| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 15 | 81.7x | 17.8x | Bottom tier | |
Growth | 90 | 17.4% | 7.1% | Top tier | |
Quality | 28 | 7.3% | 4.5% | Bottom tier | |
Safety | 13 | 8.0x | 2.6x | Bottom tier | |
Capital Return | 48 | 2.93% | 2.12% | Around median | |
Momentum | 68 | 31.4% | 2.9% | Top tier | |
Sentiment | 36 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Iron Mountain operates through an ecosystem that combines records management, physical storage, digital services, data centers, and technology asset lifecycle management ALM. The core business is built on recurring storage revenue from more than 240 thousand customers, with mid-single-digit growth in physical storage, while the company expands its income from leasing data center capacity, securely destroying and remarketing devices, and digitizing and processing documents through its AI-powered Insight DXP platform. In Q2 fiscal year 2026, data centers, ALM, and digital solutions collectively accounted for 35% of revenue, up 750 basis points year over year, and these businesses grew by more than 50%.
In Q2 fiscal year 2026, revenue reached $2.03 billion, up 19% year over year and 17% organically, exceeding the company's previous estimate by approximately $65 million. Net income according to EDGAR data was approximately $101.4 million, equivalent to a net income margin of about 5.0% and earnings per share of $0.34, compared with net income of $143.7 million and earnings per share of $0.48 in Q1 fiscal year 2026. Adjusted EBITDA reached a record $727 million, with a margin of approximately 35.8%, while AFFO rose 17% to $433 million and reached $1.44 per share.
At the segment level in Q2 fiscal year 2026, Global RIM generated record revenue of $1.4 billion and annual growth of 8%, with an adjusted EBITDA margin of 43%. Global Data Center revenue rose 39% to $263 million, with a segment margin of 52.2%, while ALM revenue jumped 88% to $288 million. This mix shows that the records business remains the foundation of revenue and cash flow, but data centers, ALM, and digital solutions have become the fastest-growing drivers.
The average analyst price target is $142, within a wide range of $130 to $155, with the consensus rated "Buy." The average target is approximately 5.4% above the 52-week range high of $134.68, while the stock's annual range extends from $77.77 to $134.68, reflecting significant dispersion in the market's valuation. In the absence of a reported price-to-earnings ratio in the data, the valuation assessment depends more heavily on Iron Mountain's ability to achieve its fiscal year 2026 guidance and sustain data center and ALM growth, while accounting for the expected growth slowdown in Q3 and the capital intensity of spending.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Iron Mountain generated revenue of $2.03 billion in Q2 fiscal year 2026, up 19% year over year with 17% organic growth. Net income according to EDGAR was approximately $101.4 million and earnings per share were $0.34, while adjusted EBITDA reached a record $727 million. AFFO rose 17% to $433 million, or $1.44 per share, exceeding the company's previous estimate by four cents per share.
Global Data Center revenue rose 39% to $263 million in Q2 fiscal year 2026, and the adjusted EBITDA margin reached 52.2%. The company signed 13 megawatts during the quarter and an additional 75 megawatts in July 2026, bringing fiscal-year bookings through that date to 110 megawatts. The contracts included 51 megawatts in Mumbai for ten years and 25 megawatts at London 3, and management links a significant portion of demand to the buildout of AI inference capacity.
ALM revenue reached approximately $288 million in Q2 fiscal year 2026, up 88% year over year and 82% organically. The company expects the business's revenue to approach $1 billion in fiscal year 2026, compared with a target market it estimates at more than $35 billion. However, the quarterly results also benefited from the acceleration of $30 million in revenue from two projects for hyperscale customers, so the growth trajectory may fluctuate between quarters.
Automated analysis for informational purposes only — not investment advice.
Iron Mountain uses the Insight DXP platform to digitize content, classify it, enrich its metadata, and apply governance rules through AI agents. In Q2 fiscal year 2026, it won a three-year global agreement to process 500 thousand inbound items annually across 45 countries, alongside a project to digitize 40 million images in Australia. Forrester also ranked the platform among the top document mining and analytics platform providers, with strong scores in agentic AI capabilities, data privacy, and validation rules.
Iron Mountain expects revenue between $7.94 and $8.01 billion in fiscal year 2026, representing annual growth of 16% at the midpoint. It expects adjusted EBITDA between $2.945 and $2.975 billion, and AFFO between $1.76 and $1.78 billion, or $5.87 to $5.93 per share. For Q3 fiscal year 2026, it expects revenue of approximately $1.98 billion, adjusted EBITDA of $745 million, and AFFO of $440 million.
Iron Mountain's board of directors declared quarterly distributions of $0.864 per share, payable in early October 2026. The AFFO payout ratio on a trailing-four-quarter basis was 60%, while AFFO reached $433 million in Q2 fiscal year 2026. Operating cash flow also reached $888 million in the first half of fiscal year 2026 and free cash flow improved by $441 million, although the company also spent $553 million on growth capital expenditures during the quarter.
