Iron Mountain Incorporated (IRM) is listed on NYSE and operates in the REIT - Specialty industry (Real Estate sector).
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across approximately 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 13 |
| Hold | 2 |
| Sell | 5 |
| Strong Sell | 0 |
Iron Mountain Incorporated (NYSE: IRM), established in 1951, specializes in storage and information management services. The company operates a real estate network encompassing over 90 million square feet across approximately 1,450 facilities in around 50 countries. Serving over 225,000 organizations globally, Iron Mountain manages and safeguards a wide range of assets, including critical business information, sensitive data, and cultural artifacts. Its service offerings include secure records storage, information management, digital transformation, secure destruction, data centers, cloud services, and art storage and logistics. These services assist clients in reducing costs and risks, ensuring regulatory compliance, disaster recovery, and facilitating digital operations.
Over the past three fiscal years, the company has demonstrated consistent revenue growth, achieving a 12.2% CAGR from $5.48 billion in 2023 to $6.90 billion in 2025. Despite this top-line expansion, profitability metrics have faced challenges. Gross margin compressed significantly by 31.3pp, declining from 56.98% to 25.69%, which indicates increased cost pressures or pricing challenges. Operating margin, however, showed some resilience, improving by 3.5pp to 20.36%, suggesting effective cost management or operational efficiencies. Net margin, on the other hand, decreased by 1.3pp to 2.09%, reflecting potential issues in non-operating expenses or tax impacts. Cash flow from operations increased consistently, reaching $1.34 billion in 2025, yet free cash flow deteriorated further into negative territory, with a margin of -13.50%, highlighting substantial capital expenditures or other cash outflows. The company's net debt position increased consistently, rising from $14.56 billion to $18.89 billion, which, coupled with a low interest coverage ratio of 1.28x, suggests financial leverage concerns. Additionally, the company's liquidity is strained, with a current ratio below 1, indicating potential challenges in meeting short-term obligations. Despite these challenges, the cash conversion ratio improved to 8.80, suggesting that earnings are increasingly backed by actual cash flows, which is a positive sign for earnings quality. However, the increase in share count by 1.3% has slightly diluted per-share metrics, moderating the impact of revenue growth on shareholder value.
Recent developments for Iron Mountain Incorporated (IRM) highlight significant institutional trading activity and strategic recognition. On April 16, Border to Coast Pensions Partnership Ltd increased its holdings in Iron Mountain by 2% during the fourth quarter, now holding shares valued at $41,551,000. Similarly, B&I Capital AG boosted its stake by 4%, now owning shares worth $4,816,981,000. These moves indicate strong institutional confidence in Iron Mountain's prospects. Additionally, CEO William Meaney sold 98,657 shares on March 10, a notable insider transaction. In strategic developments, Iron Mountain was named the 2026 Google Cloud Partner of the Year for Business Applications in Media & Entertainment on April 21, underscoring its growing influence in cloud services. Meanwhile, Iron Mountain's stock has shown robust performance, surging 19.5% over the past three months. The company is set to release its first-quarter 2026 earnings soon, as scheduled on April 9. These developments collectively suggest a positive outlook for Iron Mountain, driven by institutional support and strategic partnerships, despite insider selling activities.