IRM
Real EstateIron Mountain Incorporated · REIT - Specialty · $38B
What is Iron Mountain Incorporated?
Iron Mountain is the global leader in storage and information management services, serving more than 225,000 organizations across approximately 50 countries. The company operates as a real estate investment trust (REIT) with a vast physical and digital infrastructure footprint.
Iron Mountain generates revenue by storing and protecting physical records, sensitive data, and cultural artifacts for businesses and institutions worldwide. Its network spans more than 90 million square feet across roughly 1,450 facilities. Beyond traditional records storage, the company has expanded into data centers, cloud services, and digital transformation solutions — helping clients reduce operational risk, meet compliance requirements, and modernize how they manage information.
Iron Mountain was founded in 1951 and is headquartered in Portsmouth, US.
- Secure physical records storage and management
- Data center colocation and cloud services
- Digital transformation and information management solutions
- Secure document destruction services
- Art storage and fine-art logistics
Is IRM a Good Stock to Buy?
UQS Score rates IRM as Below Average overall, reflecting a mixed picture across its five quality pillars.
Iron Mountain's Moat, Growth, and Risk pillars each register as Neutral, suggesting the business maintains a defensible market position and manageable risk profile relative to peers. Its long-standing customer relationships and global physical infrastructure create meaningful switching costs that support recurring revenue.
The Quality pillar scores as Weak, which is the most significant drag on the overall rating and points to concerns around underlying financial efficiency and returns generation.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does IRM pay dividends?
Yes — Iron Mountain Incorporated pays a dividend.
Iron Mountain pays a regular dividend, consistent with its structure as a real estate investment trust — REITs are required to distribute the majority of taxable income to shareholders. Income-focused investors often look to IRM for its dividend history. The payout is supported by recurring storage and services revenue, though the Quality pillar's Weak rating warrants attention when evaluating dividend sustainability.
When does IRM report earnings?
Iron Mountain reports earnings on a quarterly cadence, typical for US-listed equities.
The company's results have reflected its dual focus on traditional records storage and its growing data center segment. Revenue trends have been shaped by customer retention in physical storage alongside expansion in digital infrastructure services.
For the most recent quarter's results, see Iron Mountain's investor relations page at ironmountain.com.
IRM Price History
+231.1% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Iron Mountain Incorporated?
Based on Iron Mountain Incorporated's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
IRM Long-term Outlook
Iron Mountain's Growth and Risk pillars both register as Neutral, suggesting a steady but not accelerating fundamental trajectory. The data center expansion represents a meaningful long-term opportunity, though the Weak Quality pillar indicates that translating growth into strong financial returns has been a challenge. Valuation is also Neutral, meaning the stock does not appear obviously cheap or expensive relative to its quality profile.
Growth drivers
- Continued expansion of data center and colocation capacity
- Digital transformation demand driving new service adoption among existing customers
- Global footprint providing cross-border compliance and storage solutions
Key risks
- Weak Quality pillar signals pressure on financial efficiency and return metrics
- High capital requirements for data center buildout may strain free cash flow
- Secular decline in physical records storage as businesses digitize
IRM vs Peers
Iron Mountain operates in the broader real estate and infrastructure space, where it competes with other large REIT and infrastructure-focused companies.
Crown Castle focuses on wireless tower and small-cell infrastructure, serving telecom carriers rather than enterprise storage and data management customers.
SBA Communications operates cell towers primarily across the Americas, with a business model tied to wireless carrier leasing rather than records or data services.
Weyerhaeuser is a timber REIT focused on timberlands and wood products, representing a very different real estate asset class from Iron Mountain's storage and data infrastructure.
Frequently Asked Questions
What does Iron Mountain do?
Iron Mountain stores and protects physical records, sensitive data, and cultural artifacts for more than 225,000 organizations worldwide. It also provides data center colocation, cloud services, digital transformation solutions, and secure document destruction — helping clients manage information, reduce risk, and meet regulatory requirements.
Does IRM pay dividends?
Yes, Iron Mountain pays a regular dividend. As a real estate investment trust, it is required to distribute most of its taxable income to shareholders. The dividend is funded by recurring storage and services revenue, though investors should review the full financial profile before drawing conclusions about long-term sustainability.
When does IRM report earnings?
Iron Mountain reports earnings on a quarterly cadence, in line with standard US-listed company practice. For the most current earnings schedule and recent results, visit Iron Mountain's investor relations page directly at ironmountain.com.
Is IRM a good stock to buy?
