Iron Mountain
ConvictionModerate
Recurring storage-rental annuity (per-box, multi-decade retention, contractual annual price escalators) plus services (shredding, digitization, ALM) and a capital-intensive colocation data center development platform leased to enterprises and hyperscalers.
Revenue
$6.9B FY2025+12.2% YoY); FY2026 guide raised to $7.825-7.925B after Q1 2026Rev growth
+12.2% FY2025Q1 2026 +21.6% YoY reported (organic +17.2%); ~14% at FY2026 guide midpointGross margin
not disclosed as a single company-wide figurestorage-rental carries structurally high (~70%+) gross margins vs lower-margin servicesOp margin
~16.8% FY2025GAAP operating income $1.164B on $6.9B revenue); Adjusted EBITDA margin 37.3%Capex intensity
high and rising — recurring/maintenance capex ~$147M FY2025but total capex (incl. data center growth build) runs well above $1.5B and is dominated by the deliberate, capital-intensive DC programMarket cap
~$35BNYSE: IRM; ~$34.9B on ~297.5M shares at ~$117, early Jul 2026The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
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- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence