At a glance
Iron Mountain Incorporated is worth $34.29B, about 235 times its fiscal 2025 earnings. Revenue grew 12.2% to $6.90B in fiscal 2025, with 2.1% kept as profit; over 5 years it has grown 10.7% a year. It pays a 2.99% dividend yield, raised every year for at least 3 years, and returned $3.89B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +15.6% over the past year with dividends reinvested and +24.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 22.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 4 months after the lows.
The business in plain English
Iron Mountain started in 1951, storing business records in an underground facility near Hudson, New York. Its core business remains renting storage for paper records and backup tapes, plus services such as secure shredding and converting documents to digital form. It serves more than 240,000 customers in 61 countries, including about 95% of the Fortune 1000, and no single customer made up more than about 3% of 2025 revenue.
Revenue in 2025 was about $6.9 billion. The Global Records and Information Management segment produced 76.7% of it. The Global Data Center segment, which leases data center capacity to large cloud providers and other businesses, produced 11.6%. Corporate and Other, mainly asset lifecycle management (wiping, recycling or reselling old IT equipment) and fine art storage, produced 11.7%. As of December 31, 2025, about 97% of its 488 megawatts of data center capacity was leased, with another 852 megawatts under construction or held for development.
Most revenue is recurring: records storage contracts generally run one to five years, and data center leases had a weighted average of 10.3 years remaining as of December 31, 2025. The United States supplied 66.3% of 2025 revenue, the United Kingdom 6.8% and Canada 4.4%. Since 2014 it has been a real estate investment trust (REIT), which must pay out most taxable income as dividends.
Price history
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IRM +15.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Records management | $4.38B | 63.5% |
| Information destruction | $1.21B | 17.5% |
| Data center lease-based intangible assets | $803.4M | 11.6% |
| Data management | $504.7M | 7.3% |
By business segment
| GLOBAL RIM BUSINESS | $5.29B | 76.7% |
| CORPORATE AND OTHER | $806.8M | 11.7% |
| GLOBAL DATA CENTER BUSINESS | $803.4M | 11.6% |
By geography
| United States | $4.57B | 66.3% |
| Remaining Countries | $1.55B | 22.5% |
| United Kingdom | $472.6M | 6.8% |
| Canada | $302.4M | 4.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.03B, up 18.5% from a year earlier, and net income was $101.4M.
- For fiscal 2025, revenue was $6.90B (+12.2% year over year; +10.7% a year from FY2020 to FY2025) with a 2.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.7% good |
|---|---|
| Operating margin | 16.9% good |
| Free cash flow margin | -13.5% weak |
| Return on assets (FY2025) | 0.7% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.15B | $342.7M | $549.4M |
| FY2021 | $4.49B | $450.2M | $147.8M |
| FY2022 | $5.10B | $557.0M | $52.3M |
| FY2023 | $5.48B | $184.2M | $-225.7M |
| FY2024 | $6.15B | $180.2M | $-594.9M |
| FY2025 | $6.90B | $144.6M | $-931.6M |
Valuation snapshot
| Market value | $34.29B |
|---|---|
| P/E ratio | 235.1 |
| Dividend yield | 2.99% |
Rank among 1514 US companies
Market value at each year end
Iron Mountain Incorporated’s market value went from $8.56B at the end of 2016 to $34.29B on Nov 2, 2026, about 4.0 times as much; since the end of 2025 it is up 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $34.29B | +39.8% |
| 2025 | $24.52B | -20.5% |
| 2024 | $30.85B | +51.0% |
| 2023 | $20.43B | +41.0% |
| 2022 | $14.49B | -4.4% |
| 2021 | $15.15B | +78.4% |
| 2020 | $8.50B | -7.2% |
| 2019 | $9.15B | -1.3% |
| 2018 | $9.28B | -7.9% |
| 2017 | $10.07B | +17.7% |
| 2016 | $8.56B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IRM price data to Nov 2, 2026 | +42.0% | +15.6% | +29.2% | +24.6% | +20.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +42.0% |
| 2025 | -18.3% |
| 2024 | +56.0% |
| 2023 | +46.4% |
| 2022 | -0.0% |
| 2021 | +87.8% |
| 2020 | +0.7% |
| 2019 | +5.9% |
| 2018 | -8.0% |
| 2017 | +23.5% |
| 2016 | +27.5% |
| 2015 | -25.6% |
| 2014 | +44.9% |
| 2013 | +2.2% |
| 2012 | +16.7% |
| 2011 | +26.8% |
| 2010 | +11.6% |
| 2009 | -8.0% |
| 2008 | -33.2% |
| 2007 | +34.3% |
| 2006 | -2.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 46.5% over that stretch · deepest drop along the way 55.7%, back to its old high 43.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.3% over that stretch · deepest drop along the way 33.6%, back to its old high 10.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.2% over that stretch · deepest drop along the way 22.6%, back to its old high 4.2 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 34 sales ($35.5M), 34 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | William L Meaney President and CEO, Director | sell (plan) | $3.0M |
| Sep 1, 2026 | William L Meaney President and CEO, Director | sell (plan) | $2.4M |
| Aug 7, 2026 | William L Meaney President and CEO, Director | sell (plan) | $2.3M |
| Jul 1, 2026 | William L Meaney President and CEO, Director | sell (plan) | $2.1M |
| Aug 7, 2026 | William L Meaney President and CEO, Director | sell (plan) | $2.0M |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.42% | Mar 31, 2026 |
| Vanguard Capital Management | 7.35% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 4.89% | Apr 30, 2026 |
| COHEN & STEERS, INC. | 4.35% | Feb 28, 2025 |
ETFs with the most weight in IRM
| SRVR Pacer Data & Infrastructure Real Estate ETF | 4.59% |
| NRSH Aztlan North America Nearshoring Stock Selection ETF | 3.32% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.22% |
| WTRE WisdomTree New Economy Real Estate Fund | 2.86% |
| ICF iShares Cohen & Steers REIT ETF | 2.82% |
| VGSR Vert Global Sustainable Real Estate ETF | 2.77% |
| XLRE Real Estate Select Sector SPDR Fund | 2.45% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 2.39% |
What could go wrong
- Stored records are used less often. As more information lives in digital systems, customers retrieve stored records and rotate backup tapes less often. That weighs on service revenue, while many of the related costs stay fixed.
