Iron Mountain Incorporated (IRM) Fair Value & Analysis
Real Estate · US · Market cap $36.2B · ISIN US46284V1017
What is Iron Mountain Incorporated really worth?
Iron Mountain Incorporated
IRM · US
Below-average quality, and trading another 185% above our fair value of $40.40.
Risks
For context
Fair value as of: Sep 1, 2026
From 4 valuation models · updated 4 days ago
Share price −8.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($66.37). The favourable scenario is already priced in.
- Weak quality (39/100) 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range $34.48 – $133.06 · fair‑value band $14.44 – $66.37 · the $114.98 price screens above the $40.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Iron Mountain Incorporated (IRM) currently trades at $114.98, while our model-based Fair Value estimate is $40.40, implying the stock looks roughly 184.6% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Real Estate sector. How firm this estimate is: it rests on 11 models at a data quality of 95/100, which puts the evidence level at medium.
Over the trailing twelve months, Iron Mountain Incorporated generated revenue of $7.2B at a net margin of 3.8%. Revenue grew 21.6% year over year. It earns a return on equity of 225.1%. Net debt stands at $18.9B. Fundamentals as of Sep 1, 2026
Our scenario range runs from $14.44 (bear case) to $66.37 (bull case); at $114.98, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −49% fair-value upside, at −65%, IRM screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 4 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 35 · Market factors (momentum, volatility) 57
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +7.5 % · buybacks/dilution −3.3 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
IRM screens 185% overvalued. Compare with Equinix, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Iron Mountain (IRM) Swings To Profit As Growth Businesses Surge
- Iron Mountain Expands Footprint in the Middle East with Social Development Bank Partnership
- Iron Mountain to Present at Upcoming Financial Conferences
Peer Group
REIT - Specialty · 31 stocks
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.
Valuation Multiples vs REIT - Specialty median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Specialty stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Equinix, Inc EQIX | $1,044 | $199.31 | −81% |
| American Tower Corporation AMT | $176.23 | $130.57 | −26% |
| Digital Realty Trust, Inc DLR | $185.47 | $60.12 | −68% |
| Crown Castle Inc CCI | $74.03 | $37.67 | −49% |
| SBA Communications Corporation SBAC | $190.95 | $143.83 | −25% |
| Weyerhaeuser Company WY | $23.38 | $8.42 | −64% |
| Lamar Advertising Company LAMR | $151.72 | $114.66 | −24% |
| Gaming and Leisure Properties, Inc GLPI | $42.08 | $36.60 | −13% |
| Rayonier Inc RYN | $21.25 | $9.96 | −53% |
| OUTFRONT Media Inc OUT | $30.03 | $13.07 | −56% |
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