15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 10.7% per year over the past 5 years.
Net income has grown slower than revenue (-15.0% vs 10.7% per year).
Operating margin has contracted, at 16.9% in the latest year.
Financial health
Total debt ($16.4B) exceeds cash ($159M); net debt is $16.3B.
Total debt has grown in line with revenue (13.6% vs 10.7% per year).
Operating income covered interest expense 1.4× in the latest year.
Total debt is 7.5× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 603.9% of earnings.
The dividend has grown 5.1% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$6.9B
$152M
0.0%
16.9%
-$932M
$16.4B
$159M
2024
$6.1B
$184M
0.0%
16.4%
-$595M
$13.7B
$156M
2023
$5.5B
$187M
0.0%
16.8%
-$226M
$11.9B
$223M
2022
$5.1B
$562M
0.0%
20.6%
$52M
$10.6B
$142M
2021
$4.5B
$453M
0.0%
19.0%
$148M
$9.3B
$256M
2020
$4.1B
$343M
0.0%
22.5%
$549M
$8.7B
$205M
2019
$1.6B
$268M
0.0%
49.4%
$274M
$8.7B
$194M
2018
$1.6B
$355M
0.0%
50.4%
$475M
$8.1B
$165M
2017
$3.8B
$172M
0.0%
16.5%
$378M
$7.0B
$926M
2016
$3.5B
$107M
0.0%
14.3%
$215M
$6.3B
$236M
2015
—
$125M
—
—
$252M
$4.8B
$128M
2014
—
$329M
—
—
$111M
$4.6B
$160M
2013
—
$100M
—
—
$220M
$4.2B
$121M
2012
—
$174M
—
—
$192M
$3.8B
$243M
2011
—
$400M
—
—
$406M
$3.4B
$180M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$1.9B
$149M
0.0%
20.4%
-$179M
$17.1B
$251M
Dec '25
$1.8B
$93M
0.0%
18.5%
-$16M
$16.4B
$159M
Sep '25
$1.8B
$86M
0.0%
17.6%
-$256M
$16.2B
—
Jun '25
$1.7B
-$43M
0.0%
15.2%
-$182M
$15.6B
—
Mar '25
$1.6B
$16M
0.0%
16.0%
-$477M
$14.9B
—
Dec '24
$1.6B
$106M
0.0%
17.9%
-$186M
$13.7B
$156M
Sep '24
$1.6B
-$34M
0.0%
16.1%
-$143M
$13.4B
—
Jun '24
$1.5B
$35M
0.0%
15.0%
-$15M
$12.9B
—
Mar '24
$1.5B
$77M
0.0%
16.6%
-$251M
$12.7B
—
Dec '23
$1.4B
$29M
0.0%
16.3%
$70M
$11.9B
$223M
Sep '23
$1.4B
$91M
0.0%
17.1%
-$141M
$11.7B
—
Jun '23
$1.4B
$1M
0.0%
15.7%
-$18M
$11.2B
—
Mar '23
$1.3B
$66M
0.0%
18.3%
-$137M
$11.0B
$146M
Dec '22
$1.3B
$126M
0.0%
19.4%
$89M
$10.6B
$142M
Sep '22
$1.3B
$193M
0.0%
22.2%
-$52M
$10.3B
$155M
Jun '22
$1.3B
$202M
0.0%
22.8%
$122M
$10.1B
$145M
Mar '22
$1.2B
$42M
0.0%
17.8%
-$107M
$10.2B
$196M
Dec '21
$3.3B
$61M
0.0%
5.9%
$103M
$9.3B
$256M
Sep '21
$412M
$68M
0.0%
44.1%
-$49M
$9.1B
$161M
Jun '21
$401M
$277M
0.0%
76.2%
$170M
$8.9B
$316M
Valuation over time
How the market has priced IRM against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 28.0× (Mar '23) to 256.2× (Jun '26).
The price-to-sales ratio has risen from 3.1× (Mar '23) to 5.7× (Jun '26).
The dividend yield has fallen from 4.6% (Mar '23) to 2.4% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is IRM growing its revenue and profit?
Over the past 5 years, Iron Mountain's revenue has grown 10.7% per year, and net income declined 15.0% per year. These are computed facts, not advice.
How much debt does IRM have?
As of FY2025, Iron Mountain reported $16.4B of total debt against $159M of cash; operating income covered interest expense 1.4×.
What is IRM's profit margin?
In FY2025, gross margin was —, operating margin 16.9%, and net margin 2.2%.
What is IRM's P/E ratio?
As of Jun '26, Iron Mountain traded at a price-to-earnings ratio of about 256.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.