- Customers may shift away from paper storage. Storage rent for physical records and tapes is central to revenue. A major move to digital storage could shrink demand and shift revenue toward less predictable services, though volumes were relatively steady in 2025.
- Data center growth needs heavy spending. Expanding data centers is capital-hungry, and free cash flow, the cash left after capital spending, was negative by about $932 million in 2025. Disruptions or cost increases at its data centers could hurt results.
- A security lapse could damage trust. Iron Mountain holds sensitive records for its customers and calls its reputation for secure storage critical. Cyberattacks, or failing to meet privacy laws and rising customer demands, could cost it business and money.
- Heavy debt load limits flexibility. Total debt was about $17.3 billion as of June 30, 2026, versus about $205 million in cash and investments, and liabilities exceeded assets on the balance sheet. Loan agreement restrictions may limit growth plans.
- REIT status rules constrain the dividend. To keep REIT tax treatment it must pay out most taxable income; losing it would mean corporate tax. Funding payouts may require borrowing, selling assets or issuing shares, and distributions are not guaranteed.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results; Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Iron Mountain has raised its dividend three years in a row. Dividends per share held at $2.47 from 2020 through 2022, then rose to $3.22 in 2025, about 5.4% a year on average. The yield was 2.97% as of October 28, 2026. Dividends paid in 2025 equaled about 636% of net income, partly because non-cash depreciation shrinks REIT profits. Free cash flow (cash left after capital spending) was negative, so it covered none of the roughly $919 million paid. There were no buybacks from 2021 to 2025, and the share count rose 2.8% from July 2021 to July 2026.
In the 2008 financial crisis the shares fell 55.7% and took about 43 months from the March 2009 low to recover. They fell 33.6% in the 2020 COVID crash and 22.6% in the 2022 bear market, recovering in about 10 and 4 months, respectively. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Iron Mountain make money?
Iron Mountain makes most of its money renting storage for physical records and backup tapes and charging for related services. In 2025, records management brought in 63.5% of its roughly $6.9 billion in revenue, information destruction such as shredding 17.5%, data centers 11.6% and data management 7.3%. Storage contracts generally run one to five years. Its more than 240,000 customers span 61 countries, and no single customer made up more than about 3% of 2025 revenue.
Does Iron Mountain raise its dividend every year?
Not every year. Dividends per share held at $2.47 from 2020 through 2022, then rose three years in a row to $3.22 in 2025, an average gain of about 5.4% a year over five years. The yield was 2.97% as of October 28, 2026. Dividends paid in 2025 exceeded both net income and free cash flow. As a REIT, Iron Mountain must pay out most of its taxable income, but it states that its distributions are not guaranteed and may fluctuate.
Is Iron Mountain a REIT?
Yes. Iron Mountain has operated as a real estate investment trust (REIT) since its 2014 tax year. According to its 2025 annual report, it operates over 98 million square feet of real estate and owns more than 24 million. As a REIT it can deduct dividends from taxable income, but it must pay out most of that income, which may require borrowing, selling assets or issuing shares. Its dividends generally do not qualify for lower qualified-dividend tax rates.
How big is Iron Mountain's data center business?
It brought in about $803 million in 2025, or 11.6% of total revenue, through the Global Data Center segment. As of December 31, 2025, Iron Mountain operated 31 data centers in 21 markets, directly or through joint ventures, and had leased about 97% of its 488 megawatts of capacity. Another 852 megawatts was under construction or held for development, for total potential capacity of 1,340 megawatts. Customers include five of the world's largest cloud providers, known as hyperscalers.
How has Iron Mountain stock performed over the long term?
It has delivered high long-term returns, with sharp swings. As of October 28, 2026, the stock returned about 19.8% a year over 10 years and 24.9% a year over five years, and was up 42.6% year to date. It lost 18.3% in calendar 2025, fell as much as 39% within the prior three years and dropped 55.7% in the 2008 crisis. The share price was 236 times 2025 earnings, a very high multiple, partly because depreciation reduces REIT profits. Past returns do not predict future results.