# Iron Mountain Inc. (IRM) — Stock CV

Iron Mountain Inc. is a $34.1B real estate company. Revenue grew 17.4% over the last year, it keeps 6¢ of every dollar of sales as profit, and it carries $16.3B of net debt. It trades at 81.4× earnings — around the middle of its own history.

> Iron Mountain Inc is an information management services provider organized and operated as a real estate investment trust. The company offers solutions to its clients to address their information management, digital transformation, information security, data center, and asset lifecycle management (ALM) needs.

## Identity

- **Ticker**: IRM
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: PORTSMOUTH, NH
- **Employees**: 29 400
- **Website**: https://www.ironmountain.com
- **Market cap**: $34.1B
- **Last price**: $114.51
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $7.56B
- **Net income**: $419M
- **Free cash flow**: -$491M
- **Net debt**: $16.3B
- **P/E**: 81.4
- **Revenue growth (YoY)**: 17.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 45 |
| Profitability | 63 |
| Health | 9 |
| Quality | 65 |
| Moat | 22 |

## Qualifications (beginner checklist) — 6 of 11 passed

- [x] Revenue growing — +17.4% YoY
- [x] Profitable — $419M TTM
- [ ] Profit growing — -36.6% YoY
- [ ] Generates cash — -$491M TTM
- [ ] Debt under control — current ratio 0.73
- [x] Established company — $34.1B market cap
- [x] Not printing shares — +3.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 9/100
- [x] Pays a dividend — yield 2.92%
- [ ] Valuation not extreme — P/E 81.4

## Experience (career milestones)

- **FY2022** — Best year on record: $557M net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $3.51B in first reported year
- **2016** — At the end of March 2016, the Australian Competition & Consumer Commission released a statement saying it would not…
- **2015** — At the end of April 2015, Iron Mountain announced it would acquire Australian data protection services provider…
- **2012** — Iron Mountain expanded its high-security storage facility business through the acquisition of three…
- **2005** — Iron Mountain Digital bought LiveVault, a provider of online backup software for server data
- **2004** — Iron Mountain formed a digital assets division called "Iron Mountain Digital", following the acquisition of…
- **2000** — Iron Mountain Incorporated announced the completion of its acquisition of Pierce Leahy Corp
- **1998** — Iron Mountain made its first overseas acquisition by buying British Data Management, Ltd
- **1997** — Iron Mountain became a leading software escrow company with the acquisition of Data Securities…
- **Jan 31, 1996** — The firm went public on January 31, 1996
- **1951** — The company was originally founded in 1951 as Iron Mountain Atomic Storage Corporation

## Strengths

- High gross margin (63.8%)
- Revenue growing 17.4% year over year

## Watch-outs

- Negative free cash flow (-$490.9M)
- Thin interest coverage (1.2×)

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.49B | $450M | $148M |
| FY2022 | $5.10B | $557M | $52.3M |
| FY2023 | $5.48B | $184M | -$226M |
| FY2024 | $6.15B | $180M | -$595M |
| FY2025 | $6.90B | $145M | -$932M |

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Source: https://stockcv.com/IRM — derived from company filings; may be delayed or incomplete. Information, not investment advice.