Explain this page
Arphra AIPlain-English read on Iron Mountain Incorporated’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
BMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin25.7%
Operating margin20.4%
Net margin2.1%
ROE-22.4%
ROA0.7%
ROIC5.6%
Liquidity & leverage
Current ratio0.74×
Quick ratio0.74×
Debt / equity-29.54×
Net debt / EBITDA9.07×
Interest coverage2×
Efficiency & per-share
Asset turnover0.33×
Inventory days0
Days sales out.76
FCF / share$-3.13
Book value / share$-2.17
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $30.84B | $24.5B | — | — | — | — |
| Enterprise value | — | — | — | $47.05B | $43.4B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 7.65 | 6.29 | — | — | — | — |
| EV / FCF | — | — | — | -71.59 | -46.58 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +0.58% | +0.59% | — | — | — | — |
| Free cash flow yield | — | — | — | -2.13% | -3.80% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +57.98% | +57.11% | +56.98% | +56.15% | +25.69% | +46.28% | +46.27% | +46.72% | +45.92% |
| Operating margin | +19.02% | +20.57% | +16.82% | +16.42% | +20.36% | +18.40% | +18.10% | +17.69% | +17.58% |
| EBITDA margin | +38.99% | +36.71% | +29.54% | +31.01% | +30.19% | +29.34% | +29.68% | +29.95% | +31.03% |
| EBIT margin | +23.47% | +22.10% | +15.07% | +15.95% | +15.35% | +15.41% | +15.03% | +15.44% | +15.32% |
| Pre-tax margin | +14.00% | +12.38% | +4.15% | +3.98% | +3.06% | +3.83% | +3.63% | +3.67% | +3.69% |
| Net margin | +10.02% | +10.91% | +3.36% | +2.93% | +2.09% | +2.80% | +2.79% | +2.83% | +2.86% |
| Cost structure | |||||||||
| Cost of revenue / sales | +42.02% | +42.89% | +43.02% | +43.85% | +74.31% | +53.55% | +53.68% | +53.76% | +55.21% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +22.77% | +22.35% | +22.56% | +21.78% | +20.20% | +20.93% | +21.45% | +21.95% | +21.39% |
| Effective tax rate | +28.03% | +11.00% | +17.58% | +24.89% | +27.91% | +22.72% | +23.92% | +23.82% | +23.91% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +48.44% | +76.10% | +47.27% | -79.54% | -22.42% | -130.58% | -130.48% | -136.74% | -140.47% |
| Return on assets (ROA) | +3.12% | +3.45% | +1.05% | +0.96% | +0.68% | +0.90% | +0.88% | +0.93% | +0.94% |
| Return on capital (ROC) | +6.76% | +7.49% | +6.07% | +6.25% | +7.64% | +6.99% | +6.86% | +6.55% | +6.40% |
| Return on invested capital (ROIC) | +3.56% | +3.97% | +1.21% | +1.12% | +0.79% | +1.06% | +1.06% | +1.05% | +1.04% |
| Asset turnover | +31.08% | +31.62% | +31.36% | +32.86% | +32.67% | +32.10% | +31.37% | +32.73% | +32.71% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.02% | +10.91% | +3.36% | +2.93% | +2.09% | +2.80% | +2.79% | +2.83% | +2.86% |
| Asset turnover (× revenue / assets) | +31.08% | +31.62% | +31.36% | +32.86% | +32.67% | +32.10% | +31.37% | +32.73% | +32.71% |
| Equity multiplier (× assets / equity) | +1554.64% | +2205.13% | +4483.68% | -8263.52% | -3275.66% | -14529.42% | -14901.24% | -14782.16% | -14994.60% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.31 | 0.32 | 0.31 | 0.33 | 0.33 | 0.32 | 0.31 | 0.33 | 0.33 |
| Fixed-asset turnover | 0.64 | 0.66 | 0.61 | 0.61 | 0.57 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 4.67 | 4.34 | 4.35 | 4.76 | 4.78 | — | — | — | — |
| Payables turnover | 5.11 | 4.67 | 4.37 | 3.97 | 7.22 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 78.13 | 84.03 | 83.91 | 76.64 | 76.35 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 71.39 | 78.23 | 83.53 | 91.87 | 50.58 | — | — | — | — |
| Cash conversion cycle | 6.73 | 5.80 | 0.38 | -15.23 | 25.77 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.69 | 1.67 | 6.04 | 6.64 | 9.27 | 7.13 | 7.18 | 7.11 | 7.09 |
| FCF / Net income | 0.30 | 0.08 | -1.26 | -3.65 | -6.44 | -3.46 | -3.37 | -3.27 | -3.26 |
| FCF margin | +3.00% | +0.86% | -4.22% | -10.69% | -13.50% | -9.69% | -9.41% | -9.23% | -9.33% |
| OCF margin | +16.90% | +18.18% | +20.32% | +19.46% | +19.42% | +19.95% | +20.03% | +20.10% | +20.32% |
