WallStSmart

Iron Mountain Incorporated (IRM)vsNet Lease Office Properties (NLOP)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Iron Mountain Incorporated generates 6416% more annual revenue ($6.90B vs $105.92M). IRM leads profitability with a 2.1% profit margin vs -137.1%. IRM earns a higher WallStSmart Score of 52/100 (C-).

IRM

Buy

52

out of 100

Grade: C-

Growth: 6.0Profit: 7.0Value: 2.7Quality: 3.3
Piotroski: 2/9Altman Z: 0.12

NLOP

Hold

42

out of 100

Grade: D

Growth: 4.7Profit: 3.0Value: 6.7Quality: 5.5
Piotroski: 3/9Altman Z: 0.68
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

IRMOvervalued (-10.8%)

Margin of Safety

-10.8%

Fair Value

$90.41

Current Price

$125.99

$35.58 premium

UndervaluedFair: $90.41Overvalued
NLOPUndervalued (+60.2%)

Margin of Safety

+60.2%

Fair Value

$48.97

Current Price

$13.06

$35.91 discount

UndervaluedFair: $48.97Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

IRM3 strengths · Avg: 8.7/10
Return on EquityProfitability
225.1%10/10

Every $100 of equity generates 225 in profit

Operating MarginProfitability
22.0%8/10

Strong operational efficiency at 22.0%

Revenue GrowthGrowth
16.6%8/10

16.6% revenue growth

NLOP3 strengths · Avg: 9.7/10
Price/BookValuation
0.7x10/10

Reasonable price relative to book value

EPS GrowthGrowth
223.1%10/10

Earnings expanding 223.1% YoY

Debt/EquityHealth
0.119/10

Conservative balance sheet, low leverage

Areas to Watch

IRM4 concerns · Avg: 2.5/10
Profit MarginProfitability
2.1%3/10

2.1% margin — thin

Piotroski F-ScoreQuality
2/93/10

Weak financial health signals

PEG RatioValuation
2.702/10

Expensive relative to growth rate

P/E RatioValuation
229.0x2/10

Premium valuation, high expectations priced in

NLOP4 concerns · Avg: 2.8/10
Market CapQuality
$195.69M3/10

Smaller company, higher risk/reward

Operating MarginProfitability
4.3%3/10

Operating margin of 4.3%

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Return on EquityProfitability
-32.9%2/10

ROE of -32.9% — below average capital efficiency

Comparative Analysis Report

WallStSmart Research

Bull Case : IRM

The strongest argument for IRM centers on Return on Equity, Operating Margin, Revenue Growth. Revenue growth of 16.6% demonstrates continued momentum.

Bull Case : NLOP

The strongest argument for NLOP centers on Price/Book, EPS Growth, Debt/Equity.

Bear Case : IRM

The primary concerns for IRM are Profit Margin, Piotroski F-Score, PEG Ratio. A P/E of 229.0x leaves little room for execution misses. Thin 2.1% margins leave little buffer for downturns.

Bear Case : NLOP

The primary concerns for NLOP are Market Cap, Operating Margin, Piotroski F-Score.

Key Dynamics to Monitor

IRM profiles as a growth stock while NLOP is a turnaround play — different risk/reward profiles.

IRM carries more volatility with a beta of 1.15 — expect wider price swings.

IRM is growing revenue faster at 16.6% — sustainability is the question.

NLOP generates stronger free cash flow (21M), providing more financial flexibility.

Bottom Line

IRM scores higher overall (52/100 vs 42/100) and 16.6% revenue growth. NLOP offers better value entry with a 60.2% margin of safety. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Iron Mountain Incorporated

REAL ESTATE · REIT - SPECIALTY · USA

Iron Mountain Inc. (NYSE: IRM) is an American enterprise information management services company founded in 1951 and headquartered in Boston, Massachusetts.

Net Lease Office Properties

REAL ESTATE · REIT - OFFICE · USA

Net Lease Office Properties (NLOP) is a premier real estate investment trust (REIT) specializing in the acquisition and management of high-quality net leased office properties throughout the United States. The company's robust portfolio features long-term leases with financially stable tenants, enabling reliable cash flows and risk mitigation. By focusing on key metropolitan areas with strong demand trends, NLOP is well-positioned for growth and value creation. Its disciplined capital management and proactive acquisition strategy further enhance its appeal as an attractive investment option for institutional investors seeking exposure to the commercial real estate sector.

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