Iron Mountain
IRMNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $110.78 Prior regular-session close from the quote source.
- $111.79–$114.11 Regular-session low and high so far today.
- 1.3M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 11 projected Projected for 2027-02-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $77.77–$134.68 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own IRM if its sticky physical-records cash engine can keep funding higher-growth digital and data-center adjacencies without the balance sheet becoming the equity story.
IRM price history
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Investment thesis
What must happen next
Customer switching friction in secure records management remains strong enough that the legacy storage base keeps producing recurring revenue even as enterprises digitize more workflows.StrengtheningMateriality: High
GAAP annual revenue rose from $4.49 billion in FY2021 to $6.90 billion in FY2025. If this holds, Iron Mountain has a durable cash engine; if it breaks, the company loses the funding source for dividends, debt service, and growth investments.
Watch: Large enterprise customers accelerate defensible destruction programs and reduce retained physical boxes faster than Iron Mountain can offset with price.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose from $4.49 billion in FY2021 to $6.90 billion in FY2025.
Open source ↗Iron Mountain can use its trusted information-management relationships to sell digital, data-management, and data-center services rather than being confined to declining paper-records storage.HoldingMateriality: High
Total assets increased from $16.14 billion at FY2022 year-end to $21.13 billion at FY2025 year-end, consistent with capital being deployed into a larger platform. This determines whether Iron Mountain deserves to be viewed as a growth platform instead of a slow-growth storage REIT.
Watch: Equinix, Digital Realty, hyperscalers, or cloud platforms capture enterprise data-infrastructure demand before Iron Mountain can attach it to its customer base.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total assets increased from $16.14 billion at FY2022 year-end to $21.13 billion at FY2025 year-end, consistent with capital being deployed.
Open source ↗Iron Mountain’s operating scale in secure storage, logistics, and information services can absorb labor, facility, energy, and transition costs without permanently diluting operating profitability.HoldingMateriality: Medium
GAAP annual operating income rose from $854.2 million in FY2021 to $1.16 billion in FY2025. Growth only creates value if the company converts it into operating income rather than buying revenue with lower-margin activity.
Watch: Wage, transportation, real-estate, or power costs rise faster than Iron Mountain can pass through to customers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income rose from $854.2 million in FY2021 to $1.16 billion in FY2025.
Open source ↗The recurring storage and service model continues to convert accounting earnings into operating cash flow that can fund dividends, debt service, and growth investment.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased from $927.7 million in FY2022 to $1.34 billion in FY2025. For a REIT with capital needs, operating cash flow is the bridge between a good business and a financeable business.
Watch: Customer churn or lower retrieval/service activity reduces recurring cash collections before reported revenue fully reflects the change.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $927.7 million in FY2022 to $1.34 billion in FY2025.
Open source ↗Iron Mountain’s growth plan remains dependent on continued access to reasonably priced capital because the REIT model and data-center expansion require funding beyond cash on hand.WeakeningMateriality: Medium
Total liabilities increased from $15.50 billion at FY2022 year-end to $21.83 billion at FY2025 year-end. If capital access weakens, equity holders may face slower growth, dividend pressure, asset sales, or dilution even if customer demand remains healthy.
Watch: Credit markets tighten or interest rates rise, making refinancing and development funding materially more expensive.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities increased from $15.50 billion at FY2022 year-end to $21.83 billion at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Customer switching friction in secure records management remains strong enough that the legacy storage base keeps producing recurring revenue even as enterprises digitize more workflows. If this holds, Iron Mountain has a durable cash engine; if it breaks, the company loses the funding source for dividends, debt service, and growth investments.
Iron Mountain can use its trusted information-management relationships to sell digital, data-management, and data-center services rather than being confined to declining paper-records storage. This determines whether Iron Mountain deserves to be viewed as a growth platform instead of a slow-growth storage REIT.
Iron Mountain’s operating scale in secure storage, logistics, and information services can absorb labor, facility, energy, and transition costs without permanently diluting operating profitability. Growth only creates value if the company converts it into operating income rather than buying revenue with lower-margin activity.
The recurring storage and service model continues to convert accounting earnings into operating cash flow that can fund dividends, debt service, and growth investment. For a REIT with capital needs, operating cash flow is the bridge between a good business and a financeable business.
Iron Mountain’s growth plan remains dependent on continued access to reasonably priced capital because the REIT model and data-center expansion require funding beyond cash on hand. If capital access weakens, equity holders may face slower growth, dividend pressure, asset sales, or dilution even if customer demand remains healthy.
All standing thesis claims
Original report summary
its sticky physical-records cash engine can keep funding higher-growth digital and data-center adjacencies without the balance sheet becoming the equity story.
Bull case and bear case
Bull case and bear case for Iron Mountain
Where the evidence on Iron Mountain disagrees: Mixed on the latest evidence (Oct 17, 2026). Of its 5 thesis points, 2 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Customer switching friction in secure records management remains strong enough that the legacy storage base keeps producing recurring revenue even as enterprises digitize more workflows.
Iron Mountain can use its trusted information-management relationships to sell digital, data-management, and data-center services rather than being confined to declining paper-records storage.
Iron Mountain’s operating scale in secure storage, logistics, and information services can absorb labor, facility, energy, and transition costs without permanently diluting operating profitability.
The recurring storage and service model continues to convert accounting earnings into operating cash flow that can fund dividends, debt service, and growth investment.
Bear case: what the evidence questions
Iron Mountain’s growth plan remains dependent on continued access to reasonably priced capital because the REIT model and data-center expansion require funding beyond cash on hand.
Thesis-Break Engine
What has broken in Iron Mountain’s thesis
Each break OptimistFi flagged on Iron Mountain, dated — with what has historically followed the same kind of break across the market, not a forecast for Iron Mountain.
- Sharp drawdowncondition set before this filing
Across all companies, this kind of break has happened 15,428 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on Iron Mountain at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Iron Mountain filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Iron Mountain filed an SEC 8-K on 2026-06-26: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedOther material event.
Iron Mountain filed an SEC 8-K on 2026-05-12: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large enterprise customers accelerate defensible destruction programs and reduce retained physical boxes faster than Iron Mountain can offset with price.
- Equinix, Digital Realty, hyperscalers, or cloud platforms capture enterprise data-infrastructure demand before Iron Mountain can attach it to its customer base.
- Wage, transportation, real-estate, or power costs rise faster than Iron Mountain can pass through to customers.
- Customer churn or lower retrieval/service activity reduces recurring cash collections before reported revenue fully reflects the change.
- Credit markets tighten or interest rates rise, making refinancing and development funding materially more expensive.
IRM news
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Financial statements
IRM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
IRM: quick answers
- When does Iron Mountain (IRM) report earnings next?
- Iron Mountain's next results are projected for February 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is IRM's short interest?
- As of October 30, 2026, 7.0M IRM shares were sold short, 2.36% of its shares outstanding, down 1.5% from the count before. At the stock's average daily volume that is 5.6 days to cover. FINRA publishes the count twice a month. IRM short interest history
- Have members of Congress traded IRM?
- 36 trades in IRM have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed IRM trade