UQS Score rates IRM as Below Average, driven primarily by a Weak Quality pillar. While the company holds a defensible market position and pays a regular dividend, the quality of its underlying financial returns is a concern. The complete pillar breakdown is available to UQS Pro members.
Is IRM overvalued?
IRM's Valuation pillar registers as Neutral, suggesting the stock is neither clearly cheap nor obviously expensive relative to its quality profile. Investors weighing valuation should consider the Weak Quality rating alongside the Neutral valuation signal for a fuller picture.
How does IRM compare to its competitors?
Iron Mountain is unique among large REITs for its focus on records storage and data infrastructure. Peers like Crown Castle and SBA Communications operate in wireless tower infrastructure, while Weyerhaeuser focuses on timberlands — making direct comparisons limited. IRM's differentiation lies in its global storage network and growing data center business.
What is IRM's market cap bracket?
Iron Mountain is classified as a large-cap stock, reflecting its scale as the global leader in storage and information management services with operations spanning approximately 50 countries.
Who founded Iron Mountain?
Iron Mountain was founded in 1951, originally as an underground records storage facility. Its long operating history underpins the deep customer relationships and physical infrastructure that define the business today. Further founding details are widely available through public sources.
Is IRM a long-term quality investment?
From a long-term quality standpoint, IRM's UQS profile is mixed. The Neutral Moat and Risk pillars suggest the business has staying power, but the Weak Quality pillar raises questions about financial efficiency over time. Long-term investors should weigh the full pillar breakdown, available to UQS Pro members.
What is the main competitive advantage of Iron Mountain?
Iron Mountain's primary advantage is its global physical infrastructure — over 90 million square feet of storage facilities across roughly 1,450 locations in about 50 countries. This scale creates high switching costs, as moving physical records is costly and disruptive for customers, supporting long-term retention and recurring revenue.
What sector does IRM belong to?
Iron Mountain belongs to the Real Estate sector and is structured as a real estate investment trust. Within that sector, it occupies a specialized niche focused on storage, information management, and data center infrastructure rather than traditional commercial or residential property.
Is IRM a growth stock or value stock?
Based on its UQS profile, IRM sits in a middle ground — the Growth pillar is Neutral and the Valuation pillar is also Neutral. It does not exhibit the high-growth characteristics of a pure growth stock, nor does it appear deeply discounted in the way a classic value stock might.
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Pro Analysis
IRM — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 24, 2026 | 44.2 | 15.0 | 43.0 | 55.9 | 73.6 | 49.8 | -0.3 |
| May 20, 2026 | 44.5 | 15.0 | 43.0 | 55.9 | 73.6 | 51.6 | +7.5 |
| May 10, 2026 | 37.0 | 25.5 | 43.0 | 55.6 | 2.1 | 56.4 | 0.0 |
| May 8, 2026 | 37.0 | 25.5 | 43.0 | 55.6 | 2.1 | 56.6 | -1.3 |
| May 7, 2026 | 38.3 | 12.6 | 43.0 | 55.1 | 40.5 | 48.9 | -0.1 |
| May 4, 2026 | 38.4 | 12.6 | 43.0 | 55.1 | 40.5 | 49.2 | +0.3 |
| May 3, 2026 | 38.1 | 12.6 | 43.0 | 53.7 | 40.5 | 48.9 | -0.1 |
| Apr 28, 2026 | 38.2 | 12.6 | 43.0 | 53.7 | 40.5 | 49.7 | 0.0 |
| Apr 26, 2026 | 38.2 | 12.6 | 43.0 | 53.7 | 40.5 | 49.9 | -0.1 |
| Apr 23, 2026 | 38.3 | 12.6 | 43.0 | 53.7 | 40.5 | 50.2 | +0.1 |
IRM — Pillar Breakdown
Quality
— 15.0/100 (25%)Iron Mountain Incorporated currently shows below-average quality metrics, suggesting challenges with profitability.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 55.9/100 (20%)Iron Mountain Incorporated demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 73.6/100 (15%)Iron Mountain Incorporated maintains a reasonable risk profile with manageable debt levels.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 49.8/100 (15%)Iron Mountain Incorporated has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 43/100 (25%)Iron Mountain Incorporated possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for IRM.
Score Composition
Financial Data
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How is the IRM UQS Score Calculated?
The UQS (Unified Quality Score) for Iron Mountain Incorporated is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Iron Mountain Incorporated's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Iron Mountain Incorporated is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.