Iron Mountain Incorporated (IRM) Key Metrics
IRM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $33.49B
- Enterprise value
- $53.70B
- P/E (TTM)
- 80.4 10-yr median 44.5
- Forward P/E
- 58.5
- PEG ratio
- 2.70
- Price / sales
- 4.4 10-yr median 2.7
- Price / book
- — 10-yr median 6.9
- EV / EBITDA
- 21.3 10-yr median 15.1
- Dividend yield
- 3.08% $3.46 a year
- Beta
- 1.19
IRM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsIRM valuation Price multiples at each fiscal year-end price.
IRM returns How much profit the business earns on the capital it uses.
IRM per-share figures Results divided by the shares outstanding at year-end.
IRM financial health Debt, liquidity and how easily interest is covered.
IRM efficiency & capital use Working capital cycle and where the cash goes.
IRM valuation history
IRM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
IRM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
IRM cash returned to shareholders
IRM price vs earnings per share
IRM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $24.70B | $31.14B | $20.57B | $14.58B | $15.23B | $8.51B | $9.17B | $9.29B | $10.07B | $8.03B |
| Enterprise value | $43.60B | $47.35B | $35.14B | $27.72B | $26.67B | $19.30B | $19.59B | $17.27B | $16.19B | $14.05B |
| P/E ratio | 170.9 | 172.8 | 111.7 | 26.2 | 33.8 | 24.8 | 34.3 | 25.6 | 54.8 | 76.6 |
| Price / sales | 3.6 | 5.1 | 3.8 | 2.9 | 3.4 | 2.1 | 2.2 | 2.2 | 2.6 | 2.3 |
| Price / book | — | — | 52.8 | 19.9 | 16.4 | 7.5 | 6.3 | 5.0 | 4.4 | 4.1 |
| Price / free cash flow | — | — | — | 330.5 | 113.2 | 15.9 | 42.0 | 23.1 | 33.3 | 48.8 |
| Price / operating cash flow | 18.4 | 26.0 | 18.5 | 15.7 | 20.1 | 8.6 | 9.5 | 9.9 | 14.0 | 14.8 |
| EV / sales | 6.3 | 7.7 | 6.4 | 5.4 | 5.9 | 4.7 | 4.6 | 4.1 | 4.2 | 4.0 |
| EV / EBITDA | 20.6 | 24.8 | 21.7 | 14.8 | 15.2 | 13.1 | 13.7 | 11.7 | 14.9 | 15.3 |
| EV / free cash flow | — | — | — | 628.5 | 198.3 | 36.1 | 89.8 | 42.8 | 53.5 | 85.4 |
| Earnings yield | 0.6% | 0.6% | 0.9% | 3.8% | 3.0% | 4.0% | 2.9% | 3.9% | 1.8% | 1.3% |
| Free cash flow yield | −3.8% | −2.1% | −1.1% | 0.3% | 0.9% | 6.3% | 2.4% | 4.3% | 3.0% | 2.0% |
| Dividend yield | 3.7% | 2.5% | 3.6% | 5.0% | 4.7% | 8.4% | 7.7% | 7.3% | 4.4% | 6.3% |
| Shareholder yield (dividends + buybacks) | 3.9% | 2.6% | 3.6% | 5.0% | 5.1% | 8.4% | 7.7% | 7.3% | 4.4% | 6.3% |
| Share price at fiscal year-end | $82.95 | $105.11 | $69.98 | $49.85 | $52.33 | $29.48 | $31.87 | $32.41 | $37.73 | $32.48 |
| Per share | ||||||||||
| Revenue per share | $23.17 | $20.76 | $18.64 | $17.45 | $15.44 | $14.37 | $14.82 | $14.74 | $14.41 | $14.20 |
| Earnings per share | $0.49 | $0.61 | $0.63 | $1.90 | $1.55 | $1.19 | $0.93 | $1.27 | $0.69 | $0.42 |
| Operating cash flow per share | $4.50 | $4.04 | $3.79 | $3.17 | $2.61 | $3.42 | $3.36 | $3.26 | $2.70 | $2.20 |
| Free cash flow per share | −$3.13 | −$2.22 | −$0.79 | $0.15 | $0.46 | $1.85 | $0.76 | $1.41 | $1.13 | $0.67 |
| Cash per share | $0.53 | $0.53 | $0.76 | $0.48 | $0.88 | $0.71 | $0.67 | $0.58 | $3.47 | $0.96 |
| Book value per share | −$2.17 | −$0.76 | $1.33 | $2.50 | $3.19 | $3.94 | $5.09 | $6.48 | $8.61 | $7.83 |
| Tangible book value per share | −$24.18 | −$22.23 | −$20.10 | −$19.06 | −$16.20 | −$16.45 | −$15.34 | −$14.27 | −$11.93 | −$13.09 |
| Dividends per share | $3.09 | $2.67 | $2.51 | $2.48 | $2.47 | $2.48 | $2.45 | $2.35 | $1.65 | $2.05 |
| Capex per share | $7.63 | $6.26 | $4.58 | $3.02 | $2.15 | $1.57 | $2.60 | $1.86 | $1.57 | $1.53 |
