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Iron Mountain (IRM) Financials

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$129.62 +0.78 (+0.61%)
As of 03:49 PM Eastern
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Annual Income Statements for Iron Mountain

Annual Income Statements for Iron Mountain

This table shows Iron Mountain's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 123 105 170 354 267 343 450 557 184 180 145
Consolidated Net Income / (Loss)		 125 107 172 355 268 343 453 562 187 184 152
Net Income / (Loss) Continuing Operations		 125 104 178 368 268 343 453 562 187 184 152
Total Pre-Tax Income 		162 147 201 410 328 373 629 632 227 245 211
Total Operating Income		 525 502 634 808 781 935 854 1,050 922 1,010 1,164
Total Gross Profit		 1,718 1,944 2,181 2,432 2,429 2,390 2,604 2,914 3,122 3,453 3,822
Total Revenue		 3,008 3,511 3,846 4,226 4,263 4,147 4,492 5,104 5,480 6,150 6,902
Operating Revenue		 3,008 3,511 3,846 4,226 4,263 4,147 4,492 5,104 5,480 6,150 6,902
Total Cost of Revenue		 1,290 1,568 1,665 1,794 1,833 1,757 1,887 2,189 2,358 2,697 3,079
Operating Cost of Revenue		 1,290 1,568 1,665 1,794 1,833 1,757 1,887 2,189 2,358 2,697 3,079
Total Operating Expenses		 1,193 1,442 1,547 1,624 1,648 1,455 1,750 1,865 2,201 2,444 2,658
Selling, General & Admin Expense		 845 988 937 1,007 992 949 1,023 1,141 1,236 1,340 1,394
Depreciation Expense		 345 452 522 640 658 652 680 728 776 901 1,024
Other Operating Expenses / (Income)		 - - 85 51 13 0.00 13 48 26 36 20
Impairment Charge		 3.00 1.41 2.25 -74 -64 -341 -172 -93 -13 6.20 25
Restructuring Charge		 - - 0.00 0.00 49 194 206 42 175 161 196
Total Other Income / (Expense), net		 -362 -355 -433 -398 -453 -562 -225 -418 -695 -765 -953
Interest & Investment Income		 - - - - - - - -488 -586 -722 -829
Other Income / (Expense), net		 -99 -44 -79 12 -34 -144 193 70 -109 -43 -123
Income Tax Expense		 38 45 23 43 60 30 176 69 40 61 59
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.96 2.41 1.61 1.20 0.94 0.40 2.51 5.17 3.03 3.51 7.66
Basic Earnings per Share		 $0.58 $0.43 $0.64 $1.24 $0.93 $1.19 $1.56 $1.92 $0.63 $0.61 $0.49
Weighted Average Basic Shares Outstanding		 210.76M 246.18M 265.90M 285.91M 286.97M 288.18M 289.46M 290.81M 291.94M 293.37M 295.40M
Diluted Earnings per Share		 $0.58 $0.42 $0.64 $1.23 $0.93 $1.19 $1.55 $1.90 $0.63 $0.61 $0.49
Weighted Average Diluted Shares Outstanding		 212.12M 247.27M 266.84M 286.65M 287.69M 288.64M 290.98M 292.44M 293.97M 296.23M 297.82M
Weighted Average Basic & Diluted Shares Outstanding		 212.50M 243.80M 266.40M 285.40M 287.50M 288.42M 289.83M 290.90M 292.28M 293.74M 295.84M

Quarterly Income Statements for Iron Mountain

This table shows Iron Mountain's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 91 28 74 36 -34 104 16 -45 84 89 144
Consolidated Net Income / (Loss)		 91 29 77 35 -34 106 16 -43 86 93 149
Net Income / (Loss) Continuing Operations		 91 29 77 35 -34 106 16 -43 86 93 149
Total Pre-Tax Income 		101 38 94 48 -21 124 31 -27 103 104 176
Total Operating Income		 238 231 246 230 251 282 254 260 309 341 395
Total Gross Profit		 796 819 824 858 879 892 882 957 962 1,021 1,046
Total Revenue		 1,388 1,420 1,477 1,534 1,557 1,581 1,593 1,712 1,754 1,843 1,936
Operating Revenue		 1,388 1,420 1,477 1,534 1,557 1,581 1,593 1,712 1,754 1,843 1,936
Total Cost of Revenue		 592 601 653 676 678 689 710 755 792 823 890
Operating Cost of Revenue		 592 601 653 676 678 689 710 755 792 823 890
Total Operating Expenses		 558 588 578 628 628 610 628 697 654 680 651
Selling, General & Admin Expense		 315 315 319 345 342 333 330 390 335 338 373
Depreciation Expense		 199 200 210 225 232 235 232 253 262 278 268
Other Operating Expenses / (Income)		 9.91 13 7.81 9.50 11 7.27 5.82 4.82 5.40 3.51 2.92
Impairment Charge		 -4.42 6.16 0.39 2.79 5.09 -2.07 5.57 -0.96 3.37 17 7.59
Restructuring Charge		 39 54 41 47 37 37 55 50 47 43 0.00
Total Other Income / (Expense), net		 -137 -193 -152 -182 -272 -158 -223 -287 -206 -237 -219
Interest & Investment Income		 -153 - -165 -177 -186 - -195 -205 -210 -220 -224
Other Income / (Expense), net		 16 -41 13 -5.83 -86 36 -28 -82 3.99 -17 4.71
Income Tax Expense		 9.91 9.02 17 13 12 19 15 16 17 11 27
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.35 0.71 2.96 -1.16 -0.05 1.75 0.28 1.58 1.95 3.85 5.33
Basic Earnings per Share		 $0.31 $0.10 $0.25 $0.12 ($0.11) $0.35 $0.05 ($0.15) $0.28 $0.31 $0.48
Weighted Average Basic Shares Outstanding		 292.15M 291.94M 292.75M 293.34M 293.60M 293.37M 294.51M 295.36M 295.77M 295.40M 296.85M
Diluted Earnings per Share		 $0.31 $0.10 $0.25 $0.12 ($0.11) $0.35 $0.05 ($0.15) $0.28 $0.31 $0.48
Weighted Average Diluted Shares Outstanding		 294.27M 293.97M 295.22M 295.84M 293.60M 296.23M 297.26M 295.36M 297.98M 297.82M 298.83M
Weighted Average Basic & Diluted Shares Outstanding		 291.99M 292.28M 293.13M 293.34M 293.46M 293.74M 295.04M 295.35M 295.59M 295.84M 297.52M
Cash Dividends to Common per Share		 $0.65 - $0.65 - - - $0.79 - - - $0.86

Annual Cash Flow Statements for Iron Mountain

This table details how cash moves in and out of Iron Mountain's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -31 108 662 -736 28 12 51 -114 81 -67 2.82
Net Cash From Operating Activities		 542 544 721 936 967 988 759 928 1,114 1,197 1,340
Net Cash From Continuing Operating Activities		 542 541 724 937 967 988 759 928 1,114 1,197 1,340
Net Income / (Loss) Continuing Operations		 125 104 178 368 268 343 453 562 187 184 152
Consolidated Net Income / (Loss)		 125 107 172 355 268 343 453 562 187 184 152
Depreciation Expense		 301 366 406 453 456 448 465 479 526 629 731
Amortization Expense		 53 112 142 219 232 232 241 275 274 303 332
Non-Cash Adjustments To Reconcile Net Income		 113 71 122 -59 -34 -156 -297 -80 202 195 233
Changes in Operating Assets and Liabilities, net		 -51 -111 -125 -43 8.13 121 -103 -308 -76 -114 -108
Net Cash From Investing Activities		 -457 -536 -599 -2,222 -731 -85 -473 -1,660 -1,444 -2,137 -2,574
Net Cash From Continuing Investing Activities		 -457 -633 -599 -2,230 -736 -85 -473 -1,660 -1,444 -2,137 -2,574
Purchase of Property, Plant & Equipment		 -290 -329 -343 -460 -693 -438 -611 -875 -1,339 -1,792 -2,272
Acquisitions		 -146 -324 -275 -64 -124 -141 -289 -885 -64 -251 -220
Sale of Property, Plant & Equipment		 2.27 7.98 9.34 86 166 565 278 170 54 18 14
Other Investing Activities, net		 -23 -19 -20 -35 -86 -71 -66 -70 -95 -113 -96
Net Cash From Financing Activities		 -109 125 540 551 -199 -887 -221 639 426 877 1,268
Net Cash From Continuing Financing Activities		 -109 125 540 551 -199 -887 -221 639 426 877 1,268
Repayment of Debt		 -686 -14,851 -16,177 -14,192 -14,535 -11,572 -5,161 -11,603 -18,225 -14,509 -16,016
Repurchase of Common Equity		 -14 -19 -15 -16 -5.75 0.00 -75 -4.52 -0.40 -35 0.00
Payment of Dividends		 -409 -508 -444 -676 -706 -719 -721 -727 -742 -792 -932
Issuance of Debt		 985 15,470 16,574 15,352 15,047 11,404 5,710 12,950 19,376 16,153 18,400
Issuance of Common Equity		 15 33 602 8.72 1.03 0.32 26 29 25 231 93
Other Financing Activities, net		 0.33 0.00 0.00 75 - - - -4.85 -8.75 -171 -277
Effect of Exchange Rate Changes		 -8.02 -25 - - - -4.01 -14 -21 -14 -3.77 -31
Cash Interest Paid		 260 297 368 388 395 390 428 483 512 771 825
Cash Income Taxes Paid		 42 70 104 64 62 43 130 100 90 91 122

Quarterly Cash Flow Statements for Iron Mountain

This table details how cash moves in and out of Iron Mountain's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 21 52 -31 -47 24 -13 -0.38 63 -23 -37 92
Net Cash From Operating Activities		 220 447 130 382 253 432 197 375 268 500 339
Net Cash From Continuing Operating Activities		 220 447 130 382 253 432 197 372 271 500 339
Net Income / (Loss) Continuing Operations		 91 29 77 35 -34 106 16 -43 86 93 149
Consolidated Net Income / (Loss)		 91 29 77 35 -34 106 16 -43 86 93 149
Depreciation Expense		 133 139 144 159 164 162 162 181 189 198 192
Amortization Expense		 73 67 73 73 76 80 79 81 83 89 85
Non-Cash Adjustments To Reconcile Net Income		 0.48 74 9.34 50 128 7.41 52 85 36 59 45
Changes in Operating Assets and Liabilities, net		 -78 139 -173 65 -81 76 -112 68 -124 60 -133
Net Cash From Investing Activities		 -390 -409 -526 -434 -482 -695 -767 -584 -617 -606 -531
Net Cash From Continuing Investing Activities		 -390 -409 -526 -434 -482 -695 -767 -584 -617 -606 -531
Purchase of Property, Plant & Equipment		 -362 -377 -381 -397 -396 -618 -675 -557 -524 -516 -518
Acquisitions		 -18 -7.99 -125 -11 -57 -61 -61 -27 -78 -54 -4.23
Sale of Property, Plant & Equipment		 9.34 8.81 5.61 0.32 0.43 12 0.19 9.91 2.77 0.77 4.32
Other Investing Activities, net		 -19 -33 -25 -27 -30 -28 -31 -10 -18 -36 -14
Net Cash From Financing Activities		 194 22 362 7.19 270 238 579 304 318 67 271
Net Cash From Continuing Financing Activities		 194 22 362 7.19 270 238 579 304 318 67 271
Repayment of Debt		 374 -18,193 -1,731 2,671 315 -15,763 -2,281 -5,075 -5,399 -3,260 -3,920
Payment of Dividends		 -182 -191 -199 -191 -192 -211 -226 -232 -235 -239 -276
Issuance of Debt		 - 18,386 2,479 -2,479 - 16,153 3,390 5,601 5,946 3,463 4,575
Other Financing Activities, net		 1.98 5.05 -188 7.35 3.37 6.49 -304 11 6.71 9.15 -108
Effect of Exchange Rate Changes		 -3.52 -7.43 2.34 -2.63 -16 13 -9.74 -32 8.76 2.56 14
Cash Interest Paid		 200 42 275 108 261 126 267 119 325 113 342
Cash Income Taxes Paid		 28 15 19 24 25 23 28 32 30 32 26

Annual Balance Sheets for Iron Mountain

This table presents Iron Mountain's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 6,351 9,487 10,972 11,857 13,817 14,149 14,450 16,141 17,474 18,717 21,125
Total Current Assets		 858 1,112 1,950 1,208 1,236 1,270 1,441 1,547 1,736 1,691 1,935
Cash & Equivalents		 128 236 926 165 194 205 256 142 223 156 159
Accounts Receivable		 564 691 836 847 851 859 961 1,175 1,260 1,291 1,444
Prepaid Expenses		 143 184 189 196 192 205 224 230 253 244 333
Plant, Property, & Equipment, net		 2,497 3,083 3,418 4,490 4,623 4,502 4,668 5,115 6,315 7,632 9,546
Plant, Property & Equipment, gross		 4,744 5,536 6,251 7,601 8,049 8,246 8,647 9,026 10,374 11,986 14,457
Accumulated Depreciation		 2,247 2,452 2,833 3,111 3,426 3,744 3,979 3,910 4,059 4,354 4,911
Total Noncurrent Assets		 2,996 5,291 5,604 6,160 7,957 8,377 8,341 9,478 9,423 9,394 9,644
Noncurrent Note & Lease Receivables		 - - - 0.00 1,869 2,197 2,314 2,584 2,696 2,490 2,465
Goodwill		 2,361 3,905 4,070 4,441 4,485 4,558 4,464 4,883 5,018 5,084 5,286
Intangible Assets		 603 1,253 1,401 1,507 1,393 1,327 1,181 1,423 1,280 1,275 1,270
Other Noncurrent Operating Assets		 31 134 134 212 210 296 382 588 430 546 623
Total Liabilities & Shareholders' Equity		 6,351 9,487 10,972 11,857 13,817 14,149 14,450 16,141 17,474 18,717 21,125
Total Liabilities		 5,822 7,495 8,582 9,924 12,285 12,953 13,521 15,409 17,084 18,944 21,770
Total Current Liabilities		 842 1,047 1,330 1,491 1,950 1,996 2,019 1,918 2,236 3,087 2,619
Short-Term Debt		 88 173 146 126 389 194 309 88 121 715 216
Accounts Payable		 220 222 289 319 1,286 1,506 369 469 540 679 711
Accrued Expenses		 351 450 653 781 - - 1,033 1,032 1,250 1,367 1,291
Current Deferred Revenue		 183 201 242 265 274 296 307 329 326 327 402
Total Noncurrent Liabilities		 4,980 6,449 7,252 8,433 10,335 10,957 11,502 13,491 14,848 15,856 19,150
Long-Term Debt		 4,758 6,078 6,897 8,016 8,276 8,510 8,963 10,481 11,813 13,004 16,216
Noncurrent Deferred & Payable Income Tax Liabilities		 55 151 156 184 188 198 224 263 235 205 184
Other Noncurrent Operating Liabilities		 72 100 73 111 1,872 2,249 2,316 2,747 2,800 2,647 2,751
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 55 91 71 68 60 72 95 178 78 64
Total Equity & Noncontrolling Interests		 529 1,937 2,299 1,862 1,464 1,137 857 637 212 -305 -709
Total Preferred & Common Equity		 509 1,937 2,297 1,861 1,464 1,137 856 637 212 -503 -981
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 509 1,937 2,297 1,861 1,464 1,137 856 637 212 -503 -981
Common Stock		 1,626 3,492 4,167 4,266 4,301 4,343 4,415 4,471 4,537 4,650 4,793
Accumulated Other Comprehensive Income / (Loss)		 -175 -213 -104 -266 -263 -256 -338 -442 -371 -570 -369
Other Equity Adjustments		 -942 -1,343 -1,766 -2,139 -2,575 -2,950 -3,221 -3,392 -3,954 -4,583 -5,405
Noncontrolling Interest		 20 0.12 1.40 1.41 0.27 0.00 1.12 0.13 0.13 198 272

