Iron Mountain Incorporated (IRM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-125.3%

-$29.45

vs $116.53 price

Levered DCF

-$104.78

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.07

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	169.29×	172.31×	111.08×	25.96×	33.54×	24.77×	34.27×	25.52×
P/B	-24.98×	-61.29×	96.53×	22.77×	17.7×	7.47×	6.25×	4.98×
P/S	3.55×	5.01×	3.73×	2.84×	3.37×	2.05×	2.15×	2.19×
EV / EBITDA	20.5×	24.67×	21.62×	14.75×	15.19×	13.13×	13.69×	11.64×
Gross margin	25.7%	56.2%	57.0%	57.1%	58.0%	57.6%	57.0%	57.4%
Operating margin	20.4%	16.4%	16.8%	20.6%	19.0%	22.5%	18.3%	19.1%
Net margin	2.1%	2.9%	3.4%	10.9%	10.0%	8.3%	6.3%	8.6%
Current ratio	0.74×	0.55×	0.78×	0.81×	0.71×	0.64×	0.63×	0.83×
Debt / equity	-19.42×	-32.54×	69.87×	20.87×	13.67×	9.68×	7.25×	4.38×
Interest coverage	1.69×	1.37×	1.54×	2.12×	2.01×	2.19×	1.83×	1.94×
Dividend yield	3.8%	2.6%	3.6%	5.0%	4.7%	8.4%	7.7%	7.3%
Payout ratio	635.9%	438.2%	400.4%	130.1%	159.6%	209.0%	263.5%	185.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-14.7%	-35.8%	87.0%	87.5%	52.6%	30.1%	18.3%	19.5%
Return on invested capital	5.3%	4.6%	4.9%	6.4%	4.7%	6.8%	5.1%	6.9%
Return on assets	0.7%	1.0%	1.1%	3.5%	3.1%	2.4%	1.9%	3.1%
Free cash flow yield	-3.8%	-2.1%	-1.1%	0.3%	0.9%	6.3%	2.4%	4.3%
Earnings yield	0.6%	0.6%	0.9%	3.8%	3.0%	4.0%	2.9%	3.9%
Enterprise value	$43.4B	$47B	$35B	$27.6B	$26.6B	$19.3B	$19.6B	$17.2B
Net debt / EBITDA	8.93×	8.5×	9×	7.02×	6.54×	7.35×	7.29×	5.38×
Cash conversion cycle (days)	26	-15	0	6	7	1	8	9