Company Overview - Iron Mountain Incorporated (IRM) has a market cap of $29.6 billion and serves over 240,000 customers in 61 countries, specializing in storage and information management solutions [1] - The company offers services including records management, data management, digital transformation, data centers, secure shredding, and IT asset disposition [1][2] Stock Performance - IRM shares have decreased nearly 23% from their 52-week high of $130.24 and have fallen 1.7% over the past three months, underperforming the Real Estate Select Sector SPDR Fund (XLRE) which rose over 1% during the same period [3] - Year-to-date, IRM shares have declined 4.5%, while XLRE gained 3.7%, and over the past 52 weeks, IRM stock has dropped 15.1%, compared to XLRE's 6.3% decline [4] Financial Results - In Q2 2025, Iron Mountain reported record revenue of $1.7 billion and adjusted EBITDA of $628 million, with an AFFO per share of $1.24 [5] - Despite these strong revenue figures, the company posted a net loss of $43 million, contrasting with a net income of $35 million from the previous year, primarily due to foreign exchange losses [5] Market Comparison - Compared to its rival SBA Communications Corporation (SBAC), which has seen a YTD decline of 2.3% and a 52-week drop of 18.7%, IRM has outperformed SBAC over the past year [6] - Analysts maintain a moderately optimistic outlook for IRM, with a consensus rating of "Moderate Buy" and a mean price target of $115, indicating a potential premium of 14.6% from current levels [6]

Core Insights - Iron Mountain Inc. is a global leader in storage and information management services, focusing on protecting, managing, and unlocking value from physical and digital assets [1] Financial Performance - Iron Mountain is set to report its Q3 2025 earnings on November 5, with Wall Street analysts expecting an EPS of $0.77, an increase from $0.44 in the prior-year period [2] - Quarterly revenue is anticipated to reach $1.76 billion, up from $1.56 billion a year earlier [2] - In Q2 2025, the company reported adjusted EPS of $0.48, which was below the consensus estimate of $0.50, while revenues of $1.71 billion exceeded the consensus of $1.68 billion [6] Historical Investment Performance - If an investor had purchased Iron Mountain stock 10 years ago at approximately $28.89 per share, a $10,000 investment could have grown to $33,468 based on stock price appreciation alone, with dividends adding an additional $9,007, resulting in a total investment value of $42,475 [3][4] - This represents a total return of 324.75%, outperforming the S&P 500 total return of 297% over the same period [4] Dividend Information - Iron Mountain's current dividend yield is 3.25%, and over the last 10 years, it has paid about $26.02 in dividends per share [4] Analyst Ratings and Future Outlook - The company has a consensus rating of "Overweight" with a price target of $105.67, indicating more than 9% potential upside from the current stock price [6]

Financial Performance & Growth - Iron Mountain achieved record Q2 2025 results, exceeding expectations, with total revenues of $1.712 billion, a 12% year-over-year increase[39] - Adjusted EBITDA for Q2 2025 was $628 million, a 15% year-over-year increase, with an Adjusted EBITDA margin of 36.7%[39] - Adjusted Funds From Operations (AFFO) for Q2 2025 was $370 million, a 15% year-over-year increase, with AFFO per share at $1.24, also a 15% increase[39] - The company is increasing its full year 2025 revenue guidance to $6.79 billion - $6.94 billion, representing approximately 12% year-over-year growth[41] - Adjusted EBITDA for full year 2025 is guided to $2.52 billion - $2.57 billion, approximately 14% year-over-year growth[41] - AFFO for full year 2025 is guided to $1.505 billion - $1.530 billion, approximately 13% year-over-year growth, with AFFO per share of $5.04 - $5.13, a 12% increase[41] Business Segments - Global RIM (Records Management) segment is expected to generate ~$5.3 billion in revenue in 2025[28] - Data Center organic storage revenue increased by 26% year-over-year[39] - Asset Lifecycle Management (ALM) organic revenue growth was 42%, with reported growth of 70% year-over-year[39] Strategic Initiatives - Growth businesses (Data Center, Digital Solutions, ALM) are expected to account for 28% of total revenue in 2025, up from 15% in 2021[15, 45] - The company has a total addressable market of $165 billion[8, 45] - The company is expanding its data center capacity to approximately 1.3 GW from the current operating portfolio of 450 MW[9, 32]