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Iron Mountain Incorporated logo

Iron Mountain Incorporated

IRM
43
REIT - Specialty · Real Estate
Also trades as: 0JDP.L
Price
$121.17
+0.02 (+0.02%)
Market Cap
$36.05B
Exchange
New York Stock Exchange
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 10, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+2.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 291.0M (2021) → 297.8M (2025)

Iron Mountain helps businesses store and manage their important documents and data. Companies send their physical files, hard drives, and backup tapes to Iron Mountain's secure warehouses, where they are kept safe and organized. It is one of the largest records storage companies in the world, serving hospitals, banks, law firms, and government agencies across many industries.

Iron Mountain makes money by charging customers recurring fees to store their boxes and files over long periods of time. It operates in over 60 countries and manages billions of physical items, which makes it very hard for customers to switch providers once their records are stored. The company has also been expanding into data center services, where it stores digital information for businesses, and this segment is a key growth driver — though building new data centers requires heavy spending, which puts pressure on profits and adds financial risk.

Winston Score History

Politician Trades

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+326.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$286M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Iron Mountain Incorporated is growing revenue at 19% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
52.8%
Healthy — 52.8% gross margin
Operating Margin
18.4%
Healthy — 18.4% operating margin
ROCE
2.3%
Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+17.4%
Fast-growing sales (+17.4% YoY)
EPS YoY
+870.9%
Earnings growing fast (+870.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
395%
Turns 395% of profit into real cash
FCF Margin
-6.4%
Burning cash (-6.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
1.58x
Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
86.5x
Expensive — P/E 86.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+46.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (86.5 → 40.2)

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Dividends

Dividend Yield
2.69%
Moderate income — 2.69% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+12.6%
Dividend growing fast (12.6% YoY)

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