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 revenue.

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	2.3%	2.5%	4.1%	2.8%	5.7%
Accounts Receivable	20.9%	21.0%	23.0%	23.0%	21.4%
Prepaid Expenses	4.8%	4.0%	4.6%	4.5%	5.0%
Other Current Assets	4.8%	4.0%	4.6%	4.5%	5.0%
Total Current Assets	28.0%	27.5%	31.7%	30.3%	32.1%
Property,Plant and Equipment	138.3%	124.1%	115.2%	100.2%	103.9%
Operating Lease Assets	35.7%	40.5%	49.2%	50.6%	51.5%
Goodwill	76.6%	82.7%	91.6%	95.7%	99.4%
Intangible Assets	18.4%	20.7%	23.4%	27.9%	26.3%
Other Noncurrent Assets	9.0%	8.9%	7.8%	11.5%	8.5%
Total Assets	306.1%	304.3%	318.8%	316.3%	321.7%
Liabilities
Accounts Payable	10.3%	11.0%	9.8%	9.2%	8.2%
Accrued Liabilities	18.7%	22.2%	22.8%	20.2%	10.2%
Deferred Revenue	5.8%	5.3%	5.9%	6.4%	6.8%
Current Portion of Long Term Debt	3.1%	11.6%	2.2%	1.7%	6.9%
Operating Lease Liabilities	4.6%	5.1%	5.3%	5.7%	5.8%
Total Current Liabilities	38.0%	50.2%	40.8%	37.6%	44.9%
Long Term Debt	235.0%	211.4%	215.5%	205.4%	199.5%
Deferred Revenue Noncurrent	2.4%	1.8%	1.8%	0.6%	0.8%
Operating Lease Liabilities Noncurrent	33.3%	38.0%	46.8%	47.6%	48.3%
Deferred Tax Liabilities	2.7%	3.3%	4.3%	5.2%	5.0%
Other Noncurrent Liabilities	6.5%	5.1%	4.3%	6.2%	3.2%
Total Liabilities	38.0%	50.2%	40.8%	37.6%	44.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.1%	0.1%	0.1%
Additional Paid In Capital	69.4%	75.6%	82.7%	87.5%	98.2%
Accumulated Other Comprehensive Income	-5.3%	-9.3%	-6.8%	-8.7%	-7.5%
Noncontrolling Interest	3.9%	3.2%	0.0%	0.0%	0.0%
Total Stockholders Equity	-14.2%	-8.2%	3.9%	12.5%	19.1%
Total Liabilitiesand Equity	306.1%	304.3%	318.8%	316.3%	321.7%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	83.1%	83.6%	83.2%	79.4%	81.0%
Expenses Selling,General and Administrative	20.2%	21.8%	22.6%	22.3%	22.8%
Expenses Depreciation and Amortization	14.8%	14.6%	14.2%	14.3%	15.1%
Expenses Share Based Compensation	2.0%	1.9%	1.3%	1.1%	1.4%
Expenses Operating Expenses	83.1%	83.6%	83.2%	79.4%	81.0%
Other Income Expense Operating Income	16.9%	16.4%	16.8%	20.6%	19.0%
Other Income Expense Interest Income	0.2%	0.2%	0.2%	0.2%	0.2%
Other Income Expense Interest Expense	0.4%	0.4%	0.3%	0.3%	0.4%
Other Income Expense Other Income/expense	-1.8%	-0.7%	-2.0%	1.4%	4.3%
Other Income Expense Income Before Tax	3.1%	4.0%	4.1%	12.4%	14.0%
Income Tax Income Tax Expense	0.9%	1.0%	0.7%	1.4%	3.9%
net Income net Income	2.2%	3.0%	3.4%	11.0%	10.1%
net Income Comprehensive Income	5.0%	-0.3%	4.7%	8.9%	8.2%
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	4.3%	4.8%	5.3%	5.7%	6.4%
Earnings Per Share Weighted Average Shares Diluted	4.3%	4.8%	5.4%	5.7%	6.5%

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	2.2%	3.0%	3.4%	11.0%	10.1%
Operating Activities Depreciation and Amortization	14.8%	14.6%	14.2%	14.3%	15.1%
Operating Activities Stock Based Compensation	2.0%	1.9%	1.3%	1.1%	1.4%
Operating Activities Deferred Income Taxes	-0.7%	-0.7%	-0.6%	-1.1%	0.6%
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	19.4%	19.5%	20.3%	18.2%	16.9%
Investing Activities Capital Expenditures	32.9%	29.1%	24.4%	17.2%	13.6%
Investing Activities Business Acquisitions	1.5%	2.9%	0.8%	15.7%	4.5%
Investing Activities net Cash From Investing Activities	-37.3%	-34.7%	-26.4%	-32.5%	-10.5%
Financing Activities Proceeds From Debt	20.1%	19.3%	18.1%	0.0%	16.4%
Financing Activities Repayment of Debt	231.9%	235.3%	332.0%	227.2%	115.0%
Financing Activities Dividends Paid	13.3%	12.8%	13.5%	14.2%	16.0%
Financing Activities Proceeds From Stock Issuance	1.7%	1.7%	-0.2%	-0.1%	0.6%
Financing Activities Other Financing Activities	-0.2%	-0.6%	-0.6%	-0.2%	0.1%
Financing Activities net Cash From Financing Activities	18.4%	14.3%	7.8%	12.5%	-4.9%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.4%	-0.1%	-0.3%	-0.4%	-0.3%
Cash Reconciliation net Change In Cash	0.0%	-1.1%	1.5%	-2.2%	1.1%
Cash Reconciliation Cash At Beginning of Period	2.3%	2.5%	4.1%	2.8%	5.7%
Cash Reconciliation Cash At End of Period	2.3%	2.5%	4.1%	2.8%	5.7%

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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