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1. Company Snapshot

1.a. Company Description

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.

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1.b. Last Insights on IRM

Iron Mountain's recent performance was driven by robust data center monetization trends and a resilient legacy RIM business. The company's Q4 2025 earnings beat consensus estimates, with AFFO per share and revenues rising year-over-year. Revenue increased 12% to $6.9 billion for the full year 2025, with adjusted EBITDA growing 15% to $2.6 billion. The data center segment drives profitable, high-growth trends, supported by aggressive capex and strong leasing pipelines. Management forecasts steady momentum for 2026.

1.c. Company Highlights

2. Iron Mountain's Strong Q4 2025 Earnings: A Closer Look

Iron Mountain reported a record-breaking fourth quarter in 2025, with revenue reaching $1.84 billion, a 17% year-over-year increase. Adjusted EBITDA also hit an all-time high of $705 million, expanding 17% year-over-year, with an adjusted EBITDA margin of 38.3%. However, the actual EPS came out at $0.61, missing estimates of $1.39. The company's AFFO was $430 million, up 17% from last year, with AFFO per share at $1.44, a 16% increase.

Publication Date: Feb -13

📋 Highlights
  • Record Financial Performance:: Reported 17% YoY growth in revenue ($1.84B), adjusted EBITDA ($705M), and AFFO ($430M) for Q4 2025, with all-time highs across metrics.
  • Data Center Acceleration:: Data center revenue surged 39% in Q4 2025 (30% YoY for 2025), driven by hyperscaler demand for cloud and inference capacity.
  • ALM Organic Growth:: Asset Lifecycle Management (ALM) revenue rose 63% in 2025 (40% organic), with 56% organic growth in Q4 due to component remarketing.
  • Digital Solutions Momentum:: Digital revenue hit $500M in 2025, with 40% recurring revenue and double-digit growth, supported by AI-powered platform DXP adoption.

Segment Performance

The data center business continued to drive growth, with revenue increasing 30% in 2025 and 39% in the fourth quarter. The asset lifecycle management (ALM) business also saw significant growth, with revenue up 63% in 2025, including 40% on an organic basis. The digital solutions business achieved an all-time high revenue of $500 million in 2025, driven by double-digit growth. As William L. Meaney stated, "We are seeing solid demand for traditional projects and are winning new contracts across industry verticals for DXP, our AI-powered digital solutions platform."

Outlook and Guidance

Iron Mountain expects to maintain strong digital growth in 2026, supported by new project wins and growth in its underlying recurring business. The company projects data center revenue to exceed $1.0 billion in 2026, representing a more than 25% year-over-year increase. For 2026, Iron Mountain expects revenue to be $7.2 billion, adjusted EBITDA to be $2.75 billion, and AFFO to be $1.6 billion.

Valuation and Ratios

With a P/E Ratio of 196.87 and an EV/EBITDA of 23.9, the market seems to be pricing in high expectations for Iron Mountain's future growth. The company's Net Debt / EBITDA ratio is 8.81, indicating a significant amount of leverage. However, the Dividend Yield is 3.04%, providing some return to shareholders. Analysts estimate next year's revenue growth at 7.7%, which may not be enough to justify the current valuation multiples.

Conclusion on Financial Health

Iron Mountain's financial health appears to be stable, with a strong track record of generating cash from operations. However, the high leverage and negative Free Cash Flow Yield of -3.7% may be a concern for some investors. The company's ROE is -22.34%, indicating that it is not generating returns on its equity. Overall, Iron Mountain's strong earnings growth and guidance are positives, but investors should be cautious about the valuation multiples and financial health.

3. NewsRoom

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Iron Mountain Incorporated (IRM) Presents at BofA Securities 2026 Information & Business Services Conference Transcript

Mar -12

Source: seekingalpha.com

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Sen. Markwayne Mullin Buys UnitedHealth Group Incorporated (NYSE:UNH) Shares

Mar -12

Source: defenseworld.net

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Sen. Markwayne Mullin Sells Off Shares of AutoZone, Inc. (NYSE:AZO)

Mar -12

Source: defenseworld.net

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Iron Mountain Stock Up 29.3% in Three Months: Will the Momentum Last?