Quarterly Balance Sheets for Iron Mountain

This table presents Iron Mountain's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 16,679 16,877 17,474 17,830 17,967 18,470 18,717 19,362 20,177 20,633 21,487
Total Current Assets		 1,611 1,617 1,736 1,735 1,714 1,719 1,691 1,750 1,897 1,881 2,043
Cash & Equivalents		 149 171 223 192 144 169 156 155 218 195 251
Accounts Receivable		 1,182 1,168 1,260 1,268 1,274 1,243 1,291 1,312 1,387 1,371 1,425
Prepaid Expenses		 280 279 253 275 296 307 244 283 292 314 368
Plant, Property, & Equipment, net		 5,603 5,891 6,315 6,538 6,793 7,195 7,632 8,249 8,775 9,138 9,839
Plant, Property & Equipment, gross		 9,547 9,878 10,374 10,647 10,977 11,549 11,986 12,758 13,501 13,976 14,862
Accumulated Depreciation		 3,943 3,986 4,059 4,109 4,184 4,354 4,354 4,509 4,726 4,838 5,023
Total Noncurrent Assets		 9,464 9,368 9,423 9,556 9,460 9,556 9,394 9,363 9,505 9,614 9,605
Noncurrent Note & Lease Receivables		 2,671 2,621 2,696 2,678 2,593 2,591 2,490 2,387 2,415 2,455 2,451
Goodwill		 4,928 4,938 5,018 5,107 5,100 5,198 5,084 5,142 5,230 5,270 5,275
Intangible Assets		 1,349 1,353 1,280 1,331 1,284 1,277 1,275 1,267 1,245 1,254 1,231
Other Noncurrent Operating Assets		 516 457 430 440 483 490 546 567 615 636 648
Total Liabilities & Shareholders' Equity		 16,679 16,877 17,474 17,830 17,967 18,470 18,717 19,362 20,177 20,633 21,487
Total Liabilities		 16,158 16,451 17,084 17,632 17,915 18,502 18,944 19,786 20,669 21,241 22,361
Total Current Liabilities		 2,063 1,991 2,236 2,029 2,158 2,306 3,087 2,841 2,999 2,856 2,658
Short-Term Debt		 103 108 121 119 125 137 715 737 778 699 217
Accounts Payable		 482 448 540 525 528 587 679 708 651 658 783
Accrued Expenses		 1,142 1,109 1,250 1,052 1,175 1,288 1,367 1,063 1,228 1,151 1,272
Current Deferred Revenue		 336 325 326 333 330 295 327 333 342 347 386
Total Noncurrent Liabilities		 14,096 14,460 14,848 15,603 15,757 16,195 15,856 16,945 17,670 18,385 19,704
Long-Term Debt		 11,144 11,548 11,813 12,589 12,814 13,245 13,004 14,177 14,818 15,494 16,886
Noncurrent Deferred & Payable Income Tax Liabilities		 273 274 235 233 231 233 205 205 221 218 180
Other Noncurrent Operating Liabilities		 2,678 2,638 2,800 2,781 2,711 2,716 2,647 2,563 2,631 2,673 2,637
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 104 163 178 179 185 71 78 78 77 75 64
Total Equity & Noncontrolling Interests		 416 263 212 19 -133 -102 -305 -502 -569 -683 -938
Total Preferred & Common Equity		 416 263 212 19 -133 -259 -503 -699 -767 -882 -1,215
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 416 263 212 19 -133 -259 -503 -699 -767 -882 -1,215
Common Stock		 4,491 4,511 4,537 4,522 4,559 4,605 4,650 4,613 4,684 4,734 4,720
Accumulated Other Comprehensive Income / (Loss)		 -382 -458 -371 -429 -461 -389 -570 -502 -364 -379 -403
Other Equity Adjustments		 -3,693 -3,791 -3,954 -4,074 -4,231 -4,476 -4,583 -4,809 -5,087 -5,237 -5,533
Noncontrolling Interest		 0.13 0.13 0.13 0.13 0.13 157 198 196 199 199 277

