Iron Mountain Incorporated (IRM) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Iron Mountain Incorporated stock $40.40, price $106, that is 61.7% below the price, quality 38 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $34.92 – $132.03 · fair‑value band $14.44 – $66.37 · the $105.50 price screens above the $40.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Iron Mountain Incorporated is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.
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Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Iron Mountain Incorporated is based in Portsmouth, New Hampshire.
Iron Mountain Incorporated was founded in 1951 and is incorporated in Delaware.
Stock analysis
Iron Mountain Incorporated (IRM) currently trades at $105.50, while our model-based Fair Value estimate is $40.40, 62% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $45.78 per share, and 0 of the 5 models we run sit above the $105.50 price.
Bear case: the Multiples group reads lowest at $40.40, and 5 of the 5 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $14.44 (bear) to $66.37 (bull), the price of $105.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Iron Mountain Incorporated reported revenue of $6.9B in FY2025 versus $4.5B in FY2021, a compound +11.3%/yr. Reported net income was $145M in FY2025, compounding −24.7%/yr from FY2021.
Key figures
Market cap $31.6B Large · P/E ratio 75.4 · P/S ratio 4.18 · EPS (TTM) $1.40 · Dividend yield 3.2% · Net margin 5.5% · Return on equity 225% · Return on assets (EBIT) 5.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 37% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −62%, IRM screens richer than that median.
Fair Value models
Bear$14.44Fair Value $40.40Bull$66.37
Price $105.50 · Downside -61.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 6 officers or directors sold shares worth $36.1M and none bought.
SaleGreg W McIntoshEVP, Chief Commercial Officer4× since Aug 6, 2026: 26,839 shares, avg. $120.03$3.2MNov 2, 202610b5-1 plan
SaleWilliam L MeaneyPresident and CEO, Director13× since Dec 1, 2025: 848,507 shares, avg. $107.96$91.6MOct 1, 202610b5-1 plan
SaleMark KiddEVP, GM Data Centers & ALM10× since Dec 1, 2025: 60,000 shares, avg. $110.48$6.6MSep 1, 202610b5-1 plan
SaleDaniel BorgesSVP & Chief Accounting Officer7,189 shares at $125.50$902,220May 21, 202610b5-1 plan
SaleWalter C RakowichDirector757 shares at $124.45$94,209May 20, 202610b5-1 plan
SalePamela M ArwayDirector1,892 shares at $128.97$244,011May 12, 202610b5-1 plan
SaleMithu BhargavaEVP, GM Digital Business Unit59,725 shares at $104.62$6.2MMar 19, 202610b5-1 plan
SaleJennifer AllertonDirector7,000 shares at $108.88$762,160Mar 2, 2026
BuyChristie B. KellyDirector33 shares at $89.52$2,954Nov 19, 2025
Plus 16 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.49/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+12.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
Start year 2020 (pandemic). Over 10 years: +8.7% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.9%
Dividend (yield on the price)3.2%
Per share before 2014divided by the spin-off factor 1.082
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−16.4% vs −1.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 20%
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Steady cash from physical record storage supports AI data center expansion without share issuance, yet this is offset by high leverage with negative equity and weak free cash flow.
Main risk: Established rivals such as Equinix with larger networks and interconnections might attract enterprise and AI customers away from Iron Mountain's data centers, pressuring occupancy rates and pricing in the colocation segment.
Bull case: Iron Mountain could leverage its physical records expertise and existing customer base to bundle secure hybrid storage solutions that integrate legacy archives with new AI-ready data centers, differentiating from pure-play colocation rivals.
Bear case: If larger competitors secure more AI infrastructure deals and expand faster, Iron Mountain's data center buildout might face prolonged low utilization, forcing greater reliance on the maturing physical storage business amid ongoing digital shifts.
Iron Mountain draws steady cash from storing physical records to fund its data center buildout for AI without new share issues. That mix supports expansion but raises the tension with our models seeing the stock as overvalued. Will the legacy business keep subsidizing power-hungry growth or must the newer operations deliver returns on their own?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Specialty · 29 stocks
Beats the industry median on 2/11 measures
Overall it trails its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside−61.7% · Bottom 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets0.7% · Bottom 25%
Net margin (12 months)5.5% · Bottom 25%
Operating margin (12 months)19.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)18.5% · Top 25%
Dividend yield (12 months)3.2% · Bottom 25%
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
P/E (12 months)75.4× · Priciest 25%
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months)4.18× · Cheapest 25%
EV/EBITDA18.7× · Pricier than median
PEG2.70× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 9
FUTURE (revenue growth)93· sector 16
PAST (return on equity)0· sector 32
HEALTH (low debt)0· sector 74
DIVIDEND (yield)64· sector 100
VALUE 0: the price sits above our fair-value range.
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Iron Mountain Incorporated (IRM) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $40.40 versus a price of $105.50, about 62% lower (overvalued).
What is the fair value of IRM?
Our model-based fair value for Iron Mountain Incorporated is $40.40 (as of Nov 6, 2026), built from audited fundamentals. The current price: $105.50.
What is the quality score of IRM?
Iron Mountain Incorporated has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Iron Mountain Incorporated (IRM)?
Our model-based price target is the fair value of $40.40 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario $14.44, optimistic scenario $66.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Iron Mountain Incorporated stock forecast for 2026?
Our models put fair value at $40.40, about 62% lower versus a price of $105.50 (overvalued). Cautious scenario $14.44, optimistic scenario $66.37. The calculation is refreshed regularly with new filings.
What is the revenue of Iron Mountain Incorporated (IRM)?
Iron Mountain Incorporated reported trailing-twelve-month revenue of about $7.6B (latest available figure, as of Nov 6, 2026).
Does Iron Mountain Incorporated pay a dividend?
Iron Mountain Incorporated currently shows a dividend yield of 3.20% relative to its recent price (as of Nov 6, 2026).
What is the intrinsic value of Iron Mountain Incorporated (IRM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Iron Mountain Incorporated it is $40.40 per share (as of Nov 6, 2026), against a price of $105.50. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Iron Mountain Incorporated stock overvalued or undervalued in 2026?
As of Nov 6, 2026, IRM trades above its calculated fair value: price $105.50, fair value $40.40, a gap of about −62% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IRM?
No. The price is what the market pays today ($105.50); the fair value is what the company's own numbers justify ($40.40). For Iron Mountain Incorporated the two are $65.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is Iron Mountain Incorporated worth?
The market values Iron Mountain Incorporated at about $31.6B (market capitalisation, as of Nov 6, 2026). Per share that is $105.50; our models calculate a fair value of $40.40 per share.
What do the bullish and bearish scenarios say about IRM?
Our models span a range for Iron Mountain Incorporated: cautious scenario $14.44, base $40.40, optimistic $66.37 per share (as of Nov 6, 2026, price $105.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IRM?
Iron Mountain Incorporated trades at a price-to-earnings ratio of 75.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $40.40 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 178.8 (reported for FY2025: 215.3). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 8 of the years ex one-offs: 37.3. Other multiples: PEG 2.7, P/S 4.2, EV/EBITDA 18.7.
What is the PEG ratio of IRM?
The PEG ratio of Iron Mountain Incorporated is 2.70 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Iron Mountain Incorporated (IRM)?
Balance-sheet figures for Iron Mountain Incorporated (as of Nov 6, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is IRM from its 52-week high?
Iron Mountain Incorporated trades at $105.50, about 20% below its 52-week high of $132.03 and 37% above the low of $77.09 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $40.40 is for.
Which stocks are comparable to Iron Mountain Incorporated?
From the same area (Real Estate) we also value Equinix, Inc, American Tower Corporation, Digital Realty Trust, Inc, Crown Castle Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Iron Mountain Incorporated stock attractive at the current price?
The data as of Nov 6, 2026: price $105.50, calculated fair value $40.40 (−62%), Quality Score 38/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IRM calculated?
We run Iron Mountain Incorporated through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $40.40, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Iron Mountain Incorporated itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Iron Mountain Incorporated (IRM)?
The closing price on Nov 5, 2026 was $105.50. Our model-based fair value is $40.40, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Iron Mountain Incorporated right now?
The price sits above even our optimistic bull case ($66.37). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($14.44 to $66.37). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Iron Mountain Incorporated (IRM) come from?
Earnings per share at Iron Mountain Incorporated grew −4.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin +1.1 %, tax rate −3.3 %, residual (interest, one-offs) −5.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Iron Mountain Incorporated
How large is the market capitalisation of Iron Mountain Incorporated (IRM)?
The market capitalisation of Iron Mountain Incorporated is $31.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Iron Mountain Incorporated (IRM)?
The price-to-sales ratio of Iron Mountain Incorporated is 4.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Iron Mountain Incorporated (IRM)?
Earnings per share at Iron Mountain Incorporated are $1.40 (price ÷ EPS = P/E 75.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Iron Mountain Incorporated (IRM)?
The dividend yield of Iron Mountain Incorporated is 3.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Iron Mountain Incorporated (IRM)?
The net margin of Iron Mountain Incorporated is 5.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Iron Mountain Incorporated (IRM)?
The return on equity (ROE) of Iron Mountain Incorporated is 225% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Iron Mountain Incorporated (IRM)?
On an EBIT basis the return on assets of Iron Mountain Incorporated is 5.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Iron Mountain Incorporated (IRM)?
The operating margin of Iron Mountain Incorporated is 19.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Iron Mountain Incorporated (IRM)?
Revenue at Iron Mountain Incorporated is growing +18.5% versus a year earlier (3y avg +10.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Iron Mountain Incorporated (IRM)?
Earnings per share at Iron Mountain Incorporated are growing +860% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Iron Mountain Incorporated (IRM) generate?
The free cash flow of Iron Mountain Incorporated is −$932M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Iron Mountain Incorporated (IRM) carry?
The net debt of Iron Mountain Incorporated is $18.9B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026