Mar -11

Source: zacks.com

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Iron Mountain (NYSE:IRM) CEO William Meaney Sells 98,657 Shares of Stock

Mar -10

Source: defenseworld.net

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Victory Capital Management Inc. Sells 9,020 Shares of Iron Mountain Incorporated $IRM

Mar -10

Source: defenseworld.net

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Fieldview Capital Management LLC Invests $3.09 Million in Iron Mountain Incorporated $IRM

Mar -09

Source: defenseworld.net

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After Golden Cross, Iron Mountain (IRM)'s Technical Outlook is Bright

Mar -06

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.58%)

6. Segments

Global RIM Business

Expected Growth: 4.5%

Iron Mountain's global records and information management services are expected to grow driven by increasing demand for secure storage and retrieval of sensitive business information, as well as the company's expanding digital solutions and services.

Corporate and Other

Expected Growth: 6.3%

Iron Mountain’s Corporate and Other segment growth is driven by increasing adoption of digital transformation, data analytics, and information governance, particularly in highly regulated industries, such as finance and healthcare.

Global Data Center Business

Expected Growth: 13.6%

Iron Mountain’s global data center business is driven by increasing cloud adoption, data localization, and rising demand for colocation services, resulting in a high growth rate.

7. Detailed Products

Iron Cloud

A cloud-based data management platform that enables customers to store, manage, and analyze their data in a secure and scalable environment.

Data Centers

Secure, compliant, and highly available data center facilities that provide customers with a reliable infrastructure for their IT operations.

Records Management

A comprehensive records management solution that enables customers to manage their physical and digital records throughout their lifecycle.

Shredding and Destruction

Secure shredding and destruction services that enable customers to dispose of sensitive documents and materials in a secure and compliant manner.

Data Restoration

A comprehensive data restoration service that enables customers to recover data from damaged or corrupted media.

Tape Storage

A secure and scalable tape storage solution that enables customers to store large volumes of data in a cost-effective manner.

Cloud Backup and Recovery

A cloud-based backup and recovery solution that enables customers to protect their data and ensure business continuity.

8. Iron Mountain Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Iron Mountain Incorporated has a low threat of substitutes due to its unique services and solutions in the information management industry.

Bargaining Power Of Customers

Iron Mountain Incorporated has a medium bargaining power of customers due to the presence of large and established customers, but the company's diversified customer base and long-term contracts mitigate this risk.

Bargaining Power Of Suppliers

Iron Mountain Incorporated has a low bargaining power of suppliers due to its large scale of operations and diversified supplier base.

Threat Of New Entrants

Iron Mountain Incorporated has a low threat of new entrants due to the high barriers to entry in the information management industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

Iron Mountain Incorporated operates in a moderately competitive industry, with a few large players competing for market share, but the company's strong brand and diversified services help to mitigate this risk.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 98.59%
Debt Cost 4.91%
Equity Weight 1.41%
Equity Cost 8.83%
WACC 4.97%
Leverage 6986.77%

11. Quality Control: Iron Mountain Incorporated passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quality: 7.2

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Momentum: 4.5

Volatility: 10.0

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Gaming and Leisure Properties

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Crown Castle

A-Score: 6.1/10

Value: 7.3

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Quality: 5.8

Yield: 8.0

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American Tower

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Quality: 6.5

Yield: 7.0

Momentum: 4.0

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Iron Mountain

A-Score: 5.2/10

Value: 5.1

Growth: 4.0

Quality: 4.2

Yield: 8.0

Momentum: 2.5

Volatility: 7.3

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Equinix

A-Score: 4.8/10

Value: 1.2

Growth: 6.0

Quality: 4.4

Yield: 5.0

Momentum: 3.0

Volatility: 9.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

100.53$

Current Price

100.53$

Potential

-0.00%

Expected Cash-Flows