Annual Metrics And Ratios for Iron Mountain

This table displays calculated financial ratios and metrics derived from Iron Mountain's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.52% 16.74% 9.52% 9.89% 0.87% -2.71% 8.30% 13.63% 7.38% 12.22% 12.23%
EBITDA Growth		 -7.64% 19.77% 17.99% 35.19% -3.71% 2.40% 19.19% 6.88% -13.89% 17.65% 10.85%
EBIT Growth		 -12.01% 7.36% 21.28% 47.84% -8.84% 5.86% 32.32% 6.94% -27.38% 18.81% 7.70%
NOPAT Growth		 -48.96% -13.57% 61.44% 28.92% -11.80% 34.74% -28.56% 51.98% -18.69% -0.20% 10.66%
Net Income Growth		 -61.92% -14.35% 60.14% 106.80% -24.45% 27.87% 31.95% 24.17% -66.69% -1.92% -17.10%
EPS Growth		 -65.06% -27.59% 52.38% 92.19% -24.39% 27.96% 30.25% 22.58% -66.84% -3.17% -19.67%
Operating Cash Flow Growth		 14.55% 0.39% 32.56% 29.76% 0.00% 0.00% -23.16% 22.24% 20.04% 7.47% 11.97%
Free Cash Flow Firm Growth		 -0.44% -599.25% 102.48% -1,233.73% 180.48% 114.03% -68.86% -176.71% 35.09% -164.07% -203.55%
Invested Capital Growth		 -1.52% 52.62% 6.27% 16.48% 0.93% -3.08% 2.59% 12.20% 8.43% 10.22% 17.18%
Revenue Q/Q Growth		 -0.84% 5.46% 1.51% 1.69% 0.43% 17.77% -10.83% 2.40% 2.64% 2.70% 3.94%
EBITDA Q/Q Growth		 -0.53% 10.93% -2.15% 14.80% -6.04% 14.19% -8.09% 6.16% -4.86% 9.59% 2.46%
EBIT Q/Q Growth		 -0.33% 11.70% -6.49% 25.40% -11.90% 31.47% -13.18% 8.80% -9.95% 15.37% 0.53%
NOPAT Q/Q Growth		 -7.59% 39.79% 0.24% 19.10% -13.25% 65.41% -29.95% 7.78% -5.34% 17.08% 6.44%
Net Income Q/Q Growth		 -5.63% 68.48% -19.56% 68.65% -30.04% 157.11% -29.04% 12.89% -34.00% 71.37% -7.62%
EPS Q/Q Growth		 -6.45% 82.61% -15.79% 66.22% -29.01% 0.00% 0.00% 12.43% -33.68% 69.44% -7.55%
Operating Cash Flow Q/Q Growth		 10.30% -15.58% 12.62% 13.17% 0.00% 0.00% -7.88% 8.39% 7.72% -1.29% 5.38%
Free Cash Flow Firm Q/Q Growth		 331.80% 5.72% -51.85% 30.78% -31.29% 74.90% -50.10% 87.93% -108.72% 23.12% -2.25%
Invested Capital Q/Q Growth		 0.20% -0.46% 0.34% -1.55% -0.05% -1.68% -0.63% -15.39% 1.58% 1.18% 1.55%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 57.11% 55.35% 56.71% 57.55% 56.99% 57.63% 57.98% 57.11% 56.98% 56.15% 55.38%
EBITDA Margin		 25.95% 26.63% 28.69% 35.29% 33.69% 35.46% 39.02% 36.71% 29.44% 30.86% 30.48%
Operating Margin		 17.44% 14.28% 16.49% 19.13% 18.33% 22.54% 19.02% 20.57% 16.82% 16.42% 16.86%
EBIT Margin		 14.16% 13.02% 14.42% 19.40% 17.53% 19.08% 23.31% 21.94% 14.84% 15.71% 15.08%
Profit (Net Income) Margin		 4.16% 3.05% 4.47% 8.40% 6.29% 8.27% 10.08% 11.01% 3.42% 2.99% 2.21%
Tax Burden Percent		 77.25% 73.12% 85.44% 86.55% 81.77% 92.06% 71.97% 89.00% 82.42% 75.11% 72.09%
Interest Burden Percent		 38.05% 32.07% 36.24% 50.04% 43.90% 47.10% 60.08% 56.41% 27.94% 25.31% 20.30%
Effective Tax Rate		 23.27% 30.65% 11.43% 10.42% 18.26% 7.94% 28.03% 11.00% 17.58% 24.89% 27.91%
Return on Invested Capital (ROIC)		 7.61% 5.25% 6.80% 7.86% 6.41% 8.74% 6.26% 8.85% 6.53% 5.96% 5.79%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.57% 0.77% 0.37% 2.63% 1.91% 2.64% 4.41% 5.03% 1.36% 1.41% 1.19%
Return on Net Nonoperating Assets (RNNOA)		 10.29% 3.26% 1.04% 8.57% 9.07% 16.41% 36.33% 58.82% 26.86% 219.10% -40.74%
Return on Equity (ROE)		 17.90% 8.51% 7.84% 16.43% 15.49% 25.15% 42.59% 67.67% 33.39% 225.06% -34.94%
Cash Return on Invested Capital (CROIC)		 9.14% -36.41% 0.72% -7.37% 5.48% 11.87% 3.71% -2.65% -1.56% -3.76% -10.03%
Operating Return on Assets (OROA)		 6.62% 5.78% 5.42% 7.18% 5.82% 5.66% 7.32% 7.32% 4.84% 5.34% 5.22%
Return on Assets (ROA)		 1.95% 1.35% 1.68% 3.11% 2.09% 2.45% 3.17% 3.68% 1.11% 1.02% 0.76%
Return on Common Equity (ROCE)		 17.48% 8.26% 7.57% 15.80% 14.86% 23.97% 39.92% 60.79% 25.25% -401.91% -59.51%
Return on Equity Simple (ROE_SIMPLE)		 24.61% 5.54% 7.47% 19.08% 18.33% 30.18% 52.89% 88.30% 88.48% -36.51% 0.00%
Net Operating Profit after Tax (NOPAT)		 402 348 562 724 639 861 615 934 760 758 839
NOPAT Margin		 13.38% 9.91% 14.60% 17.13% 14.98% 20.75% 13.69% 18.31% 13.86% 12.33% 12.16%
Net Nonoperating Expense Percent (NNEP)		 6.04% 4.48% 6.43% 5.23% 4.50% 6.10% 1.85% 3.83% 5.17% 4.55% 4.60%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 8.34% 6.26% 5.65% 5.34%
Cost of Revenue to Revenue		 42.89% 44.65% 43.29% 42.45% 43.01% 42.37% 42.02% 42.89% 43.02% 43.85% 44.62%
SG&A Expenses to Revenue		 28.09% 28.15% 24.37% 23.83% 23.26% 22.89% 22.77% 22.35% 22.56% 21.78% 20.20%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 39.68% 41.07% 40.22% 38.42% 38.66% 35.09% 38.97% 36.53% 40.16% 39.74% 38.52%
Earnings before Interest and Taxes (EBIT)		 426 457 555 820 747 791 1,047 1,120 813 966 1,041
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 781 935 1,103 1,491 1,436 1,471 1,753 1,873 1,613 1,898 2,104
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.71 2.81 2.96 3.61 4.87 6.35 15.92 21.20 93.87 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.14 1.55 1.77 1.59 1.67 1.74 3.03 2.65 3.63 5.02 3.55
Price to Earnings (P/E)		 27.72 51.82 39.98 18.96 26.66 21.08 30.27 24.24 107.84 171.22 169.58
Dividend Yield		 11.81% 9.72% 8.78% 10.12% 9.88% 9.87% 5.26% 5.33% 3.73% 2.60% 3.88%
Earnings Yield		 3.61% 1.93% 2.50% 5.27% 3.75% 4.74% 3.30% 4.13% 0.93% 0.58% 0.59%
Enterprise Value to Invested Capital (EV/IC)		 1.55 1.44 1.53 1.49 1.57 1.63 2.28 2.15 2.62 3.35 2.63
Enterprise Value to Revenue (EV/Rev)		 2.71 3.28 3.38 3.49 3.68 3.81 5.06 4.71 5.79 7.27 5.96
Enterprise Value to EBITDA (EV/EBITDA)		 10.44 12.30 11.79 9.90 10.91 10.73 12.96 12.82 19.69 23.54 19.55
Enterprise Value to EBIT (EV/EBIT)		 19.14 25.15 23.46 18.00 20.96 19.95 21.70 21.46 39.05 46.25 39.53
Enterprise Value to NOPAT (EV/NOPAT)		 20.26 33.06 23.17 20.39 24.53 18.34 36.95 25.71 41.80 58.93 49.02
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.05 21.15 18.05 15.78 0.00 15.98 29.93 25.89 28.52 37.34 30.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 16.87 0.00 217.43 0.00 28.69 13.50 62.41 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 9.17 3.14 2.95 4.21 5.66 7.27 9.98 14.44 30.62 -60.57 -25.48
Long-Term Debt to Equity		 9.00 3.05 2.89 4.15 5.40 7.11 9.64 14.32 30.31 -57.41 -25.14
Financial Leverage		 6.56 4.26 2.77 3.26 4.75 6.22 8.24 11.70 19.74 154.85 -34.24
Leverage Ratio		 9.21 6.28 4.67 5.28 7.41 10.25 13.45 18.41 29.97 221.74 -45.72
Compound Leverage Factor		 3.50 2.02 1.69 2.64 3.25 4.83 8.08 10.39 8.37 56.13 -9.28
Debt to Total Capital		 90.16% 75.84% 74.66% 80.82% 84.98% 87.91% 90.89% 93.52% 96.84% 101.68% 104.09%
Short-Term Debt to Total Capital		 1.64% 2.10% 1.55% 1.25% 3.82% 1.96% 3.03% 0.77% 0.98% 5.30% 1.37%
Long-Term Debt to Total Capital		 88.53% 73.74% 73.11% 79.56% 81.16% 85.96% 87.86% 92.75% 95.86% 96.38% 102.72%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.37% 0.67% 0.98% 0.71% 0.67% 0.60% 0.72% 0.84% 1.45% 2.05% 2.13%
Common Equity to Total Capital		 9.47% 23.49% 24.35% 18.47% 14.36% 11.48% 8.39% 5.63% 1.72% -3.73% -6.21%
Debt to EBITDA		 6.21 6.69 6.38 5.46 6.03 5.92 5.29 5.64 7.40 7.23 7.81
Net Debt to EBITDA		 6.04 6.43 5.55 5.35 5.90 5.78 5.14 5.57 7.26 7.15 7.74
Long-Term Debt to EBITDA		 6.09 6.50 6.25 5.38 5.76 5.79 5.11 5.59 7.32 6.85 7.71
Debt to NOPAT		 12.04 17.97 12.54 11.25 13.57 10.11 15.08 11.31 15.71 18.09 19.58
Net Debt to NOPAT		 11.72 17.29 10.89 11.02 13.26 9.88 14.67 11.16 15.41 17.89 19.40
Long-Term Debt to NOPAT		 11.82 17.47 12.28 11.07 12.96 9.89 14.58 11.22 15.55 17.15 19.33
Altman Z-Score		 1.05 0.97 1.06 0.96 0.77 0.75 1.11 1.04 1.13 1.39 1.13
Noncontrolling Interest Sharing Ratio		 2.39% 2.96% 3.37% 3.81% 4.04% 4.68% 6.27% 10.16% 24.37% 278.58% -70.31%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.02 1.06 1.47 0.81 0.63 0.64 0.71 0.81 0.78 0.55 0.74
Quick Ratio		 0.82 0.89 1.32 0.68 0.54 0.53 0.60 0.69 0.66 0.47 0.61
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 483 -2,412 60 -678 546 1,169 364 -279 -181 -479 -1,453
Operating Cash Flow to CapEx		 188.13% 169.64% 215.99% 250.21% 0.00% 0.00% 228.07% 131.60% 86.61% 67.47% 59.34%
Free Cash Flow to Firm to Interest Expense		 1.83 -7.77 0.17 -1.66 1.30 2.79 0.87 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 2.05 1.75 2.04 2.28 0.00 2.36 1.82 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.96 0.72 1.09 1.37 0.00 2.66 1.02 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.47 0.44 0.38 0.37 0.33 0.30 0.31 0.33 0.33 0.34 0.35
Accounts Receivable Turnover		 5.15 5.59 5.04 5.02 5.02 4.85 4.93 4.78 4.50 4.82 5.05
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.19 1.26 1.18 1.07 0.94 0.91 0.98 1.04 0.96 0.88 0.80
Accounts Payable Turnover		 6.11 7.10 6.51 5.90 2.28 1.26 2.01 5.22 4.67 4.43 4.43
Days Sales Outstanding (DSO)		 70.91 65.26 72.47 72.67 72.68 75.25 73.98 76.39 81.08 75.71 72.32
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 59.79 51.43 56.05 61.84 159.79 290.01 181.35 69.89 78.08 82.45 82.34
Cash Conversion Cycle (CCC)		 11.12 13.83 16.41 10.83 -87.11 -214.76 -107.36 6.50 3.00 -6.75 -10.02
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,246 8,006 8,508 9,910 10,003 9,695 9,946 11,159 12,100 13,337 15,629
Invested Capital Turnover		 0.57 0.53 0.47 0.46 0.43 0.42 0.46 0.48 0.47 0.48 0.48
Increase / (Decrease) in Invested Capital		 -81 2,760 502 1,403 93 -308 251 1,214 941 1,237 2,292
Enterprise Value (EV)		 8,153 11,502 13,012 14,760 15,667 15,781 22,716 24,022 31,756 44,686 41,129
Market Capitalization		 3,416 5,432 6,801 6,711 7,128 7,223 13,626 13,500 19,867 30,846 24,519
Book Value per Share		 $2.41 $7.35 $8.61 $6.50 $5.10 $3.94 $2.96 $2.19 $0.72 ($1.71) ($3.32)
Tangible Book Value per Share		 ($11.63) ($12.23) ($11.89) ($14.28) ($15.37) ($16.48) ($16.54) ($19.50) ($20.84) ($23.38) ($25.50)
Total Capital		 5,374 8,243 9,434 10,076 10,196 9,900 10,201 11,301 12,323 13,493 15,787
Total Debt		 4,846 6,251 7,043 8,143 8,665 8,703 9,272 10,569 11,933 13,719 16,432
Total Long-Term Debt		 4,758 6,078 6,897 8,016 8,276 8,510 8,963 10,481 11,813 13,004 16,216
Net Debt		 4,717 6,015 6,118 7,977 8,471 8,498 9,016 10,427 11,710 13,563 16,273
Capital Expenditures (CapEx)		 288 321 334 374 527 -126 333 705 1,286 1,774 2,258
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -24 2.04 -159 -322 -518 -737 -524 -425 -603 -837 -627
Debt-free Net Working Capital (DFNWC)		 104 239 766 -156 -324 -532 -268 -283 -380 -681 -468
Net Working Capital (NWC)		 16 66 620 -283 -713 -726 -577 -370 -501 -1,396 -685
Net Nonoperating Expense (NNE)		 277 241 390 369 370 517 162 372 572 575 687
Net Nonoperating Obligations (NNO)		 4,717 6,015 6,118 7,977 8,471 8,498 9,016 10,427 11,710 13,563 16,273
Total Depreciation and Amortization (D&A)		 355 478 549 671 689 679 706 754 800 932 1,063
Debt-free, Cash-free Net Working Capital to Revenue		 -0.81% 0.06% -4.14% -7.61% -12.15% -17.78% -11.66% -8.32% -11.00% -13.60% -9.08%
Debt-free Net Working Capital to Revenue		 3.46% 6.79% 19.93% -3.70% -7.60% -12.83% -5.96% -5.54% -6.93% -11.07% -6.79%
Net Working Capital to Revenue		 0.53% 1.87% 16.13% -6.69% -16.73% -17.50% -12.85% -7.26% -9.14% -22.70% -9.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.58 $0.43 $0.69 $1.27 $0.93 $1.19 $1.56 $1.92 $0.63 $0.61 $0.49
Adjusted Weighted Average Basic Shares Outstanding		 210.76M 246.18M 265.90M 285.91M 286.97M 288.18M 289.46M 290.81M 291.94M 293.37M 295.40M
Adjusted Diluted Earnings per Share		 $0.58 $0.42 $0.69 $1.27 $0.93 $1.19 $1.55 $1.90 $0.63 $0.61 $0.49
Adjusted Weighted Average Diluted Shares Outstanding		 212.12M 247.27M 266.85M 286.65M 287.69M 288.64M 290.98M 292.44M 293.97M 296.23M 297.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 211.51M 263.72M 285.31M 286.37M 287.34M 288.42M 289.83M 290.90M 292.28M 293.74M 295.84M
Normalized Net Operating Profit after Tax (NOPAT)		 405 349 564 658 626 726 640 889 894 884 998
Normalized NOPAT Margin		 13.46% 9.93% 14.66% 15.57% 14.69% 17.51% 14.24% 17.41% 16.31% 14.38% 14.46%
Pre Tax Income Margin		 5.39% 4.18% 5.23% 9.71% 7.70% 8.99% 14.00% 12.38% 4.15% 3.98% 3.06%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.61 1.47 1.57 2.00 1.78 1.89 2.51 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 1.53 1.12 1.59 1.77 1.52 2.06 1.47 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.52 0.44 0.62 1.09 0.53 2.19 1.71 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.43 0.09 0.64 0.85 0.27 2.36 0.67 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 326.29% 473.40% 258.64% 190.40% 263.29% 209.58% 159.21% 129.39% 395.97% 431.33% 612.34%
Augmented Payout Ratio		 337.60% 490.74% 267.26% 195.02% 265.44% 209.58% 175.78% 130.19% 396.18% 450.50% 612.34%

