Iron Mountain Inc.
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+ FollowMarket Cap$31.48B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Record Q3 performance with broad-based growth (all key metrics beat expectations):
- Revenue: $1.99B, +13% YoY on both reported and organic basis (up $237M vs. prior year)
- Adjusted EBITDA: $748M, +13% YoY (up $88M) and ahead of projections; margin expanded ~200 bps sequentially
- AFFO: $458M, +17% YoY; AFFO/share $1.53, +16% YoY and $0.06 ahead of last call
- Adjusted EBITDA margin: 37.6%
- Surprising/positive: very strong sequential margin expansion despite a mix headwind from higher services revenue.
Business momentum: growth engines led by Data Centers and ALM + strong digital and storage:
- Data Centers: +34% revenue growth, record leasing of 102 MW in the quarter; backlog $575M
- Data Center “leasable pipeline”: ~325 MW expected to energize within next 24 months (supports continued growth)
- Asset Lifecycle Management (ALM): Revenue $241M (+43% YoY); strong enterprise ALM (>50% organic growth) and data center decommissioning growth (management notes growth would be >50% excluding a previously discussed ~$30M revenue shift)
- Digital Solutions: another record quarter, continued momentum for AI-powered InSight DXP (AI/IDP + governance value proposition)
- Traditional RIM storage: grew mid-single digits and tracking toward 38th consecutive year of organic storage rental growth.
Dividend increase and capital allocation posture (shareholder return):
- Board increased quarterly dividend by 15% to $0.993/share, effective with the January payout
- CFO highlighted dividend policy alignment with low-60s% payout ratio and that dividends returned >$4B over the past ~5 years ending 2026
- Balance sheet strength: net lease adjusted leverage 4.8x, lowest since pre-REIT conversion (2014).
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$-104.77
198.4% downside
Current Fair Value
198.4% downsideOvervalued by 198.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $31.48 Billion |
|---|---|
| Enterprise Value | $36.07 Billion |
| Annual dividend | $3.46 |
| Dividend yield | 3.24% |
| Earnings per Share | $0.49 |
| Beta | 1.19 |
| Outstanding Shares | 297,986,000 |
Return
| Return on Equity | -32.68% |
|---|---|
| Return on Assets | 1.91% |
| Return on Invested Capital | 7.64% |
Valuation & Multiples
| P/E Ratio | 69.17 |
|---|---|
| PEG | -21.23 |
| Price to Sales | 4.26 |
| Price to Book Ratio | -26.63 |
| Enterprise Value to Revenue | 4.77 |
| Enterprise Value to EBIT | 24.76 |
| Enterprise Value to Net Income | 86 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | -3.74 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS Estimate
$0.61
Consensus analyst estimateRevenue Estimate
$1.99 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$0.68
Consensus analyst estimateRevenue Estimate
$2.05 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.22, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.2200▼ 193.83% |
|---|---|
| Total Calls | 100,000▼ 91.48% |
| Total Puts | 22,000▼ 99.13% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 15.38%▼ 72.44% |
|---|---|
| Total Invested | $5.08B▼ 84.60% |
| Investors Holding | 619▼ 595.00% |
About Iron Mountain Inc.
29,400 employees
CEO: William L. Meaney
Established in 1951, Iron Mountain Inc. (NYSE: IRM) stands as the world's leading provider of storage and information management services. More than 225,000 organizations globally entrust Iron Mountain with their critical assets, support...