Iron Mountain Incorporated

NYSE:IRM Stock Report

Market Cap: US$34.6b

Iron Mountain Future Growth

Future criteria checks 2/6

Iron Mountain is forecast to grow earnings and revenue by 17.4% and 7.9% per annum respectively while EPS is expected to grow by 16.3% per annum.

Key information

17.4%

Earnings growth rate

16.34%

EPS growth rate

Specialized REITs earnings growth10.3%
Revenue growth rate7.9%
Future return on equityn/a
Analyst coverage

Good

Last updated27 Aug 2026

Recent future growth updates

Recent updates

Narrative Update • Sep 04

IRM: Hyperscale And AI Demand Will Shape Forward Compounding Potential

Analysts have lifted their price target on Iron Mountain from $127 to $143, reflecting updated models that factor in higher forecast growth for communications infrastructure REITs tied to hyperscale and enterprise AI demand. This also supports a fair value estimate of about $146.10 in the latest update.
Narrative Update • Aug 20

IRM: AI Data Infrastructure Demand Will Test High P E Optimism

Analysts have lifted the Iron Mountain price target from $74.89 to $140.00, citing updated assumptions that reflect higher modeled growth for communications infrastructure REITs, supported by ongoing hyperscale and enterprise AI demand. Analyst Commentary on Iron Mountain Recent Street research on Iron Mountain points to higher modeled growth assumptions for communications infrastructure REITs, with one major firm moving its price target to $143 from $127 and keeping a positive stance on the stock.
Seeking Alpha • Aug 19

Iron Mountain Is Running Hot

Summary Iron Mountain Incorporated has surged 42.8% YTD, far outpacing the S&P 500, driven by robust revenue and cash flow growth. IRM’s rapid expansion in data centers and asset lifecycle management, alongside 37 consecutive years of organic revenue growth, underpins its operational strength. Management guides for 2026 revenue of $7.94–$8.01B, EBITDA of $2.945–$2.975B, and adjusted FFO of $1.76–$1.78B. Despite strong fundamentals, IRM stock’s valuation is now considered expensive; I maintain a neutral stance, with a potential downgrade to Sell if shares rise another 10%. Read the full article on Seeking Alpha
Narrative Update • Aug 06

IRM: AI Infrastructure Demand And Raised Guidance Will Shape Forward Compounding Potential

For Iron Mountain, the Analyst Price Target has shifted from about $132 to about $135, as analysts factor in updated growth and margin assumptions, along with Street research that highlights higher modeled growth for communications infrastructure REITs tied to hyperscale and enterprise AI demand. Analyst Commentary Recent Street research on Iron Mountain highlights how investors are thinking about the stock in the context of communications infrastructure REITs tied to hyperscale and enterprise AI demand.
Narrative Update • Jun 23

IRM: Upsized Debt And High P E Will Magnify Execution Risk

Iron Mountain's analyst price targets have moved higher by a double digit dollar amount, with analysts pointing to modest adjustments in revenue growth assumptions, profit margins and long term P/E expectations to support the revised fair value of about $74.89. Analyst Commentary Recent Street research on Iron Mountain shows a split tape, with several firms lifting price targets while others highlight risks around execution and growth sustainability.
Analysis Article • Jun 18

Iron Mountain (IRM) Stock Could Be 21.6% Undervalued After Upsized $1.5b Notes Deal

Iron Mountain (IRM) has just completed an upsized fixed income offering, increasing its new 6.250% senior notes due 2035 to $1.5 billion from an initially planned $1.0 billion, with proceeds earmarked for debt repayment. See our latest analysis for Iron Mountain. Iron Mountain stock has pulled back slightly in the last day, with a 1-day share price return that declined 2.16%. Its 90-day share price return of 19.54% and year to date share price return of 50.70%, along with a 5-year total...
Narrative Update • Jun 06

IRM: Higher P E Assumptions Will Heighten Risk From Any Execution Slippage

Analysts have lifted their price targets on Iron Mountain by $10 to $17. In line with this more constructive view, the updated model reflects a fair value estimate of about $74.89, a slightly lower discount rate, and modestly higher assumptions for revenue growth, profit margin, and future P/E.
Narrative Update • May 22

IRM: Raised Guidance And P/E Assumptions Will Shape Forward Compounding Potential

Analysts have raised the Iron Mountain price target to $131.55 from $122.73 as they incorporate recent target increases from several firms and modest adjustments to assumptions for growth, profitability, and future P/E. Analyst Commentary Recent research on Iron Mountain has centered on how higher price targets line up with expectations for execution, growth, and the valuation investors are being asked to pay.
Narrative Update • May 03

IRM: Richer P E Assumptions Will Pressure Execution On Revenue And Margins

The analyst price target for Iron Mountain has been raised by several firms, supporting a modest increase in the fair value estimate to about $73 as analysts factor in updated assumptions for the discount rate, revenue growth, profit margin, and a higher future P/E multiple. Analyst Commentary Recent research on Iron Mountain has tilted generally constructive on fair value, but there are still pockets of caution that are worth weighing before you lean too heavily on the higher price targets.
Narrative Update • Apr 19

IRM: Fine Tuning Discount Rate And P/E Will Shape Forward Compounding Potential

Analysts made a marginal adjustment to Iron Mountain's fair value estimate, trimming it by about $0.09 to reflect a slightly lower discount rate and a modestly revised future P/E assumption, following the recent $1 increase in the Street's price target to $127. Analyst Commentary Bullish analysts are treating the recent $1 lift in the Street price target to $127 as a modest but supportive signal for Iron Mountain, with the internal fair value adjustment of about $0.09 largely viewed as a technical clean up rather than a change in fundamental conviction.
Narrative Update • Apr 04

IRM: Sector Caution And Execution Risks Will Pressure Premium P E Multiple

Iron Mountain's analyst price target has been increased by $1 to $127, with analysts citing modest adjustments in revenue growth, profit margin and P/E assumptions to reflect recent sector research and updated REIT group views. Analyst Commentary Recent Street research on Iron Mountain has centered on incremental price target adjustments, with Barclays moving its target to $127 from $126 and previously to $126 from $123.
Narrative Update • Mar 21

IRM: 2026 REIT Outlook And Guidance Will Support Future Compounding Potential

Analysts have nudged their price target on Iron Mountain higher, with a roughly $3 increase supported by slightly higher fair value estimates, a modestly lower discount rate, and updated assumptions for revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent Street research on Iron Mountain is limited but generally constructive, with several bullish analysts fine tuning their models and price targets while flagging a few areas for investors to monitor.
Narrative Update • Mar 07

IRM: Sector Headwinds And Execution Risks Will Eventually Pressure Premium Multiple

Narrative Update: Iron Mountain The intrinsic value estimate for Iron Mountain has been revised higher, with the analyst price target moving up by $1 to $127 as analysts factor in updated assumptions for discount rate, revenue growth, profit margin and future P/E while aligning with the recent Street target increase. Analyst Commentary Recent Street research on Iron Mountain has centered on incremental target adjustments and how the stock fits into broader sector views.
Narrative Update • Feb 20

IRM: 2026 REIT Outlook And Guidance Will Frame Future Compounding Potential

The analyst price target for Iron Mountain has been raised by $3 to $126, with analysts pointing to updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E to support the change. Analyst Commentary Recent research on Iron Mountain centers on how it fits within the broader real estate investment trust group, with the updated US$126 price target reflecting refreshed thinking on sector positioning, valuation, and growth assumptions.
Narrative Update • Feb 06

IRM: Short Seller Accounting Concerns Will Eventually Pressure Premium Multiple

Analysts have lifted their Iron Mountain price target by $3 to $126, citing updated REIT group assumptions, modest adjustments to growth and margin forecasts, and continued support from recent research defending the stock following the short report. Analyst Commentary Recent research on Iron Mountain has centered on price target fine tuning and reactions to the short report, giving you a window into how the sell side is thinking about both risk and reward.
Narrative Update • Jan 23

IRM: Short Seller Accounting Allegations Will Trigger Overvaluation Reset Despite Supportive Research

Narrative Update Analysts have nudged their Iron Mountain outlook higher, with the price target increasing by $3 to $126. This is supported by refreshed models that reflect modestly adjusted growth, margin and discount rate assumptions, along with continued supportive views in recent research commentary.
Narrative Update • Jan 07

IRM: Short Seller Accounting Allegations Will Drive Bearish Repricing Ahead

Analysts have lifted their Iron Mountain price target to US$123 from US$122, citing updated company modeling and confidence that recent short-seller concerns are already well understood and unlikely to alter the long term growth narrative. Analyst Commentary Recent research comments around Iron Mountain have centered on how much weight to place on the short report and what it means for long term execution and growth risks.
Narrative Update • Dec 22

IRM: Leverage And Accounting Concerns Will Drive Bearish Repricing Ahead

Analysts have raised their price target on Iron Mountain by about $4 to approximately $123, citing continued confidence in double digit growth compounding and management's reassurances that recent short seller concerns are a temporary distraction rather than a change in fundamentals. Analyst Commentary Recent research updates have emphasized that the latest short report is unlikely to alter the long term growth trajectory for Iron Mountain, with several firms reiterating positive ratings and modestly lifting price targets.
Narrative Update • Dec 08

IRM: Digital And Data Center Expansion Will Drive Long-Term Compounding Despite Short Report

Analysts have nudged their blended price target on Iron Mountain modestly higher to about $117 per share, citing continued confidence in double digit growth, resilient data center and digital expansion, and recent supportive research that raised targets to the $120 to $125 range despite short seller noise. Analyst Commentary Recent Street commentary on Iron Mountain has been broadly supportive, with most research notes emphasizing resilient fundamentals, execution on growth initiatives, and a limited fundamental impact from recent short seller noise.
Narrative Update • Nov 24

IRM: Continued Expansion Into Digital Solutions Will Drive Long-Term Momentum

The analyst fair value estimate for Iron Mountain has been slightly increased to $116.73 from $116.45. Analysts cite the company's resilience to recent short reports and ongoing strength in its growth initiatives.
Narrative Update • Nov 07

IRM: Expanding Data Centers And Digital Offerings Will Drive Future Momentum

Iron Mountain's analyst fair value estimate increased from $114.50 to $116.45 as analysts highlighted accelerating growth from digital and data center initiatives. They cited strengthened cross-selling opportunities and model adjustments in the sector.
Seeking Alpha • Apr 29

Hammered Prices, Elevated Yields: Iron Mountain's Income Sweet Spot

Summary Iron Mountain (IRM) stock has declined significantly, but its dividend yield is now more attractive, supported by a robust underlying business and capital discipline. The company excels in providing comprehensive storage and information management solutions, with strong growth in digital solutions and data center platforms. Q4 performance was solid with 11.4% YOY sales growth, and the company maintains a strong balance sheet with $3.3 billion in liquidity. Despite risks like a high payout ratio and potential earnings volatility, IRM's diversified model and growth prospects make it a strong investment at current levels. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:IRM - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20289,3747351,2942,3718
12/31/20278,7116531,0392,18010
12/31/20268,0145454511,73710
6/30/20267,562419-6811,655N/A
3/31/20267,245272-7811,481N/A
12/31/20256,902145-1,1031,340N/A
9/30/20256,640159-1,2671,272N/A
6/30/20256,44341-1,1601,257N/A
3/31/20256,266122-1,0091,264N/A
12/31/20246,150180-7701,197N/A
9/30/20245,988105-4621,212N/A
6/30/20245,819229-4491,180N/A
3/31/20245,643194-4431,115N/A
12/31/20235,480184-3271,114N/A
9/30/20235,340278-2971,034N/A
6/30/20235,238379-2001,028N/A
3/31/20235,170579-661,002N/A
12/31/20225,104557-26928N/A
9/30/20224,984496-7856N/A
6/30/20224,827372-4716N/A
3/31/20224,65844749745N/A
12/31/20214,49245076759N/A
9/30/20214,392636190824N/A
6/30/20214,298607321938N/A
3/31/20214,161324368931N/A
12/31/20204,147343474988N/A
9/30/20204,167133417946N/A
6/30/20204,193202380976N/A
3/31/20204,277302N/A975N/A
12/31/20194,263267N/A967N/A
9/30/20194,244387N/A959N/A
6/30/20194,243357N/A972N/A
3/31/20194,237357N/A961N/A
12/31/20184,226366N/A936N/A
9/30/20184,156234N/A827N/A
6/30/20184,060182N/A795N/A
3/31/20183,949171N/A691N/A
12/31/20173,846176N/A721N/A
9/30/20173,789214N/A640N/A
6/30/20173,766193N/A657N/A
3/31/20173,70097N/A585N/A
12/31/20163,511101N/A544N/A
9/30/20163,33058N/A644N/A
6/30/20163,13376N/A569N/A
3/31/20163,009145N/A617N/A
12/31/20153,008123N/A542N/A
9/30/20153,034130N/A491N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IRM's forecast earnings growth (17.4% per year) is above the savings rate (3.7%).

Earnings vs Market: IRM's earnings (17.4% per year) are forecast to grow faster than the US market (17.3% per year).

High Growth Earnings: IRM's earnings are forecast to grow, but not significantly.

Revenue vs Market: IRM's revenue (7.9% per year) is forecast to grow slower than the US market (13.4% per year).

High Growth Revenue: IRM's revenue (7.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if IRM's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/09 13:30
End of Day Share Price 2026/09/09 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Iron Mountain Incorporated is covered by 27 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrew WittmannBaird
Gary BisbeeBarclays
Brendan LynchBarclays