Quarterly Metrics And Ratios for Iron Mountain

This table displays calculated financial ratios and metrics derived from Iron Mountain's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 295,835,206.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 295,835,206.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.49
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.87% 11.01% 12.36% 13.00% 12.19% 11.37% 7.83% 11.57% 12.63% 16.56% 21.58%
EBITDA Growth		 -11.53% -17.27% 16.55% 30.29% -11.96% 42.06% -1.68% -3.62% 44.44% 8.99% 45.00%
EBIT Growth		 -24.96% -32.09% 17.63% 50.06% -35.14% 67.73% -12.53% -20.69% 89.67% 1.71% 77.12%
NOPAT Growth		 -15.60% -19.14% 5.43% 269.57% -18.06% 36.29% -34.24% 9.39% 47.20% 26.69% 151.66%
Net Income Growth		 -52.63% -76.77% 17.53% 2,928.96% -136.84% 262.01% -78.93% -225.18% 356.17% -11.89% 817.88%
EPS Growth		 -53.03% -76.19% 13.64% 0.00% -135.48% 250.00% -80.00% -225.00% 354.55% -11.43% 860.00%
Operating Cash Flow Growth		 2.73% 21.74% 0.95% 20.45% 14.81% -3.49% 51.72% -1.85% 5.80% 15.85% 71.59%
Free Cash Flow Firm Growth		 150.97% 23.19% 304.85% -171.88% -173.37% -30.32% -201.90% -74.60% -78.22% -99.43% 12.12%
Invested Capital Growth		 -9.68% 8.43% -9.01% 10.58% 10.66% 10.22% 12.75% 15.87% 16.76% 17.18% 11.46%
Revenue Q/Q Growth		 2.23% 2.28% 4.02% 3.90% 1.50% 1.54% 0.71% 7.50% 2.46% 5.08% 5.04%
EBITDA Q/Q Growth		 31.28% -14.13% 20.27% -3.90% -11.29% 38.56% -16.76% -5.80% 32.95% 4.55% 10.73%
EBIT Q/Q Growth		 69.88% -25.23% 35.87% -13.05% -26.58% 93.37% -29.14% -21.16% 75.59% 3.69% 23.39%
NOPAT Q/Q Growth		 376.79% -17.83% 14.61% -17.69% 5.71% 36.67% -44.70% 36.92% 42.25% 17.62% 9.85%
Net Income Q/Q Growth		 7,895.71% -68.06% 163.84% -55.05% -197.24% 413.93% -84.64% -366.99% 298.99% 7.98% 60.01%
EPS Q/Q Growth		 0.00% -67.74% 150.00% -52.00% -191.67% 418.18% -85.71% -400.00% 286.67% 10.71% 54.84%
Operating Cash Flow Q/Q Growth		 -30.57% 103.01% -70.92% 193.90% -33.82% 70.64% -54.28% 90.13% -28.67% 86.86% -32.29%
Free Cash Flow Firm Q/Q Growth		 0.80% -151.28% 291.05% -172.79% -2.90% 8.93% -49.38% -24.73% -5.03% -1.90% 34.17%
Invested Capital Q/Q Growth		 2.53% 1.58% 5.07% 1.05% 2.60% 1.18% 7.48% 3.84% 3.39% 1.55% 2.23%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 57.34% 57.65% 55.77% 55.95% 56.44% 56.43% 55.40% 55.91% 54.85% 55.38% 54.04%
EBITDA Margin		 33.14% 27.82% 32.17% 29.76% 26.01% 35.49% 29.33% 25.70% 33.35% 33.19% 34.98%
Operating Margin		 17.13% 16.25% 16.63% 15.01% 16.13% 17.86% 15.97% 15.18% 17.59% 18.50% 20.41%
EBIT Margin		 18.30% 13.38% 17.48% 14.63% 10.58% 20.15% 14.18% 10.40% 17.82% 17.59% 20.66%
Profit (Net Income) Margin		 6.58% 2.06% 5.22% 2.26% -2.16% 6.68% 1.02% -2.53% 4.92% 5.05% 7.70%
Tax Burden Percent		 90.22% 76.40% 82.26% 72.22% 158.31% 85.07% 52.25% 160.26% 83.86% 89.26% 84.60%
Interest Burden Percent		 39.87% 20.11% 36.27% 21.36% -12.90% 38.98% 13.76% -15.19% 32.90% 32.19% 44.04%
Effective Tax Rate		 9.78% 23.60% 17.74% 27.78% 0.00% 14.93% 47.75% 0.00% 16.14% 10.74% 15.40%
Return on Invested Capital (ROIC)		 6.58% 5.85% 5.79% 5.16% 5.39% 7.35% 3.87% 4.94% 6.86% 7.87% 8.26%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.55% 4.52% 4.82% 4.05% 3.69% 6.28% 3.01% 3.34% 5.68% 6.45% 7.08%
Return on Net Nonoperating Assets (RNNOA)		 126.71% 89.25% 148.42% 169.18% 231.43% 972.81% -363.01% -213.82% -259.20% -220.98% -172.41%
Return on Equity (ROE)		 133.29% 95.10% 154.21% 174.34% 236.82% 980.16% -359.15% -208.88% -252.34% -213.11% -164.15%
Cash Return on Invested Capital (CROIC)		 16.57% -1.56% 15.22% -3.67% -4.96% -3.76% -6.91% -11.53% -9.94% -10.03% -3.95%
Operating Return on Assets (OROA)		 6.00% 4.36% 5.75% 4.91% 3.59% 6.85% 4.78% 3.51% 6.05% 6.09% 7.33%
Return on Assets (ROA)		 2.16% 0.67% 1.72% 0.76% -0.73% 2.27% 0.34% -0.86% 1.67% 1.75% 2.73%
Return on Common Equity (ROCE)		 100.16% 71.93% 103.65% 86.28% 2.10% -1,750.38% -1,079.85% -427.50% -450.10% -362.96% -241.87%
Return on Equity Simple (ROE_SIMPLE)		 108.08% 0.00% 1,072.31% -174.78% -41.38% 0.00% -17.59% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 215 176 202 166 176 240 133 182 259 304 334
NOPAT Margin		 15.46% 12.42% 13.68% 10.84% 11.29% 15.20% 8.34% 10.63% 14.75% 16.52% 17.27%
Net Nonoperating Expense Percent (NNEP)		 1.02% 1.33% 0.97% 1.10% 1.70% 1.07% 0.86% 1.60% 1.18% 1.42% 1.17%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.45% - - - 1.79% 0.92% 1.21% 1.67% 1.94% 2.07%
Cost of Revenue to Revenue		 42.66% 42.35% 44.23% 44.05% 43.56% 43.57% 44.60% 44.09% 45.15% 44.62% 45.96%
SG&A Expenses to Revenue		 22.69% 22.18% 21.63% 22.47% 21.96% 21.08% 20.71% 22.81% 19.11% 18.36% 19.25%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 40.21% 41.40% 39.14% 40.94% 40.31% 38.57% 39.44% 40.73% 37.26% 36.87% 33.63%
Earnings before Interest and Taxes (EBIT)		 254 190 258 224 165 319 226 178 313 324 400
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 460 395 475 457 405 561 467 440 585 612 677
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 64.06 93.87 1,254.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 3.15 3.63 4.12 4.51 5.82 5.02 4.03 4.70 4.53 3.55 4.17
Price to Earnings (P/E)		 60.45 107.84 120.02 114.53 332.90 171.22 207.08 731.99 189.06 169.58 110.97
Dividend Yield		 4.35% 3.73% 3.23% 2.90% 2.24% 2.60% 3.33% 2.92% 3.01% 3.88% 3.23%
Earnings Yield		 1.65% 0.93% 0.83% 0.87% 0.30% 0.58% 0.48% 0.14% 0.53% 0.59% 0.90%
Enterprise Value to Invested Capital (EV/IC)		 2.39 2.62 2.83 3.06 3.66 3.35 2.81 3.08 3.01 2.63 2.97
Enterprise Value to Revenue (EV/Rev)		 5.33 5.79 6.37 6.75 8.07 7.27 6.43 7.13 6.99 5.96 6.54
Enterprise Value to EBITDA (EV/EBITDA)		 16.79 19.69 21.39 21.97 27.89 23.54 21.33 24.51 22.59 19.55 20.49
Enterprise Value to EBIT (EV/EBIT)		 31.52 39.05 42.19 42.35 57.68 46.25 43.17 51.75 44.81 39.53 39.03
Enterprise Value to NOPAT (EV/NOPAT)		 35.47 41.80 46.55 50.30 74.58 58.93 58.63 104.39 58.84 49.02 45.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.54 28.52 32.24 33.27 39.84 37.34 31.89 36.53 36.47 30.69 32.01
Enterprise Value to Free Cash Flow (EV/FCFF)		 13.69 0.00 17.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 27.37 30.62 64.22 248.30 -419.88 -60.57 -35.17 -31.70 -26.64 -25.48 -19.55
Long-Term Debt to Equity		 27.11 30.31 63.62 245.90 -415.60 -57.41 -33.43 -30.12 -25.49 -25.14 -19.31
Financial Leverage		 22.82 19.74 30.80 41.73 62.68 154.85 -120.60 -64.04 -45.67 -34.24 -24.34
Leverage Ratio		 30.92 29.97 40.87 60.51 89.71 221.74 -164.45 -86.71 -61.13 -45.72 -31.45
Compound Leverage Factor		 12.33 6.03 14.82 12.92 -11.58 86.44 -22.63 13.17 -20.11 -14.72 -13.85
Debt to Total Capital		 96.47% 96.84% 98.47% 99.60% 100.24% 101.68% 102.93% 103.26% 103.90% 104.09% 105.39%
Short-Term Debt to Total Capital		 0.89% 0.98% 0.92% 0.97% 1.02% 5.30% 5.09% 5.15% 4.49% 1.37% 1.34%
Long-Term Debt to Total Capital		 95.58% 95.86% 97.55% 98.63% 99.22% 96.38% 97.84% 98.11% 99.41% 102.72% 104.05%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.35% 1.45% 1.39% 1.42% 1.70% 2.05% 1.89% 1.82% 1.76% 2.13% 2.10%
Common Equity to Total Capital		 2.17% 1.72% 0.14% -1.02% -1.94% -3.73% -4.82% -5.08% -5.66% -6.21% -7.49%
Debt to EBITDA		 6.87 7.40 7.56 7.24 7.73 7.23 7.89 8.33 7.89 7.81 7.39
Net Debt to EBITDA		 6.77 7.26 7.45 7.16 7.63 7.15 7.81 8.21 7.79 7.74 7.28
Long-Term Debt to EBITDA		 6.81 7.32 7.49 7.17 7.65 6.85 7.50 7.91 7.55 7.71 7.30
Debt to NOPAT		 14.52 15.71 16.46 16.58 20.66 18.09 21.69 35.46 20.54 19.58 16.38
Net Debt to NOPAT		 14.31 15.41 16.21 16.40 20.40 17.89 21.47 34.96 20.30 19.40 16.14
Long-Term Debt to NOPAT		 14.39 15.55 16.30 16.42 20.45 17.15 20.62 33.69 19.66 19.33 16.18
Altman Z-Score		 0.95 1.01 1.14 1.22 1.45 1.27 1.06 1.16 1.17 1.01 1.18
Noncontrolling Interest Sharing Ratio		 24.85% 24.37% 32.79% 50.51% 99.11% 278.58% -200.67% -104.66% -78.37% -70.31% -47.34%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.81 0.78 0.86 0.79 0.75 0.55 0.62 0.63 0.66 0.74 0.77
Quick Ratio		 0.67 0.66 0.72 0.66 0.61 0.47 0.52 0.54 0.55 0.61 0.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,491 -765 1,461 -1,063 -1,094 -996 -1,489 -1,857 -1,950 -1,987 -1,308
Operating Cash Flow to CapEx		 62.55% 121.48% 34.63% 96.40% 63.93% 71.22% 29.25% 68.60% 51.35% 97.00% 65.91%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 8.88 -6.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.79 2.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -1.49 -0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.33 0.33 0.33 0.34 0.34 0.34 0.34 0.34 0.34 0.35 0.35
Accounts Receivable Turnover		 4.64 4.50 4.62 4.74 4.97 4.82 4.86 4.84 5.08 5.05 5.29
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.01 0.96 0.95 0.94 0.92 0.88 0.85 0.83 0.81 0.80 0.80
Accounts Payable Turnover		 2.54 4.67 4.70 4.99 5.04 4.43 4.47 4.81 4.73 4.43 4.37
Days Sales Outstanding (DSO)		 78.65 81.08 78.99 77.03 73.48 75.71 75.15 75.37 71.87 72.32 68.93
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 143.86 78.08 77.59 73.08 72.41 82.45 81.69 75.96 77.12 82.34 83.44
Cash Conversion Cycle (CCC)		 -65.21 3.00 1.40 3.94 1.07 -6.75 -6.54 -0.59 -5.25 -10.02 -14.51
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,912 12,100 12,714 12,847 13,182 13,337 14,335 14,886 15,391 15,629 15,978
Invested Capital Turnover		 0.43 0.47 0.42 0.48 0.48 0.48 0.46 0.46 0.46 0.48 0.48
Increase / (Decrease) in Invested Capital		 -1,277 941 -1,259 1,230 1,270 1,237 1,621 2,039 2,209 2,292 1,643
Enterprise Value (EV)		 28,465 31,756 35,943 39,251 48,298 44,686 40,307 45,916 46,380 41,129 47,409
Market Capitalization		 16,816 19,867 23,248 26,271 34,857 30,846 25,273 30,263 30,108 24,519 30,217
Book Value per Share		 $0.90 $0.72 $0.06 ($0.45) ($0.88) ($1.71) ($2.38) ($2.60) ($2.99) ($3.32) ($4.11)
Tangible Book Value per Share		 ($20.66) ($20.84) ($21.93) ($22.23) ($22.96) ($23.38) ($24.20) ($24.55) ($25.07) ($25.50) ($26.10)
Total Capital		 12,082 12,323 12,905 12,992 13,350 13,493 14,490 15,104 15,586 15,787 16,228
Total Debt		 11,656 11,933 12,707 12,940 13,382 13,719 14,914 15,596 16,194 16,432 17,103
Total Long-Term Debt		 11,548 11,813 12,589 12,814 13,245 13,004 14,177 14,818 15,494 16,216 16,886
Net Debt		 11,486 11,710 12,516 12,795 13,213 13,563 14,759 15,378 15,998 16,273 16,852
Capital Expenditures (CapEx)		 352 368 376 396 396 606 675 547 521 515 514
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -437 -603 -367 -463 -619 -837 -509 -542 -471 -627 -648
Debt-free Net Working Capital (DFNWC)		 -266 -380 -175 -319 -451 -681 -354 -324 -275 -468 -397
Net Working Capital (NWC)		 -374 -501 -294 -444 -587 -1,396 -1,091 -1,102 -975 -685 -614
Net Nonoperating Expense (NNE)		 123 147 125 132 209 135 117 225 173 211 185
Net Nonoperating Obligations (NNO)		 11,486 11,710 12,516 12,795 13,213 13,563 14,759 15,378 15,998 16,273 16,852
Total Depreciation and Amortization (D&A)		 206 205 217 232 240 243 241 262 272 288 277
Debt-free, Cash-free Net Working Capital to Revenue		 -8.18% -11.00% -6.50% -7.96% -10.34% -13.60% -8.12% -8.41% -7.09% -9.08% -8.95%
Debt-free Net Working Capital to Revenue		 -4.99% -6.93% -3.10% -5.48% -7.53% -11.07% -5.64% -5.02% -4.15% -6.79% -5.49%
Net Working Capital to Revenue		 -7.01% -9.14% -5.21% -7.64% -9.81% -22.70% -17.41% -17.10% -14.68% -9.92% -8.48%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.31 $0.10 $0.25 $0.12 ($0.11) $0.35 $0.05 ($0.15) $0.28 $0.31 $0.48
Adjusted Weighted Average Basic Shares Outstanding		 292.15M 291.94M 292.75M 293.34M 293.60M 293.37M 294.51M 295.36M 295.77M 295.40M 296.85M
Adjusted Diluted Earnings per Share		 $0.31 $0.10 $0.25 $0.12 ($0.11) $0.35 $0.05 ($0.15) $0.28 $0.31 $0.48
Adjusted Weighted Average Diluted Shares Outstanding		 294.27M 293.97M 295.22M 295.84M 293.60M 296.23M 297.26M 295.36M 297.98M 297.82M 298.83M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 291.99M 292.28M 293.13M 293.34M 293.46M 293.74M 295.04M 295.35M 295.59M 295.84M 297.52M
Normalized Net Operating Profit after Tax (NOPAT)		 246 222 236 202 205 270 164 216 301 358 341
Normalized NOPAT Margin		 17.70% 15.65% 15.97% 13.16% 13.19% 17.06% 10.32% 12.65% 17.18% 19.43% 17.60%
Pre Tax Income Margin		 7.30% 2.69% 6.34% 3.12% -1.37% 7.86% 1.95% -1.58% 5.86% 5.66% 9.10%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 1.57 1.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 1.23 0.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 -0.71 -0.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -1.05 -1.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 257.91% 395.97% 378.60% 328.26% 720.63% 431.33% 667.30% 1,917.06% 548.76% 612.34% 344.72%
Augmented Payout Ratio		 257.91% 396.18% 378.60% 328.26% 753.85% 450.50% 667.30% 1,917.06% 548.76% 612.34% 344.72%

