Iron Mountain is posting 22% year-over-year revenue growth with three consecutive earnings beats, but free cash flow is negative, the stock has nearly reached near-term resistance with only 0.8% headroom, and a potentially uncovered dividend yield creates a yield-trap risk for income-seeking investors.
Thesis pillars
- Strong Revenue Growth Trajectory→Stable
- Negative Free Cash Flow Red Flag→Stable
- Stock At Near Term Resistance→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 12, 2026
Iron Mountain Incorporated (Del (IRM) Stock Analysis
Breakout setup
Real Estate · REIT - Specialty
Sell if holding. At $115.67, A.R:R 1.1:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 8.3%; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.9).
Iron Mountain manages physical records, digital assets, and IT equipment for over 240,000 customers across 61 countries, generating approximately $6.9 billion in annual revenue in 2025. The S&P 500 REIT earns recurring rental fees from storage (over 740 million cubic feet) and... Read more
Sell if holding. At $115.67, A.R:R 1.1:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 8.3%; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.9). Chart setup: Golden cross, above all MAs, RSI 56, MACD bullish. Score 5.6/10, high confidence.
Passes 6/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 6d<=7d. Suitability: moderate.
About Iron Mountain Incorporated (Del
About Iron Mountain Incorporated (Del
Iron Mountain stored over 740 million cubic feet of physical records and operated 488 MW of leased data center capacity — 97% occupied with a weighted average lease expiration of 10.3 years — as of December 31, 2025, across 31 data centers in 21 global markets either directly or through unconsolidated joint ventures. The company generated approximately $6.9 billion in annual revenue in 2025, serving 240,000 customers in 61 countries including roughly 95% of the Fortune 1000. An additional 852 MW is under construction or held for development.
Iron Mountain earns revenue across four reporting segments: Global Records and Information Management (physical records storage with contracted terms generally one to five years, plus shredding and data management services); Global Data Center (enterprise and hyperscale co-location, with five of the largest global hyperscalers among its customers); Corporate and Other (asset lifecycle management for IT hardware decommissioning and Fine Arts storage); and Global Digital Solutions (document digitization and information workflow software). Storage rental revenue is recurring and historically resilient to economic downturns, while records retrieval service revenue has been pressured by declining physical activity rates as customers migrate information to digital formats. The company incurred approximately $574.4 million in cumulative Project Matterhorn restructuring and transformation costs from inception through 2025. Competitors in records management tend to be regional, while data center competitors include numerous developers and operators across the same metropolitan markets.
Show full overview
Iron Mountain's data center expansion pipeline — 852 MW under construction or held for development against 488 MW of existing leasable capacity — requires substantial capital and exposes the company to rising construction costs, supply chain constraints, and tariff-related cost pressures that the 10-K explicitly identifies. The fixed-cost records storage base provides durable cash flow to fund construction, but the 10-K notes that customer digitization may shift revenue mix from predictable storage rental to more volatile service revenue over time, creating structural tension between the stable legacy business and the capital-intensive data center growth segment.
See also: Real Estate · REIT - Specialty
From Iron Mountain Incorporated (Del's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-10-29Recent Developments — Iron Mountain Incorporated (Del
Latest news
- NEWS Iron Mountain (IRM) Stock Still Looks Cheap Against Future Cash Flow - Simply Wall Street — Simply Wall Street neutral
- NEWS Iron Mountain Inc (IRM) Stock Down 3.9% but Still Overvalued -- GF Score: 85/100 - GuruFocus — GuruFocus negative
- NEWS Iron Mountain Inc. stock underperforms Wednesday when compared to competitors - MarketWatch — MarketWatch negative
- NEWS Iron Mountain Inc. stock underperforms Wednesday when compared to competitors - marketwatch.com — marketwatch.com negative
- NEWS Iron Mountain (IRM) to Announce Quarterly Earnings on Wednesday - MarketBeat — MarketBeat neutral
Generated 2026-10-29T11:14:33Z.
Upcoming dated catalysts
Thesis
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Quality Signals
Options Flow
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 ceiling hit
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $115.67, A.R:R 1.1:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 8.3%; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.9). Chart setup: Golden cross, above all MAs, RSI 56, MACD bullish. Prior stop was $108.63. Score 5.6/10, high confidence.
Analyst target: $125.28 (+8.3% upside). Prior stop was $108.63. Stop-loss: $108.63.
Thin upside margin: 8.3%; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.9); Sector modifier (Real Estate): -1.2.
Iron Mountain Incorporated (Del trades at a P/E of 82.6 (forward 42.4). TrendMatrix value score: 5.3/10. Verdict: Sell.
17 analysts cover IRM with a consensus score of 4.0/5. Average price target: $144.
What does Iron Mountain Incorporated (Del do?Iron Mountain manages physical records, digital assets, and IT equipment for over 240,000 customers across 61...
Iron Mountain manages physical records, digital assets, and IT equipment for over 240,000 customers across 61 countries, generating approximately $6.9 billion in annual revenue in 2025. The S&P 500 REIT earns recurring rental fees from storage (over 740 million cubic feet) and data center leases (488 MW capacity, 97% leased as of December 31, 2025), supplemented by shredding, ALM, and digital solutions services. No single customer accounts for more than approximately 3% of revenue.