63 |
| Market value | $33.5B |
| P/E (fiscal 2025) | 229.6 |
| Net margin (fiscal 2025) | 2.1% |
| Free cash flow (fiscal 2025) | -$931.6M |
| Dividend yield (trailing twelve months) | 3.07% |
| Beta | 1.19 |
| Cost of capital (WACC) | 7.75% |
| Business classification | Dividend Payer (Moderate growth (~12% recent), Thin margins (2.2% net margin), Pays dividends, Highly cyclical earnings, High leverage (D/E 5.0x), Negative free cash flow) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.07% |
| Dividends per share, last 12 months | $3.46 |
| Dividends / FFO (fiscal 2025) | 78.1% |
| Raised | 3 years in a row |
| Growth over 5 years | 6.9% a year |
| Latest payment | $0.864, ex-date Sep 15, 2026, paid Oct 2, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 14, 2021 | $2.47 |
| To Sep 14, 2022 | $2.47 |
| To Sep 14, 2023 | $2.51 |
| To Sep 16, 2024 | $2.67 |
| To Sep 15, 2025 | $3.07 |
| Trailing twelve months (to Sep 15, 2026) | $3.46 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $100.62 | $76.63 | $120.63 |
| P/E · peers | cross check | $90.69 | $83.29 | $98.10 |
| P/E · own history | cross check | $186.44 | $48.42 | $255.14 |
| PEG | sanity check | $62.24 | $62.24 | $62.24 |
| EV/EBITDA · peers | cross check | $160.64 | $97.10 | $163.45 |
| EV/Revenue · peers | cross check | $110.52 | $104.53 | $234.09 |
| Dividend discount | cross check | $55.10 | $39.60 | $83.37 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 16 open-market sales ($17.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 6, 2026 | Samuels Theodore R. II | Director | Grant / award | 310.49 | $36,249.7 |
| Oct 2, 2026 | Simons Doyle | Director | Grant / award | 350.49 | $39,927.8 |
| Oct 2, 2026 | Samuels Theodore R. II | Director | Grant / award | 104.67 | $11,924 |
| Oct 1, 2026 | Meaney William L | President and CEO | Open-market sell (10b5-1 plan) | 14,308 | $1.6M |
| Oct 1, 2026 | Meaney William L | President and CEO | Open-market sell (10b5-1 plan) | 10,808 | $1.2M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 5, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1020569/000102056926000071/irm-20260630.htm |
| Aug 5, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1020569/000102056926000068/irm-20260805.htm |
| Jun 26, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1020569/000110465926078307/tm2618739d1_8k.htm |
| May 12, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1020569/000102056926000055/irm-20260507.htm |
| Apr 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1020569/000102056926000039/irm-20260331.htm |

## About

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…

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Source: https://sweetvaluelab.com/stocks/irm (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.