How Does This Storage Business Operate?
Iron Mountain Inc provides storage and information management services, built around handling and safeguarding physical records and related workflows. The business also operates data center capacity as part of its broader infrastructure footprint. Its model blends long-lived facilities and equipment with ongoing service relationships that require consistent upkeep. The company is large enough to sit on institutional radars, with a market capitalization around USD 38 billion.
Are Margins And Cash Flow Holding Up?
FundamentalsFor 2025, reported in USD, revenue reached about USD 6.9 billion, with EBIT of roughly USD 1.16 billion and net income of about USD 211 million. Year-end cash was USD 158.5 million against total debt of USD 432.1 million, alongside a depreciation and amortization charge of USD 730.9 million.
Cash generation, as captured by the cash flow proxy, was around USD 1.81 billion, while capital spending was about USD 24.6 million. Revenue grew 12.2% year over year, with profitability showing a wide spread between an 18.01% operating margin and a 3.76% net profit margin, alongside a 64.95% gross margin.
Is The Market Overpaying For Growth?
DCF / MultiplesAt USD 127.83, the shares trade above a DCF range that runs from USD 63.91 in a weaker outcome through USD 93.63 in a central case to USD 126.81 in a stronger outcome. The pricing also sits alongside a 139.96 P/E and 23.24 EV/EBITDA on a trailing basis.
Leverage Leaves Little Room
TakeawayThe price assumes reinvestment keeps compounding without funding strain. Cash is small next to debt, so resilience matters. Reinvestment needs to stay disciplined to protect cash generation. If net income stays thin, the leverage feel can return quickly.