ALTSTATION.IO

Iron Mountain Incorporated (IRM) Stock Analysis

By Nova Skye | AltStation.io | Updated October 22, 2026

Price

$115.29

Change

+1.97%

Market Cap

$34.32B

Avg Volume

1.6M

Company Overview

Iron Mountain Incorporated (IRM) operates as a specialty real estate investment trust (REIT) headquartered in Portsmouth, New Hampshire. Founded in 1951, the company provides physical records storage, information management, information security, asset lifecycle management, and data center colocation. Its business relies on enterprise scale, serving more than 240,000 customers across 61 countries, including approximately 95% of the Fortune 1000. They generate revenue by securing physical assets and records while leasing out high-security digital and data infrastructure to corporate clients.

Iron Mountain dominates physical document storage as the undisputed market leader, but it operates as an ambitious challenger in the data center space against pure-play giants like Equinix and Digital Realty. Its primary competitive edge is an entrenched global customer base with exceptionally sticky revenue and high switching costs. The structural risk is secular digitization: physical paper storage faces long-term volume pressure, forcing the company to compete aggressively on power availability, location, and rental rates in the crowded colocation sector.

The company is executing a deliberate strategic pivot from legacy physical warehousing toward high-demand digital transformation and data center capacity. Data centers and asset lifecycle management serve as its primary growth drivers, fueled by enterprise demand for cloud migration and AI infrastructure. By cross-selling high-margin digital solutions directly into its existing Fortune 1000 relationships, Iron Mountain is repositioning a slow-growth legacy REIT into a modern digital infrastructure platform.

Key Financials

Market Cap

$34.32B

Revenue

$7.56B

EBITDA

$2.55B

Gross Margin

54.2%

Profit Margin

5.5%

Revenue Growth

18.5%

Total Cash

$204.79M

Total Debt

$19.95B

Free Cash Flow

-$436.09M

52-Week Price Performance Analysis

Price Statistics

P/E Ratio

82.35

Forward P/E

42.24

Beta

1.19

52-Week High

$134.68

52-Week Low

$77.77

EPS

$1.40

50-Day Avg

$116.47

200-Day Avg

$114.20

Price/Book

-26.79

Technical Analysis

IRM trades at $115.29, 67% of the way from its $76.03 52-week low to its $133.64 high. The stock is 14.16% below that high but remains 50.89% above the low. Price sits 1.49% above the 20-day moving average of $113.03, while five-day momentum is positive at 3.48%. The 20-day momentum reading is still slightly negative at 0.32%, so the broader short-term trend is less convincing. Near-term support is $110.86, while $118.13 is the resistance level buyers need to clear.

Recent News and Developments

Iron Mountain sets November 5 earnings date

Iron Mountain will release third-quarter 2026 results before the market opens on November 5. Management will hold its earnings call at 8:30 a.m. Eastern the same day. Source: Iron Mountain Investor Relations

IRM rebounds 1.35% on October 20

IRM closed at $113.06 on October 20, up 1.35% after falling 0.85% on October 19. The stock traded between $110.80 and $115.00 during the October 20 session. Source: StockScan

Analysts remain heavily bullish on IRM

As of October 16, 11 of the 13 brokers tracked by Earnings Whispers rated IRM a buy, versus one hold and one sell. That puts the net buy rating at 77%, with no fresh upgrade or downgrade identified during the week. Source: Earnings Whispers

Market Sentiment and Analyst Recommendations

Bull Case

Revenue is growing 18.5%, which is the strongest fundamental reason to own IRM. The company generated $7.56 billion in revenue and carries a $34.32 billion market capitalization. Analysts remain bullish, with 11 analysts assigning a buy recommendation. The consensus target is $144.00, with estimates ranging from $132.00 to $155.00, all above the current $115.29 price. The stock is also above its $113.03 20-day moving average, supported by 3.48% momentum over the past five trading days. The bull case is simple: strong revenue growth, broad analyst support, and targets above the current price give buyers a credible path higher.

Bear Case

The 82.35 P/E ratio leaves little room for disappointing results. Total debt stands at $19.95 billion against only $204.79 million in cash, creating a major balance-sheet risk. The stock has already climbed 50.89% from its 52-week low, so buyers are not entering after a washed-out decline. Twenty-day momentum is negative at 0.32%, showing that the recent 3.48% five-day gain has not established a stronger trend. IRM also remains below the $118.13 near-term resistance level and 14.16% under its 52-week high. At this valuation and debt level, continued revenue growth is essential; weak growth would make the stock difficult to defend.

What to Watch

Iron Mountain will report third-quarter 2026 results before the market opens on November 5, followed by an 8:30 a.m. Eastern earnings call. Revenue growth is the key metric because the current rate is 18.5% and the stock trades at 82.35 times earnings. Investors should also watch whether total debt remains near $19.95 billion and whether cash improves from $204.79 million. On the chart, a move above $118.13 would clear the current 30-day high, while a break below $110.86 would violate near-term support. The $113.03 20-day moving average is another useful dividing line for short-term momentum. Analyst positioning also matters: 11 of 13 brokers tracked as of October 16 rated IRM a buy, with one hold and one sell. The thesis strengthens if growth holds and price clears resistance; it weakens if growth slows while the stock loses support.

Analyst Consensus

BUY

Based on 11 analyst opinions

Low Target

$132.00

Mean Target

$144.00

High Target

$155.00

Earnings and Financial Data

Sector

Real Estate

Industry

REIT – Specialty

Employees

29,400

Earnings & Dividends

Next Earnings

Nov 05, 2026

EPS (Trailing)

$1.40

Dividend Yield

306.0%

Payout Ratio

241.2%

Frequently Asked Questions

Is IRM a good stock to buy?

The available recommendation is buy, based on 11 analysts, and revenue growth is 18.5%. The 82.35 P/E and $19.95 billion in debt make it a growth-dependent buy rather than a low-risk one.

What is IRM’s price target?

The analyst target is $144.00, with a range from $132.00 to $155.00. The takeaway is that every listed target is above the current $115.29 price.

Is IRM stock overvalued?

IRM trades at a P/E ratio of 82.35 while revenue is growing 18.5%. The takeaway is that the valuation is expensive and requires continued growth.

What are IRM’s support and resistance levels?

Near-term support is the 30-day low of $110.86, and near-term resistance is the 30-day high of $118.13. The takeaway is that these are the immediate levels that define the current trading range.

How much debt does Iron Mountain have?

Iron Mountain has $19.95 billion in total debt and $204.79 million in total cash. The takeaway is that debt is a central risk investors need to monitor.

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Disclaimer: This report is for informational purposes only and does not constitute financial advice. The analysis and opinions expressed are those of AltStation.io and should not be relied upon as the sole basis for investment decisions. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results. Updated October 22, 2026.