IRM
Iron Mountain Incorporated
NYSE: IRM · REAL ESTATE · REIT - SPECIALTY
$129.96
-4.29% today
Updated 2026-06-05
Market cap
$37.86B
P/E ratio
138.30
P/S ratio
5.22x
EPS (TTM)
$0.92
Dividend yield
2.63%
52W range
$77 – $134
Volume
1.5M
Iron Mountain Incorporated (IRM) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed IRM price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$129.96
Today
Analyst consensus
$131.55
+1.22% · 12M
2030 Base
$81.70
-37.13% future
NPV today
$50.08
@ 11% WACC
11 analysts:
6 Buy2 Hold1 Sell
Management guidance
Iron Mountain raised 2026 full-year revenue guidance to $7,825M–$7,925M (midpoint $7,875M, +14.2% YoY) in May 2026 earnings. CEO William Meaney emphasized data center segment acceleration (47% YoY growth in Q1 2026, 32 MW leased), positioning AI/hyperscaler capex as primary growth driver through 2030. Management has not published specific 2027–2030 targets, but guided that data center revenue will be 'material contributor to total company growth' with expanding margins.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
IRM · Iron Mountain Incorporated · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$-8.66
NPV today: $-8.66
Base case (2030)
$81.70
NPV today: $50.08
Bull case (2030)
$172.06
NPV today: $105.47
WallStSmart.com
IRM financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $6.9B | $7.9B | $9.2B | $10.7B | $12.1B | $13.6B |
| Revenue growth | 12.2% | 14.2% | 16.2% | 16.7% | 13.5% | 12.1% |
| Net margin | — | 9.4% | 9.6% | 10.0% | 10.2% | 10.3% |
| EPS | $1.68 | $2.48 | $2.95 | $3.55 | $4.10 | $4.65 |
| Diluted shares | — | 298M | 299M | 300M | 300M | 301M |
| Net debt | — | $16.19B | $16.19B | $16.19B | $16.19B | $16.19B |
| P/S multiple | — | 3.0x | 3.0x | 3.0x | 3.0x | 3.0x |
| Implied price (base) | — | $24.90 | $37.65 | $52.89 | $67.17 | $81.70 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $13.6B | $13.6B | $13.6B |
| P/S multiple | 1.0x | 3.0x | 5.0x |
| Diluted shares | 301M | 301M | 301M |
| Net debt | $16.19B | $16.19B | $16.19B |
| Implied P/E † | -2x | 18x | 37x |
| 2030 Price | $-8.66 | $81.70 | $172.06 |
| NPV @ 11% | $-8.66 | $50.08 | $105.47 |
† Implied P/E: Multiples remain elevated across all three scenarios because IRM is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $81.70 base case
IRM catalysts and risks
Growth catalysts
+ AI/hyperscaler capex acceleration: Meta ($60B), Microsoft ($80B+), Google, Amazon committed to massive data center buildouts through 2028; IRM positioned as critical vendor for power, cooling, real estate
+ Data center revenue mix shift: Q1 2026 showed 47% YoY data center growth vs. ~10% legacy records; if data center reaches 30–40% of revenue by 2028–2029, total company growth stays elevated
+ REIT dividend sustainability + capital recycling: 2.69% yield with 663% payout ratio normalizing post-earnings beat; continued M&A and organic capex in data centers funded by strong FCF
+ International expansion: Legacy records business stable in Europe/APAC; data center footprint extension (Barcelona reference in news) opens TAM in high-margin regions
Key risks
- Law of large numbers deceleration: at $8B+ revenue, incremental growth becomes harder; data center market share concentration risk if competitor (Digital Realty, Equinix, CyrusOne) gains hyperscaler preference
- Capital intensity & leverage: data center buildout requires sustained capex (~$1.5B–$2B annually); if hyperscaler commitments slow, ROI on new facilities depresses margins
- Legacy records margin compression: traditional storage/ALM business growing ~8–10% organically; if data center growth stumbles, company defaults to low-single-digit growth profile
- Valuation/multiple compression: at 51.19x forward P/E (2026), stock vulnerable to earnings miss or guidance cut; insider selling (CEO, directors) in May 2026 signals potential caution
Methodology · Iron Mountain Incorporated 2030 stock forecast model
Iron Mountain Incorporated 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 11 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for IRM by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($16.19B by 2030) |
| 3. Time value | NPV calculated using 11% WACC (CAPM: beta 1.227) |
| 4. Multiple framework | P/S compresses with scale: bear 1.0x / base 3.0x / bull 5.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
IRM price target FAQ
What is the IRM price target for 2030?
WallStSmart's Iron Mountain Incorporated 2030 base case is $81.70 per share, with a bull case of $172.06 and bear case of $-8.66. The NPV of the base case discounted to today at 11% WACC is $50.08.
How is the Iron Mountain Incorporated 2030 stock forecast calculated?
The IRM 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the IRM price target account for dilution?
Iron Mountain Incorporated is projected to grow diluted share count from 298M to 301M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on IRM stock?
11 analysts cover IRM with an average 12-month price target of $131.55. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.