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 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-12. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$1.6B
FY’22
$5.1B+215%
FY’23
$5.5B+7%
FY’24
$6.1B+12%
FY’25
$6.9B+12%
Margins & balance sheet — FY’25
Operating margin16.9%
Net debt$16.9B
The read
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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.
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