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Iron Mountain — REIT card

IRM
Data centersMarket cap $33.7B4-quarter TTM
Close · Oct 16, 2026112.51P/E 80.4 · EV yield 4.6%
P/Cash FFO21.1×Cash FFO/sh 5.32
Yield · spread to 10y3.1%−2.02 pt vs. the bond
+12% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on1 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
10×15×20×25×30×2021202220232024202520262021-09-30 · 14.5× (close 43.45 · Cash FFO/sh 3.00)2021-12-31 · 17.1× (close 52.33 · Cash FFO/sh 3.05)2022-03-31 · 16.9× (close 55.41 · Cash FFO/sh 3.28)2022-06-30 · 13.4× (close 48.69 · Cash FFO/sh 3.63)2022-09-30 · 11.3× (close 43.97 · Cash FFO/sh 3.89)2022-12-31 · 12.4× (close 49.85 · Cash FFO/sh 4.03)2023-03-31 · 13.2× (close 52.91 · Cash FFO/sh 4.01)2023-06-30 · 14.2× (close 56.82 · Cash FFO/sh 4.00)2023-09-30 · 15.4× (close 59.45 · Cash FFO/sh 3.86)2023-12-31 · 17.9× (close 69.98 · Cash FFO/sh 3.91)2024-03-31 · 20.3× (close 80.21 · Cash FFO/sh 3.95)2024-06-30 · 22.3× (close 89.62 · Cash FFO/sh 4.02)2024-09-30 · 28.4× (close 118.83 · Cash FFO/sh 4.18)2024-12-31 · 24.5× (close 105.11 · Cash FFO/sh 4.28)2025-03-31 · 20.2× (close 86.04 · Cash FFO/sh 4.27)2025-06-30 · 23.9× (close 102.57 · Cash FFO/sh 4.28)2025-09-30 · 26.1× (close 101.94 · Cash FFO/sh 3.90)2025-12-31 · 19.9× (close 82.95 · Cash FFO/sh 4.16)2026-03-31 · 21.6× (close 102.14 · Cash FFO/sh 4.73)2026-06-30 · 23.7× (close 126.31 · Cash FFO/sh 5.32)p75 23×med 19×p25 14×now 21.1×
Five-year median 18.9×, middle half 14.4–22.7×, range 11.3–28.4×. Now 21.1×: +12% above its own median, higher than 65% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
02468Revenue: 7.6 $B7.6RevenueProperty & operating: −5.1 $B−5.1Property &operatingEBITDA: 2.5 $B2.5EBITDAInterest: −0.9 $B−0.9InterestD&A: −1.0 $B−1.0D&AOther items: −0.1 $B−0.1OtheritemsNet income: 0.4 $B0.4NetincomeAdd back D&A: 1.0 $B1.0Add backD&ANon- cash: 0.1 $B0.1Non-cashCash FFO: 1.6 $B1.6CashFFODividends: −1.0 $B−1.0DividendsRetained: 0.6 $B0.6Retained
Cash FFO 1.60B = net income 0.42B + depreciation 1.05B + 0.13B other non-cash items · dividends 1.04B · retained 0.56B

Against its type

IRM (blue) vs. the other Data centers REITs on the board (2), grey
P/Cash FFO21.1× vs. 22.8×
Dividend yield3.1% vs. 2.4%
Cash FFO payout65% vs. 55%
Net debt / EBITDA7.9× vs. 5.1×
Interest cover2.7× vs. 7.2×
EBITDA margin33% vs. 46%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B2.03
Cash FFO / share, quarter1.65
EBITDA margin32%
Interest cover2.9×