Iron Mountain Incorporated
- Industry
- REITs
- Exchange
- US
- Country
- USA
- IPO date
- Jan 31, 1996
- Employees
- 29,400
- Website
- www.ironmountain.com
Composite valuation range · conservative $65–$85 / fair $90–$115 / optimistic $120–$145. At $126.99, Within the optimistic intrinsic-value range · much expectation priced in.
At publication $128.4 (May 27, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
Iron Mountain Incorporated is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Iron Mountain Incorporated is based in Portsmouth, New Hampshire. Iron Mountain Incorporated was founded in 1951 and is incorporated in Delaware and is based in Portsmouth, New Hampshire.
History
Iron Mountain Incorporated was founded in 1951 and is incorporated in Delaware, with headquarters in Portsmouth, New Hampshire. The company completed its IPO on January 31, 1996 and is listed on the New York Stock Exchange. It has operated as a REIT since the 2014 tax year. Originally centered on physical records storage and information management, Iron Mountain expanded into faster-growing data center, asset lifecycle management (ALM), and digital businesses; under the Project Matterhorn strategy led by CEO Bill Meaney, these growth businesses rose from 15% of revenue in 2021 to 28% in 2025. Total revenue grew from $4.492 billion in 2021 to $6.902 billion in 2025. As of year-end 2025, the company operated approximately 1,340 facilities, managed over 740 million cubic feet of storage, and held a 507.2MW operating data center portfolio with about 1.37GW of total developable data center capacity. It employs approximately 29,400 people and serves more than 240,000 customers across 61 countries, including roughly 95% of the Fortune 1000.
Industry position
Iron Mountain operates at the intersection of information management and digital infrastructure, combining a traditional records and information management (RIM) network with a growing data center platform. In 2025 its Global RIM segment generated $5.291 billion in revenue (about 76.7% of total), Global Data Center generated $803 million (about 11.6%), and Corporate and Other (including ALM) generated $807 million (about 11.7%). By revenue model, Storage Rental was $4.053 billion (58.7%) and Service Revenue was $2.849 billion (41.3%) in 2025. The company reports overall customer retention of approximately 98%; its 2025 data center revenue grew 29.6% year over year with an adjusted EBITDA margin of 51.8%. Iron Mountain is a constituent of the S&P 500, the MSCI REIT Index, and the FTSE EPRA Nareit global real estate index. The most comparable publicly traded peers cited are data center REITs Equinix (EQIX) and Digital Realty (DLR), and self-storage REIT Public Storage (PSA), though many records-management competitors are private. The company's positional advantages derive from its global facility network, deep customer relationships and compliance trust, high switching costs for migrating physical records, scale and network density, and pre-leased data center capacity tied to power access and development permits.