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IRM

Iron Mountain Incorporated

NYSE: IRM · REAL ESTATE · REIT - SPECIALTY

$114.52
+1.69% today

Updated 2026-04-29

Market cap
$34.07B
P/E ratio
229.04
P/S ratio
4.94x
EPS (TTM)
$0.50
Dividend yield
2.86%
52W range
$77 – $121
Volume
1.5M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Iron Mountain Incorporated (IRM) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$114.52
Consensus
$115.83
+1.14%
2030 Target
$537.16
+369.05%
DCF
$90.41
-10.85% MoS
6 analysts:
2 Buy0 Hold1 Sell

Management guidance

Iron Mountain's Q4 2025 earnings call and recent filings indicate strong data center demand driving above-consensus revenue growth. Management forecasts continued acceleration in Storage Rental Services and Data Center revenues, with the company positioning for sustained double-digit growth through 2027, supported by AI/cloud infrastructure buildout and contracted customer commitments.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$898.71
$13.4B Rev × 20x P/S
Base case (2030)
$537.16
$13.4B Rev × 12x P/S
Bear case (2030)
$361.55
$13.4B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2029 (E)2030 (E)
Revenue$5.5B$6.1B$6.9B$8.2B$9.2B$11.8B$13.4B
Revenue growth—12.2%12.2%18.1%12.9%13.4%13.1%
EPS$1.79$1.79$2.06$2.52$2.88$3.68$4.16
P/S ratio———12.0x12.0x12.0x12.0x
Implied price———$330.56$371.88$475.18$537.16

Catalysts & risks

Growth catalysts
+ Accelerating AI/cloud data center demand (Meta, Microsoft, hyperscalers expanding capex)
+ Seven-building data center campus development outside Austin, Texas; grid-connected capacity by 2030
+ 23 MWh battery storage system at New Jersey data center enhancing grid services revenue and reliability
+ Expanding global data center footprint with multiple projects in development
+ Records Management digital transformation and Information Destruction service growth
+ Strategic partnerships (McLaren F1, enterprise customers) validating data protection value proposition
Key risks
- Elevated valuation (P/E 210.8x, P/S 4.5x) creates downside vulnerability to growth deceleration
- Gotham City Research short report (Nov 2025) raised accounting/disclosure questions; reputational risk
- High payout ratio (663%+) limits financial flexibility for debt reduction despite $50B enterprise value
- Data center construction delays or customer capex postponement would materially impact growth
- Rising interest rates pressure REIT funding costs; current debt/equity structure limits leverage capacity
- Competitive pressure from AWS, Google, Microsoft building proprietary data centers
- Negative book value (-$3.32/share) indicates significant historical writedowns; accounting scrutiny risk

Methodology

Iron Mountain Incorporated's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 6 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.