On 12 Nov 2026 our base value for Iron Mountain is $82.95 a share, 27.6% below its $114.58 close; 0 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $82.95 | -27.6% | funds from operations $4.06 a share (FY2025) at its own 5-year median of 20.4× (today 28.2×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $452.73m | $696.97m | $1.15bn | 290.98m | $3.95 | $52.33 | 13.2× |
| 2022 | $562.15m | $745.64m | $1.31bn | 292.44m | $4.47 | $49.85 | 11.1× |
| 2023 | $187.26m | $793.02m | $980.28m | 293.96m | $3.33 | $69.98 | 21.0× |
| 2024 | $183.67m | $926.49m | $1.11bn | 296.23m | $3.75 | $105.11 | 28.0× |
| 2025 | $152.25m | $1.06bn | $1.21bn | 297.82m | $4.06 | $82.95 | 20.4× |
| Median P/FFO | 20.4× |
| Latest FFO per share (FY2025) | $4.06 |
| Value per share = median × latest FFO per share | $82.95 |
For a REIT the base value is the price-to-FFO value: $82.95 a share.
Bear $53.79 · Base $82.95 · Bull $85.22 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 53% chance the price is higher than today's $114.58 in a year, from 37.08% volatility. The simulation assumes the price drifts up at our discount rate of 9.68% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $113.39 | $82.95 |
| 9 Oct 2026 | $114.51 | $82.95 |
| 16 Oct 2026 | $112.51 | $82.95 |
| 23 Oct 2026 | $109.96 | $82.95 |
| 30 Oct 2026 | $116.55 | $82.95 |
| 6 Nov 2026 | $106.52 | $82.95 |
| 12 Nov 2026 | $114.58 | $82.95 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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