# Iron Mountain Inc. (IRM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/irm/thesis · /memo/irm

## Financial Snapshot

---
ticker: IRM
step: 04
generated: 2026-05-12
source: quick-research
---

### Iron Mountain Inc. (IRM) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $5.10B | $5.48B | $6.10B | +11.3% |
| Gross Margin | ~56% | ~56% | ~56% | — |
| Operating Margin | ~14% | ~15% | ~16.5% | +1.5pp |
| Adj. EBITDA | — | $1.96B | $2.20B | +12.2% |
| Net Income (GAAP) | ~$0.1B | ~$0.1B | $0.18B | — |
| AFFO per share | — | $4.12 | $4.54 | +10.2% |

*Note: As a REIT, GAAP EPS (~$0.49 trailing) is not the primary earnings metric. AFFO/share is the standard measure of earnings power.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.3B |
| Free Cash Flow | ~$(0.6)B (negative due to data center capex) |
| Capex | ~$2.3B |
| Cash & Equivalents | ~$0.5B |
| Total Debt | ~$18.5B |
| Net Debt / Adj. EBITDA | ~8x |

#### Key Ratios (approximate)
- P/AFFO: ~25x | EV/EBITDA: ~22x | Dividend Yield: ~4%
- Revenue Growth (FY2024): +11.3% | AFFO Growth: +10.2%

#### Growth Profile
Iron Mountain is in an active transformation from a traditional records management company to a diversified real estate and digital infrastructure platform. Data center revenue grew 25% to $620M in FY2024 and represents ~10% of total revenue, with management targeting 28% of revenue from high-growth segments (data centers + digital + ALM) by 2025. The legacy records segment (~70% of revenue) contributes stable, high-margin recurring cash flows with ~9.5% constant-currency growth in FY2024.

#### Forward Estimates
- FY2025 (actual): ~$6.9B revenue (+13% YoY), record Adj. EBITDA
- FY2026 guidance: $7.63B–$7.78B revenue (+10–12% YoY); continued 10%+ Adj. EBITDA growth
- AFFO per share expected to grow ~10% annually through 2026

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/IRM/fundamental

## Navigation

- Overview: /stocks/irm
- Financials (this page): /stocks/irm/financials
- Thesis: /stocks/irm/thesis
- Investment Memo: /memo/irm
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