Iron Mountain Incorporated (IRM) Stock Analysis 2026
BriMind AI Score
ProprietaryScore based on historical price CAGR, revenue growth, analyst upside, and valuation factors. Updated daily.
BriMind 1-Year Price Target
An even blend of the BriMind AI model's DCF and momentum target ($123.77) and Wall Street's consensus target ($144.00).
AI scores and price targets are for informational and educational purposes only. They do not constitute financial advice or a recommendation to buy or sell any security. Past performance is not indicative of future results. Always conduct your own research before making investment decisions. Full Disclaimer →
About Iron Mountain Incorporated
Iron Mountain stores and manages physical records for businesses and government agencies, and has built a growing data center business alongside it. The physical storage business is unusually durable — customers pay monthly to store boxes they rarely retrieve and even more rarely remove — while data centers provide a growth engine positioned in the same broad business of storing things customers cannot discard.
How Iron Mountain Makes Money
Revenue comes from recurring storage rental — charged per unit of stored material — plus service revenue for retrieval, digitisation, and destruction, and from data center colocation leasing. Storage revenue is exceptionally sticky because the cost and effort of moving or destroying records exceeds the monthly fee, giving Iron Mountain significant pricing power and very low churn on the physical base.
Iron Mountain Revenue & Profitability Breakdown
This chart shows how Iron Mountain's revenue flows through to profit. Each row deducts a layer of costs: first the direct cost of making products/services (Cost of Revenue), then operating expenses like marketing and R&D, then taxes. What remains at the bottom is net income — the actual profit shareholders own. High gross and net margins indicate a business with strong pricing power and efficiency.
Key Financial Metrics
Iron Mountain Incorporated trades at a trailing P/E of 83.26x, generates $-436.1M in free cash flow, hasn't disclosed a debt/equity ratio, and hasn't disclosed return on equity. For context: P/E ratio measures how much you pay for $1 of earnings (lower = cheaper, but fast-growing companies command higher P/E); Free Cash Flow is the cash left after running the business; Debt/Equity shows how leveraged a company is; Return on Equity shows how efficiently it turns shareholder capital into profit.
Wall Street Analyst Consensus
10 analysts covering Iron Mountain Incorporated currently lean toward a Buy rating, with a mean 12-month price target of $146.10 (+29.9% vs the current price). Analysts set these targets after researching a company's earnings, competitive position, and industry trends — Strong Buy / Buy means the majority expect meaningful upside, while Hold means fair value near the current price rather than a sell signal.
Technical Price Signals
IRM is currently in a short-term downtrend, trading below its 50-day average of $123.83 and above its 200-day average of $109.12. Moving averages smooth out day-to-day volatility to reveal the underlying trend — a Golden Cross (50MA crosses above 200MA) is a classic bullish signal, a Death Cross is bearish, though both are lagging indicators that confirm trends rather than predict them.
IRM Investment Case: Bull vs Bear
IRM's investment case breaks down into 4 bull points and 4 bear points below. The bull case outlines the key reasons the stock could outperform — competitive advantages, growth catalysts, and market tailwinds. The bear case highlights the most significant risks. A strong bull case with manageable bear risks typically makes for a more compelling investment.
Bull Case (Reasons to Buy)
- Physical records storage produces extraordinarily durable recurring revenue with consistent pricing power and minimal churn.
- Data center development provides growth exposure to the same AI-driven demand affecting the rest of the sector.
- Digitisation and information management services monetise the transition away from paper rather than losing revenue to it.
- Long customer relationships across regulated industries and government create high switching costs.
Bear Case (Key Risks)
- The physical storage volume base grows slowly at best, so revenue growth depends substantially on price increases.
- Leverage is high relative to many REITs, making the balance sheet more sensitive with the 10-year Treasury above 5%.
- Data center development is capital-intensive and competes against far larger, better-capitalised specialists.
- Long-term digitisation of records is a structural, if very slow, headwind to physical storage demand.
What to Watch: IRM Key Metrics
IRM Stock — Frequently Asked Questions
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