Iron Mountain Incorporated (IRM) | Investment Case

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

Breaking News: Iron Mountain Incorporated reported Q1 earnings on April 30, 2026, with quarterly earnings of $1.43 per share, beating the Zacks Consensus Estimate of $1.39 per share. This represents a significant increase from earnings of $0.43 per share a year ago. The company's Adjusted Funds From Operations (AFFO) also topped estimates with 22% growth, driven by strength in data centers and services. As a result, Iron Mountain raised its 2026 outlook. Several analysts have recommended a buy on the stock, citing strong demand momentum.

1.c. Company Highlights

Last Price	127.19
Change Percentage	0.95%
Open	126.85
Previous Close	125.99
Market Cap ( Millions)	37836
Volume	1597636
Year High	127.94
Year Low	77.77
M A 50	109.22
M A 200	98.14

FCF Yield	-1.65%
Dividend Yield	2.59%
ROE	-28.33%
Debt / Equity	-310.31%
Net Debt / EBIDTA	151.60%
Price To Book	-31.07
Price Earnings Ratio	138.65
Price To FCF	-60.57
Price To sales	5.22
EV / EBITDA	17.81

2. Iron Mountain Accelerates Growth on Data‑Centric Momentum

Iron Mountain delivered a record‑setting Q1 2026, posting $1.94 billion in revenue—up 22% YoY and 17% organic—while adjusted EBITDA climbed to $708 million, matching the same YoY lift. EPS came in at $0.60 versus analysts’ $0.501, a 20% beat that underpins a lofty P/E of 138.65 and an EV/EBITDA of 17.81, reflecting the market’s premium on data‑center expansion.

Publication Date: 07:34

                                    📋 Highlights
                                    Revenue Surge and Organic Growth::
                                                Q1 2026 revenue reached $1.94 billion (+22% YoY), with 17% organic growth—the highest in 25+ years.
Data Center and ALM Expansion::
                                                Data center revenue surged 47% YoY; ALM revenue jumped 92%, while digital solutions grew over 20%.
Full-Year Outlook Raised::
                                                Revised 2026 revenue guidance to $7.825B–$7.925B (+14% YoY), with adjusted EBITDA of $2.925B–$2.965B and AFFO of $1.735B–$1.755B.
Leasing Momentum and Government Growth::
                                                22 MW leased in Q1 + 10 MW in April; government bookings hit second-highest in history, including $9 million from the IRS contract.
ALM Client Expansion and Recycling Trends::
                                                Added 24 Fortune 1000 clients to ALM, with cross-selling opportunities; recycling and memory shortages drive servicing growth, expected to last 2+ years.

                                

Data Center Momentum

Data‑center leasing surged, with 22 MW booked in Q1 and an extra 10 MW in April, as the firm energizes 400 MW over the next two years. The company’s cap‑ex plan is not a bottleneck, and year‑to‑date leasing reached 32 MW, underscoring robust demand from hyperscale clients.

ALM Expansion

Asset lifecycle management (ALM) grew 92%, adding 24 Fortune 1000 accounts. The fragmented market offers cross‑sell opportunities, and the firm’s pipeline is expanding through inorganic acquisitions, positioning ALM as a high‑margin driver in the next fiscal cycle.

Government & Digital Solutions

The federal pipeline is widening, with a $45 million IRS contract and digital solutions growing >20%. Bookings hit the second‑best in history, and the company highlighted the memory‑shortage‑driven surge in electronic harvesting, bolstering its service lines.

Capital Allocation & Outlook

Iron Mountain raised its full‑year guidance to $7.825‑$7.925 billion revenue (14% YoY) and $2.925‑$2.965 billion adjusted EBITDA. With a dividend yield of 2.59% and a free‑cash‑flow yield near zero, the firm remains poised to reinvest in high‑growth data‑center and ALM segments while maintaining shareholder returns.

3. NewsRoom

Iron Mountain stock just hit a crucial resistance after earnings: is it a good buy?

Apr -30

Source: invezz.com

Iron Mountain's Q1 AFFO Tops Estimates on Data Center, ALM Strength

Apr -30

Source: zacks.com

Iron Mountain Incorporated (IRM) Q1 2026 Earnings Call Transcript

Apr -30

Source: seekingalpha.com

Iron Mountain (IRM) Reports Q1 Earnings: What Key Metrics Have to Say

Apr -30

Source: zacks.com

Iron Mountain (IRM) Surpasses Q1 Earnings and Revenue Estimates

Apr -30

Source: zacks.com

Iron Mountain raises annual forecast on AI-fueled data center boom

Apr -30

Source: reuters.com

Iron Mountain Reports First Quarter 2026 Results

Apr -30

Source: businesswire.com

Wall Street's Insights Into Key Metrics Ahead of Iron Mountain (IRM) Q1 Earnings

Apr -29

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

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

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

VICI Properties

A-Score: 7.4/10

Value: 5.1

Growth: 7.7

Quality: 7.2

Yield: 10.0

Momentum: 4.5

Volatility: 10.0

1-Year Total Return ->

Gaming and Leisure Properties

A-Score: 6.4/10

Value: 3.9

Growth: 4.3

Quality: 6.6

Yield: 10.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

Crown Castle

A-Score: 6.1/10

Value: 7.3

Growth: 2.4

Quality: 5.8

Yield: 8.0

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

American Tower

A-Score: 5.5/10

Value: 1.8

Growth: 4.8

Quality: 6.5

Yield: 7.0

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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

1-Year Total Return ->

Equinix

A-Score: 4.8/10

Value: 1.2

Growth: 6.0

Quality: 4.4

Yield: 5.0

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

29.12%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.97%

Iron Mountain Incorporated - US46284V1017

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IRM

1.c. Company Highlights

Strong Momentum

Expensive

Medium Volatility

Earnings Miss

Revenues Beats

Fairly Valued

Average Growth

Average Quality

Earnings Beats

Revenues Miss

Average Yield

Stable Momentum

2. Iron Mountain Accelerates Growth on Data‑Centric Momentum

Data Center Momentum

ALM Expansion

Government & Digital Solutions

Capital Allocation & Outlook

3. NewsRoom

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%

Corporate and Other

Expected Growth: 6.3%

Global Data Center Business

Expected Growth: 13.6%

7. Detailed Products

Iron Cloud

Data Centers

Records Management

Shredding and Destruction

Data Restoration

Tape Storage

Cloud Backup and Recovery

8. Iron Mountain Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

127.19$

Current Price

127.19$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA