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IRMIron Mountain

Real estate · REIT · NYSE

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FY2025 at a glance

Sales up 12.2%, free cash flow down to -$931.6M

XBRL, from each 10-K

RevenueStatements ↓

$6.9B

from $6.1B in FY2024

FY2016FY2025

Net incomeStatements ↓

$144.6M

from $180.2M in FY2024

FY2016FY2025

Free cash flowStatements ↓

-$931.6M

from -$594.9M in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$0.49

from $0.61 in FY2024

FY2016FY2025

Operating marginStatements ↓

16.9%

from 16.4% in FY2024

FY2016FY2025

Total debtStatements ↓

$16.4B

from $13.7B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.53	Sales (ttm)	7.8B	Net income (ttm)	458.5M	Sales growth	+12.2%	EPS growth	-19.7%	Sales Q/Q	+13.5%
Free cash flow	-536.8M	Gross margin	-	Oper. margin	19.5%	Net margin	5.9%	FCF margin	-6.9%	ROE	n/m
ROA	2.1%	R&D / sales	-	Dividend	3.22	Debt/Eq	n/m	Curr. ratio	0.55	Cash	188.2M
Op. cash flow (ttm)	1.7B	EBITDA	2.2B	EBITDA margin	31.7%	Net debt	17.8B	Quick ratio	0.55	Interest cover	1.40
Payout ratio	657.1%	Tax rate	27.9%	Stock pay / sales	2.0%	Shares out.	297.8M	Shares Y/Y	+0.5%	Book / share	-4.66
Cash / share	0.63	Sales / share	26.19	Asset turnover	0.35	Days sales out.	76	Sales 3Y CAGR	+10.6%	Sales 5Y CAGR	+10.7%
EPS 3Y CAGR	-36.3%	EPS 5Y CAGR	-16.3%	Employees	11,700	Sales / employee	667K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

IRM against Real estate peers

Ten years, side by side → · All 30 →

IRMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth

+12.2%5th of 29 · median +5.1%

Net margin

5.9%25th of 29 · median 21.7%

Free cash flow margin

-6.9%11th of 12 · median 24.1%

IRM and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
IRM Iron Mountain	$7.8B	+12.2%	-	5.9%	-	-6.9%	-
PLD Prologis	$8.9B	+7.2%	-	41.5%	6.9%	-	0.65
SPG Simon Property Group	$7.2B	+6.7%	-	63.0%	110.4%	46.9%	6.96
WY Weyerhaeuser	$7.0B	-3.1%	15.0%	6.5%	4.8%	-	0.57
VTR Ventas	$6.8B	+18.5%	-	3.9%	1.7%	-15.0%	0.79
DLR Digital Realty	$6.3B	+10.0%	-	21.7%	5.9%	-	-

Profitability

1 of 2

!
Net margin below the peer median5.9% vs 21.7%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 3.0% → 2.1%

Balance sheet

0 of 3

!
Interest covered less than 5 timesOperating income is 1.4× interest expense
!
Equity below zeroDebt $18.0B, equity −$1.4B
!
Current ratio below 1Current ratio 0.55

Debt / equity at each year end, FY2016 to FY2025: 3.23 → 56.38

What the debt is made of ↓

Cash and shareholders

2 of 4

!
Free cash flow positive in 7 of 10 years−$931.6M last year
!
Share count up over 5 years+3.2%
✓
Dividend per share up over 5 years$2.47 → $3.22
✓
Cash from operations above net income$1.3B vs $144.6M

Free cash flow, FY2016 to FY2025: 215.3M → -931.6M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$16.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 6.9B Net income 144.6M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $6.9B of revenue came from

by segment, year to Dec 31, 2025

GLOBAL RIM BUSINESS $5.3B · 77%
CORPORATE AND OTHER $806.8M · 12%
GLOBAL DATA CENTER BUSINESS $803.4M · 12%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

IRM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue6.9B

Net income144.6M

Free cash flow-931.6M

EPS (diluted)0.49

Dividend per share3.22

Diluted shares297.8M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
TOTAL REPORTABLE SEGMENTS	6.1B	88.3%	+8.8%
GLOBAL RIM BUSINESS	5.3B	76.7%	+6.3%
CORPORATE AND OTHER	806.8M	11.7%	+46.6%
GLOBAL DATA CENTER BUSINESS	803.4M	11.6%	+29.6%

10-K 0001020569-26-000013, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Records management	4.4B	63.5%	+7.9%
Storage rental	4.1B	58.7%	+10.1%
Information destruction	1.2B	17.5%	+27.0%
Data Center	803.4M	11.6%	+29.6%
Data management	504.7M	7.3%	-2.1%

10-K 0001020569-26-000013, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	4.6B	66.3%	+14.1%
Remaining Countries	1.6B	22.5%	+10.0%
United Kingdom	472.6M	6.8%	+10.8%
Canada	302.4M	4.4%	-0.3%

10-K 0001020569-26-000013, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.5B	3.8B	4.2B	4.3B	4.1B	4.5B	5.1B	5.5B	6.1B	6.9B
SG&A	988.3M	937.2M	1.0B	991.7M	949.2M	1.0B	1.1B	1.2B	1.3B	1.4B
Operating income	501.6M	634.1M	808.3M	781.3M	934.8M	854.2M	1.0B	921.8M	1.0B	1.2B
Interest expense	297.1M	368.5M	388.4M	395.0M	390.3M	428.1M	488.0M	585.9M	721.6M	829.3M
Pretax income	106.2M	162.8M	203.1M	203.2M	372.7M	629.0M	631.6M	227.2M	244.5M	211.2M
Income tax	44.9M	23.0M	42.8M	59.9M	29.6M	176.3M	69.5M	39.9M	60.9M	58.9M
Net income	104.8M	170.1M	353.9M	267.4M	342.7M	450.2M	557.0M	184.2M	180.2M	144.6M
EPS (diluted)	0.42	0.64	1.23	0.93	1.19	1.55	1.90	0.63	0.61	0.49
Diluted shares	247.3M	266.8M	286.7M	287.7M	288.6M	291.0M	292.4M	294.0M	296.2M	297.8M
Depreciation & amortization	452.3M	522.4M	639.5M	658.2M	652.1M	680.4M	727.6M	776.2M	900.9M	1.0B
EBITDA	953.9M	1.2B	1.4B	1.4B	1.6B	1.5B	1.8B	1.7B	1.9B	2.2B
Operating margin	14.3%	16.5%	19.1%	18.3%	22.5%	19.0%	20.6%	16.8%	16.4%	16.9%
Net margin	3.0%	4.4%	8.4%	6.3%	8.3%	10.0%	10.9%	3.4%	2.9%	2.1%
Revenue growth	-	+9.5%	+9.9%	+0.9%	-2.7%	+8.3%	+13.6%	+7.4%	+12.2%	+12.2%
EPS growth	-	+52.4%	+92.2%	-24.4%	+28.0%	+30.3%	+22.6%	-66.8%	-3.2%	-19.7%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	236.5M	925.7M	165.5M	193.6M	205.1M	255.8M	141.8M	222.8M	155.7M	158.5M
Receivables	691.2M	835.7M	846.9M	850.7M	859.3M	961.4M	1.2B	1.3B	1.3B	1.4B
Inventory	-	-	-	-	-	0	11.7M	-	-	-
Current assets	1.1B	2.0B	1.2B	1.2B	1.3B	1.4B	1.5B	1.7B	1.7B	1.9B
Property & equipment	3.1B	3.4B	4.5B	4.6B	-	-	-	-	-	-
Goodwill	3.9B	4.1B	4.4B	4.5B	4.6B	4.5B	4.9B	5.0B	5.1B	5.3B
Total assets	9.5B	11.0B	11.9B	13.8B	14.1B	14.5B	16.1B	17.5B	18.7B	21.1B
Accounts payable	222.2M	289.1M	318.8M	324.7M	359.9M	369.1M	469.2M	539.6M	678.7M	710.7M
Current liabilities	1.0B	1.3B	1.5B	1.9B	2.0B	2.0B	1.9B	2.2B	3.1B	2.6B
Total debt	6.3B	7.0B	8.1B	8.7B	8.7B	9.3B	10.6B	11.9B	13.7B	16.4B
Shareholders' equity	1.9B	2.3B	1.9B	1.5B	1.1B	856.0M	636.7M	211.6M	-503.1M	-981.0M

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	543.9M	721.0M	935.5M	966.7M	987.7M	758.9M	927.7M	1.1B	1.2B	1.3B
Capital spending	328.6M	343.1M	460.1M	693.0M	438.3M	611.1M	875.4M	1.3B	1.8B	2.3B
Free cash flow	215.3M	377.8M	475.5M	273.7M	549.4M	147.8M	52.3M	-225.7M	-594.9M	-931.6M
Stock-based pay (added back)	29.0M	30.0M	31.2M	35.7M	37.7M	61.0M	56.9M	73.8M	118.1M	140.3M
Dividends paid	505.9M	440.0M	673.6M	704.5M	716.3M	718.3M	724.4M	737.6M	789.5M	919.4M
Acquisitions	292.0M	219.7M	1.8B	58.2M	118.6M	204.0M	803.7M	41.8M	178.4M	101.6M
Debt raised	925.4M	2.7B	0	987.5M	7.9B	5.0B	12.9B	18.4B	15.0B	17.0B
Debt repaid	-	-	-	-	8.6B	5.2B	11.6B	18.2B	14.5B	16.0B
Investing cash flow	-536.0M	-599.4M	-2.2B	-730.9M	-85.4M	-473.3M	-1.7B	-1.4B	-2.1B	-2.6B
Financing cash flow	125.4M	540.4M	550.7M	-199.0M	-886.7M	-220.8M	639.2M	425.7M	876.7M	1.3B
Dividend per share	2.04	2.27	2.38	2.45	2.47	2.47	2.47	2.54	2.73	3.22

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	29.0M	30.0M	31.2M	35.7M	37.7M	61.0M	56.9M	73.8M	118.1M	140.3M
Stock-based pay / revenue	0.8%	0.8%	0.7%	0.8%	0.9%	1.4%	1.1%	1.3%	1.9%	2.0%
Operating lease cost	-	-	-	459.6M	499.5M	545.1M	574.1M	660.9M	683.0M	708.2M
Operating lease cash paid	-	-	-	338.1M	360.1M	393.0M	409.2M	450.4M	473.5M	500.2M
Finance lease principal paid	-	-	-	58.0M	47.8M	46.1M	44.9M	52.3M	54.4M	57.1M
Right-of-use assets	-	-	0	1.9B	2.2B	2.3B	2.6B	2.7B	2.5B	2.5B
Operating lease liabilities	-	-	209.9M	2.0B	2.3B	2.4B	2.7B	2.9B	2.7B	2.6B
Finance lease liabilities	-	-	447.2M	367.2M	366.3M	356.7M	332.9M	349.9M	406.8M	527.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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