| CapEx / Revenue | +13.90% | +17.31% | +24.54% | +30.15% | +32.91% | +29.00% | +29.22% | +28.54% | +29.86% |
| CapEx / D&A | 0.90 | 1.19 | 1.70 | 2.00 | 2.14 | — | — | — | — |
| Stock-based comp / Revenue | +1.36% | +1.11% | +1.35% | +1.92% | +2.03% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.55 | 1.90 | 0.63 | 0.61 | 0.49 | 2.37 | 2.60 | 3.11 | 0.00 |
| EPS · basic | 1.56 | 1.92 | 0.63 | 0.61 | 0.49 | 2.40 | 2.62 | 3.08 | 0.00 |
| Book value / share | 3.19 | 2.50 | 1.33 | -0.76 | -2.17 | -0.57 | -0.62 | -0.65 | -0.70 |
| Tangible BV / share | -16.20 | -19.06 | -20.10 | -22.23 | -24.18 | -0.57 | -0.62 | -0.65 | -0.70 |
| Sales / share | 15.44 | 17.45 | 18.64 | 20.76 | 23.17 | 26.63 | 29.13 | 31.41 | 34.11 |
| Operating CF / share | 2.61 | 3.17 | 3.79 | 4.04 | 4.50 | 5.31 | 5.84 | 6.31 | 6.93 |
| Free cash flow / share | 0.46 | 0.15 | -0.79 | -2.22 | -3.13 | -2.58 | -2.74 | -2.90 | -3.18 |
| Dividends / share | 2.47 | 2.48 | 2.51 | 2.67 | 3.09 | 3.47 | 3.96 | 4.08 | 4.58 |
| Payout ratio | +159.55% | +130.06% | +400.39% | +438.25% | +635.85% | +465.80% | +486.88% | +460.12% | +468.89% |
| Retention ratio | -59.55% | -30.06% | -300.39% | -338.25% | -535.85% | -365.80% | -386.88% | -360.12% | -368.89% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +13.63% | +7.38% | +12.22% | +12.23% | +14.73% | +8.75% | +7.60% | +8.97% | +10.66% |
| Gross profit · YoY | — | +11.91% | +7.14% | +10.60% | -48.65% | +106.66% | +8.71% | +8.66% | +7.09% | +7.47% |
| Profit | ||||||||||
| Operating income · YoY | — | +22.91% | -12.20% | +9.52% | +39.23% | +3.65% | +6.96% | +5.19% | +8.30% | +9.57% |
| EBITDA · YoY | — | +6.98% | -13.61% | +17.83% | +9.25% | +11.51% | +9.99% | +8.57% | +12.93% | +7.54% |
| Net income · YoY | — | +23.71% | -66.92% | -2.21% | -19.74% | +53.33% | +8.41% | +8.95% | +10.41% | -5.39% |
| Operating | ||||||||||
| EBIT · YoY | — | +6.98% | -26.80% | +18.79% | +8.00% | +15.21% | +6.05% | +10.56% | +8.06% | +4.90% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +22.58% | -66.84% | -3.17% | -19.67% | +384.03% | +9.65% | +19.68% | -100.00% | — |
| EPS · basic · YoY | — | +23.08% | -67.19% | -3.17% | -19.67% | +389.77% | +9.36% | +17.19% | -100.00% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $11.7B | $13.29B | $14.79B | $16.37B | $19.05B | $21B | $22.89B | $25.22B | $27.96B |
| Net debt | $11.45B | $13.15B | $14.56B | $16.21B | $18.89B | $20.76B | $22.63B | $24.94B | $27.67B |
| Net debt / EBITDA | 6.54 | 7.02 | 9.00 | 8.50 | 9.07 | 8.94 | 8.85 | 8.99 | 8.83 |
| Debt / equity | 12.59 | 18.15 | 37.94 | -72.27 | -29.54 | -123.67 | -124.24 | -131.68 | -135.85 |
| Debt / assets | +80.99% | +82.32% | +84.63% | +87.46% | +90.18% | +85.12% | +83.37% | +89.08% | +90.60% |
| Equity / assets | +6.43% | +4.53% | +2.23% | -1.21% | -3.05% | -0.69% | -0.67% | -0.68% | -0.67% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.12 | 3.78 | 2.70 | 2.59 | 2.51 | 2.56 | 2.52 | 2.50 | 2.61 |
| Operating income / interest | 2.01 | 2.12 | 1.54 | 1.37 | 1.69 | 1.61 | 1.54 | 1.48 | 1.48 |
| Interest expense | $425.3M | $496.29M | $598.4M | $736.23M | $829.34M | $907.63M | $1.01B | $1.11B | $1.2B |
| Liquidity | |||||||||
| Current ratio | 0.71 | 0.81 | 0.78 | 0.55 | 0.74 | — | — | — | — |
| Quick ratio | 0.60 | 0.69 | 0.66 | 0.47 | 0.61 | — | — | — | — |
| Cash ratio | 0.13 | 0.07 | 0.10 | 0.05 | 0.06 | — | — | — | — |
| Working capital | -$577.31M | -$370.42M | -$500.64M | -$1.4B | -$684.51M | — | — | — | — |
| Working capital / revenue | -12.85% | -7.26% | -9.14% | -22.70% | -9.92% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 6.29x | 7.65x |
| Earnings yield | 0.6% | 0.6% |
| FCF yield | -3.8% | -2.1% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | -14.7% | -35.8% |
| ROA | 0.7% | 1.0% |
| ROIC | 5.3% | 4.6% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 9.07 | 8.50 |
| Interest coverage | — | — |
| Current ratio | 0.74x | 0.55x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).