Financials Breakdown Chart

Key Financial Trends

Iron Mountain Inc. (NYSE: IRM) has shown a generally improving top-line trend in 2025, with margins remaining solid and cash generation staying constructive. However, the company carries a very large debt load and has shown negative equity indicators in some periods due to restatements, which adds a layer of balance-sheet risk alongside ongoing capital expenditure. Below are the ten most impactful trends observed in the latest four years of quarterly statements.

  • Revenue trend: In 2025, quarterly operating revenue rose from about $1.59B in Q1 to about $1.84B in Q4, signaling a positive growth trajectory.
  • Gross margin stability: Across 2025, gross margin stayed around 55% (e.g., gross profit near $960M–$1.02B on $1.59B–$1.84B revenue), indicating steady profitability at the gross level.
  • Operating cash flow strength: Net cash from continuing operating activities was robust in 2025 (e.g., Q4 CFO ≈ $499.998M), with positive cash flow from operations in every quarter.
  • Cash returns to shareholders: The company continued paying cash dividends to common shareholders in 2024–2025, signaling ongoing cash-return activity.
  • Earnings resilience: Net income attributable to common shareholders was positive in most 2025 quarters (Q1, Q3, Q4), suggesting earnings resilience, though Q2 2025 showed a small quarterly loss.
  • Capex intensity: Quarterly purchases of property, plant & equipment remained heavy (roughly $0.5–$0.7B per quarter in 2025), indicating ongoing asset investment that supports growth but reduces near-term cash.
  • Equity position and restatements: Total equity and related measures show negative values in several periods due to restatements, creating accounting ambiguity around leverage rather than immediate cash solvency concerns.
  • Leverage and interest costs: Long-term debt remains very high (around $15–16B) with meaningful interest expense (e.g., quarterly interest costs in the low-to-mid hundreds of millions), signaling elevated leverage risk.
  • Debt activity pattern: The Q4 2025 period shows debt issuance alongside repayments, implying active liquidity management but maintaining a high overall leverage footprint.
  • Net cash position in Q4 2025: Despite strong operating cash flow, net change in cash and equivalents for Q4 2025 was negative, reflecting outsized investing and financing outflows.
05/11/26 03:49 PM ETAI Generated. May Contain Errors.

Iron Mountain Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Iron Mountain's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Iron Mountain's net income appears to be on an upward trend, with a most recent value of $152.25 million in 2025, rising from $125.20 million in 2015. The previous period was $183.67 million in 2024. See Iron Mountain's forecast for analyst expectations on what's next for the company.

Iron Mountain's total operating income in 2025 was $1.16 billion, based on the following breakdown:
  • Total Gross Profit: $3.82 billion
  • Total Operating Expenses: $2.66 billion

Over the last 10 years, Iron Mountain's total revenue changed from $3.01 billion in 2015 to $6.90 billion in 2025, a change of 129.4%.

Iron Mountain's total liabilities were at $21.77 billion at the end of 2025, a 14.9% increase from 2024, and a 273.9% increase since 2015.

In the past 10 years, Iron Mountain's cash and equivalents has ranged from $128.38 million in 2015 to $925.70 million in 2017, and is currently $158.54 million as of their latest financial filing in 2025.

Over the last 10 years, Iron Mountain's book value per share changed from 2.41 in 2015 to -3.32 in 2025, a change of -237.7%.


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Financial statements for NYSE:IRM last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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