Iron Mountain IncIron Mountain Inc
Iron Mountain Inc

Iron Mountain Inc

IRM
Real Estate·Specialized REITs

Iron Mountain, Inc. engages in the provision of storage and information management solutions. It operates through the following business segments: Global Records & Information Management Business, Global Data Center Business and Corporate & Other Business. The Global Records & Information Management Business segment offers comprehensive solutions for storing, managing, digitizing, and securely disposing of records and information worldwide. The Global Data Center Business segment provides data center facilities to protect mission-critical assets and ensure the continued operation of its customers IT infrastructures, with secure and reliable colocation and wholesale options. The Corporate & Other Business segment consists of the storage, safeguarding and electronic or physical deliveries of physical media of all types and digital content repository systems to house, distribute, and archive key media assets, primarily for entertainment and media industry clients. The company was founded by Herman Knaust in 1951 and is headquartered in Portsmouth, NH.

Massachusetts; U.S.A
Market cap
No dataNo data
Revenue
$6.9B+12.2% YoY
Net income
$152.3M−17.1% YoY
Free cash flow
$-931.6M−56.6% YoY

Market

Listed stock
IRMPriceNYSE
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Financial performance

Revenue
$6.9B+12.2% YoY
Operating income
$1.2B+15.3% YoY
Net income
$152.3M−17.1% YoY
Free cash flow
$-931.6M−56.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $4.5B, 2022 $5.1B, 2023 $5.5B, 2024 $6.1B, 2025 $6.9B. Operating income: 2021 $854.2M, 2022 $1B, 2023 $921.8M, 2024 $1B, 2025 $1.2B. Net income: 2021 $452.7M, 2022 $562.1M, 2023 $187.3M, 2024 $183.7M, 2025 $152.3M. Free cash flow: 2021 $147.8M, 2022 $52.3M, 2023 $-225.7M, 2024 $-594.9M, 2025 $-931.6M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
12.2%+1 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $854.2M, 2022-12-31 $1B, 2023-12-31 $921.8M, 2024-12-31 $1B, 2025-12-31 $1.2B. Net income: 2021-12-31 $452.7M, 2022-12-31 $562.1M, 2023-12-31 $187.3M, 2024-12-31 $183.7M, 2025-12-31 $152.3M. Free cash flow: 2021-12-31 $147.8M, 2022-12-31 $52.3M, 2023-12-31 $-225.7M, 2024-12-31 $-594.9M, 2025-12-31 $-931.6M

Growth heatmap

2022202320242025CAGR
Revenue
+13.6%
+7.4%
+12.2%
+12.2%
+11.3%
Gross profit
-184.1%
-7.7%
-14.4%
-14.2%
No data
Operating income
+22.9%
-12.2%
+9.5%
+15.3%
+8.0%
Free cash flow
-64.6%
-531.3%
-163.6%
-56.6%
No data

Earnings quality

Operating cash flow
$1.3B+12.0% YoY
Net income
$152.3M−17.1% YoY
Free cash flow
$-931.6M−56.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 880%, 2024-12-31 652%, 2023-12-31 595%, 2022-12-31 165%, 2021-12-31 168%. Free cash flow: 2025-12-31 -612%, 2024-12-31 -324%, 2023-12-31 -121%, 2022-12-31 9%, 2021-12-31 33%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
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Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
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Free cash flow yield
No data
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