Iron Mountain
IRMMarket price data through October 13, 2026.
Performance
Oct 2021 – Oct 2026
Track record
How this pick has done since Benson first called it.
- Benson Return
- -3%
- How much this stock is up since Benson first picked it — measured from the price at the time of that first pick, not from today.
- First pick price
- ~$118
- Roughly what one share cost when Benson first picked this stock. This is the starting line for the Benson Return.
- Tracking since
- April 2026
- The month this stock first became a Benson pick.
- Tracking duration
- 5 months
- How long Benson has been tracking this pick.
About Iron Mountain
Iron Mountain is the company that safely stores the world's important stuff. It keeps billions of paper records, tapes, and files in secure vaults for 240,000 customers, including about 95% of the Fortune 1000. Now it is also building data centers, the buildings that house the computers behind AI, and renting them out to the biggest tech companies.
The case for and against
Both sides of the story, in plain English.
- AI Data Centers
Data center revenue grew 39% in the second quarter, and renewal prices on leases rose 12%. Iron Mountain signed 13 megawatts of new leases in the quarter and another 75 megawatts in July alone. About 71% of the 160 megawatts it is building is already leased before it opens.
- Cash Machine Core
The records storage business is sticky: customers keep boxes for about 14.5 years on average, and 93% stay every year. That steady cash helps pay a quarterly dividend of 86 cents a share, which is covered by AFFO (the real cash profit for a REIT) of 1.44 dollars a share per quarter, up 16%. Management raised 2026 guidance to about 5.90 dollars of AFFO per share.
- Heavy Debt
Iron Mountain borrows a lot to build data centers, and its book value is negative. Lenders treat its newest debt as higher risk than a top-quality borrower's, so a deep recession or higher interest rates would hurt more than for a cleaner balance sheet.
- Thin Paper Profits
Reported net margin is only about 5.5% because real estate depreciation and interest costs eat most of the profit on paper. That is normal for a REIT, but it means the stock is priced for growth, at about 29 times forward cash flow, and any slip in data center leasing could hit the price.
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How to read this page
This automated research summary uses Financial Modeling Prep market data through 2026-10-13. Model signals, scores, and risk labels can change and may be incomplete or wrong.
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