| Debt per share | $63.97 | $55.26 | $50.30 | $45.43 | $40.22 | $38.10 | $36.90 | $28.41 | $26.39 | $25.28 |
| Shares outstanding | 297.8M | 296.2M | 294.0M | 292.4M | 291.0M | 288.6M | 287.7M | 286.7M | 266.8M | 247.3M |
| Change in shares outstanding | +0.5% | +0.8% | +0.5% | +0.5% | +0.8% | +0.3% | +0.4% | +7.4% | +7.9% | +16.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | 32.8% | 67.0% | 43.6% | 26.4% | 16.1% | 17.5% | 8.7% | 8.5% |
| Return on invested capital (ROIC) | 5.9% | 4.9% | 5.3% | 7.1% | 5.1% | 7.2% | 5.9% | 8.0% | 6.8% | 5.3% |
| Return on assets (ROA) | 0.7% | 1.0% | 1.1% | 3.6% | 3.1% | 2.5% | 2.1% | 3.2% | 1.8% | 1.3% |
| Return on tangible assets | 1.0% | 1.5% | 1.6% | 5.7% | 5.1% | 4.1% | 3.4% | 6.2% | 3.3% | 2.4% |
| Free cash flow margin | −13.5% | −10.7% | −4.2% | 0.9% | 3.0% | 12.9% | 5.1% | 9.5% | 7.9% | 4.7% |
| Income quality (OCF / net income) | 9.27 | 6.64 | 6.04 | 1.67 | 1.69 | 2.88 | 3.62 | 2.57 | 3.92 | 5.19 |
| Financial health | ||||||||||
| Total debt | $19.05B | $16.37B | $14.79B | $13.29B | $11.70B | $11.00B | $10.62B | $8.14B | $7.04B | $6.25B |
| Cash & short-term investments | $158.5M | $155.7M | $222.8M | $141.8M | $255.8M | $205.1M | $193.6M | $165.5M | $925.7M | $236.5M |
| Net debt | $18.89B | $16.21B | $14.56B | $13.15B | $11.45B | $10.79B | $10.42B | $7.98B | $6.12B | $6.01B |
| Debt / equity | — | — | 37.94 | 18.15 | 12.59 | 9.68 | 7.25 | 4.38 | 3.06 | 3.23 |
| Debt / assets | 0.90 | 0.87 | 0.85 | 0.82 | 0.81 | 0.78 | 0.77 | 0.69 | 0.64 | 0.66 |
| Net debt / EBITDA | 8.93 | 8.50 | 9.00 | 7.02 | 6.54 | 7.35 | 7.29 | 5.38 | 5.64 | 6.56 |
| Current ratio | 0.74 | 0.55 | 0.78 | 0.81 | 0.71 | 0.64 | 0.63 | 0.83 | 1.47 | 1.06 |
| Quick ratio | 0.74 | 0.55 | 0.78 | 0.80 | 0.71 | 0.64 | 0.63 | 0.83 | 1.47 | 1.06 |
| Interest coverage | 1.7 | 1.4 | 1.5 | 2.1 | 2.0 | 2.2 | 1.8 | 1.9 | 1.8 | 1.6 |
| Working capital | −$684.5M | −$1.40B | −$500.6M | −$370.4M | −$577.3M | −$725.9M | −$713.2M | −$254.6M | $620.1M | $65.5M |
| Invested capital | $18.25B | $15.99B | $14.95B | $13.88B | $12.38B | $11.93B | $11.89B | $9.83B | $8.42B | $7.95B |
| Tangible asset value | −$7.20B | −$6.59B | −$5.91B | −$5.57B | −$4.72B | −$4.75B | −$4.41B | −$4.09B | −$3.18B | −$3.24B |
| Net current asset value | −$19.83B | −$17.25B | −$15.35B | −$13.86B | −$12.08B | −$11.74B | −$11.12B | −$8.79B | −$6.72B | −$6.44B |
| Graham number | — | — | $4.32 | $10.36 | $10.55 | $10.26 | $10.32 | $13.59 | $11.56 | $8.64 |
| Graham net-net per share | −$68.93 | −$60.15 | −$54.14 | −$49.17 | −$43.11 | −$42.14 | −$40.05 | −$32.07 | −$26.69 | −$27.48 |
| Capital allocation | ||||||||||
| Dividends paid | $919.4M | $789.5M | $737.6M | $724.4M | $718.3M | $716.3M | $704.5M | $673.6M | $440.0M | $505.9M |
| Share buybacks (net) | $36.8M | $12.2M | $0 | $0 | $51.6M | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 635.9% | 438.2% | 400.4% | 130.1% | 159.6% | 209.0% | 263.5% | 185.4% | 239.4% | 482.6% |
| Dividends + buybacks / free cash flow | — | — | — | — | 572.3% | 134.0% | 322.9% | 167.2% | 145.4% | 307.5% |
| Capex / revenue | 32.9% | 30.1% | 24.5% | 17.3% | 13.9% | 10.9% | 17.6% | 12.6% | 10.9% | 10.8% |
| Capex / operating cash flow | 169.5% | 154.9% | 120.8% | 95.2% | 82.3% | 45.9% | 77.4% | 56.9% | 58.0% | 69.8% |
| Capex / depreciation | 2.15 | 2.00 | 1.70 | 1.19 | 0.90 | 0.68 | 1.14 | 0.81 | 0.80 | 0.84 |
