Iron Mountain Incorporated (IRM)

FairStock Score: 35/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Iron Mountain owns a network of records-storage vaults and related digital, data-center and asset-lifecycle services. That gives it a real moat: more than 240,000 customers, about 95% of the Fortune 1000, and storage contracts that are painful to move. The revenue trend is respectable: filed figures show revenue rose from $5.5B in FY2023 to $6.9B in FY2025, and fiscal Q2 2026, the quarter ended 2026-06-30, produced $2.0B of revenue and $106.1M of net income, or $0.34 diluted EPS. But the profit record is uneven: net income fell from $187.3M in FY2023 to $152.3M in FY2025, and fiscal Q2 2025 had a $43.3M loss. FairStock tags it a SLOW GROWER - Shrinking, with profits down about 15% a year over five years. As a REIT, EPS and P/E are distorted by depreciation; FFO/AFFO are not in my data, so I cannot underwrite the true REIT earnings. Price-to-book is N/A and debt-to-equity is N/A, so I cannot lean on those either. What I can see is less comforting: trailing free cash flow is negative $596.7M, FCF yield -1.7%, ROCE 4.63%, Altman Z-score 0.64, and the dividend yield is only 3.02%. At the close on 2026-10-13, the FairStock P/E was 81.86 and EV/EBITDA 21.28. That is not a Graham bargain. The business has durable assets and customer stickiness, but it is capital-hungry, profits are shrinking, and the price already assumes a lot.

In plain English: Iron Mountain stores and manages physical records, digital information, and data centers for large organizations. Revenue has been growing, but profits have been uneven and the company is spending more cash than it brings in, so the business looks only fair. At the recent price, the shares look expensive compared with those numbers.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer