IRON MOUNTAIN INC IRM
Iron Mountain Incorporated, a Delaware corporation ("IMI"), was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management ("ALM") needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.90B | $6.15B | $5.48B | $5.10B | $4.49B | $4.15B | $1.58B | $1.60B | $3.85B | $3.51B |
| SG&A | $1.39B | $1.34B | $1.24B | $1.14B | $1.02B | $949.2M | $991.7M | $1.01B | $937.2M | $988.3M |
| Total operating expenses | $5.74B | $5.14B | $4.56B | $4.05B | $3.64B | $3.21B | $3.48B | $3.42B | $3.21B | $3.01B |
| Operating income | $1.16B | $1.01B | $921.8M | $1.05B | $854.2M | $934.8M | $781.3M | $808.3M | $634.1M | $501.6M |
| Interest expense | $829.3M | $721.6M | $585.9M | $488.0M | $418.0M | $418.5M | $419.3M | $409.6M | $353.6M | $310.7M |
| Pre-tax income | $211.2M | $244.5M | $227.2M | $631.6M | $629.0M | $372.7M | $328.2M | $397.9M | $194.7M | $152.2M |
| Income tax | $58.9M | $60.9M | $39.9M | $69.5M | $176.3M | $29.6M | $59.9M | $42.8M | $23.0M | $44.9M |
| Net income | $152.3M | $183.7M | $187.3M | $562.1M | $452.7M | $343.1M | $268.3M | $355.1M | $171.7M | $107.2M |
| EPS, basic | 0.49 | 0.61 | 0.63 | 1.92 | 1.56 | 1.19 | 0.93 | 1.24 | 0.64 | 0.43 |
| EPS, diluted | 0.49 | 0.61 | 0.63 | 1.90 | 1.55 | 1.19 | 0.93 | 1.23 | 0.64 | 0.42 |
| Shares, diluted (wtd. avg.) | $297.8M | $296.2M | $294.0M | $292.4M | $291.0M | $288.6M | $287.7M | $286.7M | $266.8M | $247.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $158.5M | $155.7M | $222.8M | $141.8M | $255.8M | $205.1M | $193.6M | $165.5M | $925.7M | $236.5M |
| Receivables | $1.44B | $1.29B | $1.26B | $1.17B | $961.4M | $859.3M | $850.7M | $846.9M | $835.7M | $691.2M |
| Inventory | — | — | — | $11.7M | $0 | — | — | — | — | — |
| Total current assets | $1.93B | $1.69B | $1.74B | $1.55B | $1.44B | $1.27B | $1.24B | $1.21B | $1.95B | $1.11B |
| Property, plant and equipment | — | — | — | — | — | — | — | $4.49B | $3.42B | $3.08B |
| Goodwill | $5.29B | $5.08B | $5.02B | $4.88B | $4.46B | $4.56B | $4.49B | $4.44B | $4.07B | $3.91B |
| Other intangibles | $1.27B | $1.27B | $1.28B | $1.42B | $1.18B | $1.33B | $1.39B | $1.51B | $1.40B | $1.27B |
| Total assets | $21.13B | $18.72B | $17.47B | $16.14B | $14.45B | $14.15B | $13.82B | $11.86B | $10.98B | $9.49B |
| Accounts payable | $710.7M | $678.7M | $539.6M | $469.2M | $369.1M | $359.9M | $324.7M | $318.8M | $289.1M | $222.2M |
| Short-term debt | $216.1M | $715.1M | $120.7M | $87.5M | $309.4M | $193.8M | $389.0M | $126.4M | $146.3M | $173.0M |
| Total current liabilities | $2.62B | $3.09B | $2.24B | $1.92B | $2.02B | $2.00B | $1.95B | $1.49B | $1.33B | $1.05B |
| Long-term debt | $16.22B | $13.00B | $11.81B | $10.48B | $8.96B | $8.51B | $8.28B | $8.02B | $6.90B | $6.08B |
| Total equity | -$981.0M | -$503.1M | $211.8M | $636.8M | $857.1M | $1.14B | $1.46B | $1.86B | $2.29B | $1.94B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.34B | $1.20B | $1.11B | $927.7M | $758.9M | $987.7M | $966.7M | $935.5M | $721.0M | $543.9M |
| Depreciation and amortisation | $1.02B | $900.9M | $776.2M | $727.6M | $680.4M | $652.1M | $658.2M | $639.5M | $522.4M | $452.3M |
| Stock-based compensation | $140.3M | $118.1M | $73.8M | $56.9M | $61.0M | $37.7M | $35.7M | $31.2M | $30.0M | $29.0M |
| Capital expenditure | $2.27B | $1.79B | $1.34B | $875.4M | $611.1M | $438.3M | $693.0M | $460.1M | $343.1M | $328.6M |
| Investing cash flow | -$2.57B | -$2.14B | -$1.44B | -$1.66B | -$473.3M | -$85.4M | -$730.9M | -$2.22B | -$599.4M | -$536.0M |
| Financing cash flow | $1.27B | $876.7M | $425.7M | $639.2M | -$220.8M | -$886.7M | -$199.0M | $550.7M | $540.4M | $125.4M |
| Dividends paid | $919.4M | $789.5M | $737.6M | $724.4M | $718.3M | $716.3M | $704.5M | $673.6M | $440.0M | $505.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001020569-26-000013.
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