Iron Mountain

Real Estate Other Specialized REITs Boston, Massachusetts Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$6.9B
                    3y CAGR +10.6%
                    
                    P70
                    
                    +12.2%
                    
                    Net income
                    FY2025
                
$152.3M
                    Net margin +2.2%
                    
                    P10
                    
                    -17.1%
                    
                    Total assets
                    FY2025
                
$21.1B
                    ROA +0.7%
                    
                    P13
                    
                    +12.9%
                    
                    Operating cash flow
                    FY2025
                
$1.3B
                    FCF margin -13.5%
                    
                    P7
                    
                    +12.0%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $21.1B

Total liabilities $2.6B

Shareholders equity $-981.0M

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	0.8%	0.8%	1.3%	0.9%	1.8%
Accounts Receivable	6.8%	6.9%	7.2%	7.3%	6.7%
Prepaid Expenses	1.6%	1.3%	1.4%	1.4%	1.6%
Other Current Assets	1.6%	1.3%	1.4%	1.4%	1.6%
Total Current Assets	9.2%	9.0%	9.9%	9.6%	10.0%
Property,Plant and Equipment	45.2%	40.8%	36.1%	31.7%	32.3%
Operating Lease Assets	11.7%	13.3%	15.4%	16.0%	16.0%
Goodwill	25.0%	27.2%	28.7%	30.3%	30.9%
Intangible Assets	6.0%	6.8%	7.3%	8.8%	8.2%
Other Noncurrent Assets	2.9%	2.9%	2.5%	3.6%	2.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.4%	3.6%	3.1%	2.9%	2.6%
Accrued Liabilities	6.1%	7.3%	7.2%	6.4%	3.2%
Deferred Revenue	1.9%	1.7%	1.9%	2.0%	2.1%
Current Portion of Long Term Debt	1.0%	3.8%	0.7%	0.5%	2.1%
Operating Lease Liabilities	1.5%	1.7%	1.7%	1.8%	1.8%
Total Current Liabilities	12.4%	16.5%	12.8%	11.9%	14.0%
Long Term Debt	76.8%	69.5%	67.6%	64.9%	62.0%
Deferred Revenue Noncurrent	0.8%	0.6%	0.6%	0.2%	0.2%
Operating Lease Liabilities Noncurrent	10.9%	12.5%	14.7%	15.1%	15.0%
Deferred Tax Liabilities	0.9%	1.1%	1.3%	1.6%	1.5%
Other Noncurrent Liabilities	2.1%	1.7%	1.4%	2.0%	1.0%
Total Liabilities	12.4%	16.5%	12.8%	11.9%	14.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	22.7%	24.8%	25.9%	27.7%	30.5%
Accumulated Other Comprehensive Income	-1.7%	-3.0%	-2.1%	-2.7%	-2.3%
Noncontrolling Interest	1.3%	1.1%	0.0%	0.0%	0.0%
Total Stockholders Equity	-4.6%	-2.7%	1.2%	3.9%	5.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $6.9B

Operating income $1.2B

Net income $152.3M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	32.7%	32.9%	31.4%	31.6%	31.1%
Expenses Cost of Revenue	27.2%	27.5%	26.1%	25.1%	25.2%
Expenses Selling,General and Administrative	6.6%	7.2%	7.1%	7.1%	7.1%
Expenses Depreciation and Amortization	4.8%	4.8%	4.4%	4.5%	4.7%
Expenses Share Based Compensation	0.7%	0.6%	0.4%	0.4%	0.4%
Expenses Operating Expenses	27.2%	27.5%	26.1%	25.1%	25.2%
Other Income Expense Operating Income	5.5%	5.4%	5.3%	6.5%	5.9%
Other Income Expense Interest Income	0.1%	0.1%	0.1%	0.1%	0.1%
Other Income Expense Interest Expense	0.1%	0.1%	0.1%	0.1%	0.1%
Other Income Expense Other Income/expense	-0.6%	-0.2%	-0.6%	0.4%	1.3%
Other Income Expense Income Before Tax	1.0%	1.3%	1.3%	3.9%	4.4%
Income Tax Income Tax Expense	0.3%	0.3%	0.2%	0.4%	1.2%
net Income net Income	0.7%	1.0%	1.1%	3.5%	3.1%
net Income Comprehensive Income	1.6%	-0.1%	1.5%	2.8%	2.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.4%	1.6%	1.7%	1.8%	2.0%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.6%	1.7%	1.8%	2.0%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $1.3B

Investing cash flow $-2.6B

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	0.7%	1.0%	1.1%	3.5%	3.1%
Operating Activities Depreciation and Amortization	4.8%	4.8%	4.4%	4.5%	4.7%
Operating Activities Stock Based Compensation	0.7%	0.6%	0.4%	0.4%	0.4%
Operating Activities Deferred Income Taxes	-0.2%	-0.2%	-0.2%	-0.3%	0.2%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Activities net Cash From Operating Activities	6.3%	6.4%	6.4%	5.7%	5.3%
Investing Activities Capital Expenditures	10.8%	9.6%	7.7%	5.4%	4.2%
Investing Activities Business Acquisitions	0.5%	1.0%	0.2%	5.0%	1.4%
Investing Activities net Cash From Investing Activities	-12.2%	-11.4%	-8.3%	-10.3%	-3.3%
Financing Activities Proceeds From Debt	6.6%	6.3%	5.7%	0.0%	5.1%
Financing Activities Repayment of Debt	75.8%	77.3%	104.1%	71.8%	35.7%
Financing Activities Dividends Paid	4.4%	4.2%	4.2%	4.5%	5.0%
Financing Activities Proceeds From Stock Issuance	0.5%	0.6%	-0.1%	-0.0%	0.2%
Financing Activities Other Financing Activities	-0.1%	-0.2%	-0.2%	-0.1%	0.0%
Financing Activities net Cash From Financing Activities	6.0%	4.7%	2.4%	4.0%	-1.5%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.1%	-0.0%	-0.1%	-0.1%	-0.1%
Cash Reconciliation net Change In Cash	0.0%	-0.4%	0.5%	-0.7%	0.4%
Cash Reconciliation Cash At Beginning of Period	0.8%	0.8%	1.3%	0.9%	1.8%
Cash Reconciliation Cash At End of Period	0.8%	0.8%	1.3%	0.9%	1.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+16.9%	+16.4%	+16.8%	+20.6%	+19.0%
Operating margin	+16.9%	+16.4%	+16.8%	+20.6%	+19.0%
Net margin	+2.2%	+3.0%	+3.4%	+11.0%	+10.1%
FCF margin	-13.5%	-9.7%	-4.1%	+1.0%	+3.3%
Growth
Revenue CAGR (3y)	+10.6%	+11.0%	+9.7%	+6.2%	+2.1%
Returns
ROE	-15.5%	-36.5%	+88.5%	+88.3%	+52.9%
ROA	+0.7%	+1.0%	+1.1%	+3.5%	+3.1%
ROIC	+5.5%	+5.8%	+6.4%	+8.4%	+6.2%
Liquidity
Current ratio	0.74x	0.55x	0.78x	0.81x	0.71x
Quick ratio	0.61x	0.47x	0.66x	0.69x	0.60x
Leverage
D/E	-2.67x	-6.14x	10.57x	3.01x	2.36x
Interest coverage	42.16x	45.99x	49.46x	60.58x	43.12x
Efficiency
Asset turnover	0.33x	0.33x	0.31x	0.32x	0.31x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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Iron Mountain

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