| Stock-based compensation / revenue | 2.0% | 1.9% | 1.3% | 1.1% | 1.4% | 0.9% | 0.8% | 0.7% | 0.8% | 0.8% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 14.7% | 21.8% | 22.6% | 22.3% | 22.8% | 22.0% | 23.3% | 23.1% | 23.6% | 24.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 72.3 | 75.7 | 81.1 | 76.4 | 74.0 | 75.3 | 72.7 | 72.7 | 72.5 | 67.0 |
| Days of inventory on hand | — | — | — | 2.0 | — | — | 0.0 | 0.0 | — | 0.0 |
| Days payables outstanding | 49.4 | 82.5 | 78.1 | 69.9 | 70.5 | 71.1 | 64.1 | 61.6 | 55.4 | 51.4 |
| Cash conversion cycle (days) | 22.9 | -6.7 | 3.0 | 8.5 | 3.5 | 4.2 | 8.6 | 11.1 | 17.1 | 15.6 |
| Receivables turnover | 5.05 | 4.82 | 4.50 | 4.78 | 4.93 | 4.85 | 5.02 | 5.02 | 5.04 | 5.45 |
| Payables turnover | 7.38 | 4.43 | 4.67 | 5.22 | 5.18 | 5.13 | 5.70 | 5.93 | 6.59 | 7.10 |
| Inventory turnover | — | — | — | 186.69 | — | — | 1,833,315,000.00 | 3,603,164,000.00 | — | 3,135,554,000.00 |
| Asset turnover | 0.35 | 0.34 | 0.33 | 0.33 | 0.31 | 0.30 | 0.33 | 0.37 | 0.38 | 0.44 |
| Average receivables | $1.37B | $1.28B | $1.22B | $1.07B | $910.4M | $855.0M | $848.8M | $841.3M | $763.5M | $644.4M |
| Average payables | $694.7M | $609.2M | $504.4M | $419.2M | $364.5M | $342.3M | $321.7M | $304.0M | $255.7M | $220.9M |
| Average inventory | — | — | — | $11.7M | — | — | $1 | $0 | $0 | $0 |
| Intangibles / total assets | 31.0% | 34.0% | 36.0% | 39.1% | 39.1% | 41.6% | 42.5% | 50.2% | 50.0% | 54.5% |
Computed from IRM's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
IRM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Iron Mountain traded at 170.9 times earnings, against a 10-year median of 44.5. Based on the latest twelve months, the trailing P/E is 80.4 and the forward P/E is 58.5. Iron Mountain earned a return on invested capital of 5.9% in fiscal 2025. It ended the year with $19.1 billion of debt and $158.5 million in cash and short-term investments, net debt of $18.9 billion. It returned $956.2 million to shareholders: $919.4 million in dividends and $36.8 million in share buybacks. The share count rose 20.4% from 247.3M to 297.8M over 9 years.
See the IRM income statement, the IRM chart for price history, or the IRM stock overview for the latest quote and news.
IRM key metrics FAQ
What is Iron Mountain's P/E ratio?
Iron Mountain's trailing P/E ratio is 80.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 58.5. At the end of fiscal 2025 it was 170.9, compared with a 10-year median of 44.5.
What is Iron Mountain's EV/EBITDA?
Iron Mountain's enterprise value was 20.6 times EBITDA at the end of fiscal 2025 (enterprise value $43.6 billion, EBITDA $2.1 billion); the current EV/EBITDA is 21.3.
What is Iron Mountain's ROIC?
Iron Mountain's return on invested capital was 5.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Iron Mountain have?
Iron Mountain had total debt of $19.1 billion at the end of fiscal 2025 and $18.9 billion of net debt (8.93 times EBITDA).
What is Iron Mountain's dividend yield?
Iron Mountain's forward dividend yield is 3.08%. Iron Mountain paid $919.4 million in dividends in fiscal 2025 ($3.09 per share), a payout ratio of 635.9%.
Does Iron Mountain buy back its shares?
Yes. Iron Mountain spent $36.8 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.5% over the year, to 297.8M..
What is Iron Mountain's free cash flow yield?
Iron Mountain generated -$931.6 million of free cash flow in fiscal 2025, a free cash flow yield of −3.8% on its market value at year-end ($24.7 billion).
What is Iron Mountain's current ratio?
Iron Mountain's current ratio was 0.74 at the end of fiscal 2025: current assets were 0.74 times current liabilities.