Iron Mountain Inc Dossier
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SectorReal Estate IndustryOther Specialized REITs Beta (adjusted)1.13 Intrinsic Value $73.84median of 1 methodbased on filings through 30 Jun 2026 Market Price $111.13Price as of 1 Oct 2026 OvervaluedIntrinsic value is 34% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $33.1B Enterprise Value $50.2B Shares Outstanding 302.2M diluted Next Earnings Date4 Nov 2026 Last ex-dividend15 Sep 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Iron Mountain combines a durable physical-records franchise with faster-growing data-center, digital and asset-lifecycle-management operations. Q2 2026 revenue increased 18.5% to $2.029 billion, Adjusted EBITDA increased 15.7% to $727 million and AFFO per share increased 16.1% to $1.44. The three growth businesses collectively expanded by more than 50% year over year, while data-center leasing reached 110 megawatts through July. Management raised FY2026 guidance to revenue of $7.94-$8.01 billion, Adjusted EBITDA of $2.945-$2.975 billion and AFFO per share of $5.87-$5.93. Against the issuer-reported August 28 closing price of $117.40. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$140.00 Mean target$144.60 High · most bullish analyst$153.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $140.0020% A $90 scenario reflects slower data-center capacity absorption, weaker leasing after the July surge, pressure on profitability from rapid service growth and power or development costs, and a higher financing burden. The risk is material because Q2 Adjusted EBITDA margin declined 90 basis points year over year to 35.8%, while Iron Mountain priced $1.5 billion of 6.250% senior notes due 2035 during June 2026. Base CaseCentral scenario $144.6050% Matches the consensus meanA $132 scenario assumes delivery within the raised FY2026 guidance ranges, continued but moderating data-center leasing, and resilient physical-storage performance. Bull CaseUpside scenario $153.0030% A $155 scenario assumes sustained double-digit consolidated growth, continued greater-than-50% growth across data center, digital and ALM, conversion of the 110 megawatts leased through July into productive capacity, and results near or above the raised FY2026 guidance ranges. Strong recurring storage revenue and continued dividend support would reinforce investor confidence in the growth transition. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |