Iron Mountain (NYSE: IRM) is the transformation trade that worked: the records-storage monopolist (those underground vaults of corporate paper) that rebuilt itself into a data center, digital services, and asset lifecycle company, and just printed the best quarter in our entire specialty group: revenue up 21.6%, AFFO per share up 22%.
| Iron Mountain (IRM) Snapshot | |
|---|---|
| Share Price (delayed) | $122.66 +0.24% |
| Market Cap | $36.4B |
| Annualized Dividend | $3.38 (Quarterly) |
| Dividend Yield | 2.76% |
| Sector | Specialty ยท Records & Data Centers |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model and Current State
The paper business is the cash cow that refuses to die: 225,000 organizations store records with Iron Mountain at 98% retention and annual price escalation, funding the growth engines. And the engines are running: data center, digital solutions, and asset lifecycle management collectively grew over 50% year over year in Q1 2026, with total guidance raised to $5.79 to $5.86 of AFFO per share (+13%). The storage moat funds the growth stack; few REITs have executed a pivot this cleanly.
Dividend Safety Analysis
The dividend ($0.864 quarterly, growing again after a long post-2020 freeze) is covered around 60% of AFFO, comfortable math. The asterisk is the balance sheet: leverage runs higher than REIT norms and the credit rating sits below investment grade, the financing cost of funding data center development from a leveraged base.
The Honest Risk Section
Records storage declines eventually (digitization is the company’s own knife), data center development competes against hyperscale-funded giants, and sub-investment-grade leverage prices every refinancing. The stock’s massive multi-year run also means the transformation is no longer a secret; execution now competes with expectations.
Frequently Asked Questions
Is Iron Mountain still a records storage company?
Storage remains the profitable core (98% customer retention), but data center, digital, and asset lifecycle now drive growth, up over 50% year over year combined.
Is IRM’s dividend safe?
Coverage near 60% of rapidly growing AFFO is comfortable; elevated leverage and a below-investment-grade rating are the structural watch items.
Analysis based on Q1 2026 results (SEC filings). Live market data updates automatically. Independent research, not investment advice.