Iron Mountain Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Iron Mountain Inc (IRM) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Iron Mountain Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 7,310M vs 61,726M combined for its competitors (10.6% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-2.8% annualized vs trailing 12 months), vs holding steady (+0.9%) for its tracked peer group.
- Growth: Iron Mountain Inc generated 3.8% revenue growth year over year in Q2 2026, vs 5.2% for its competitors combined.
- Profitability: Its 6.0% net margin compares with 19.7% for the peer group.
- Scale: Iron Mountain Inc ranks #12 of 187 companies by market capitalization in the Real Estate Investment Trusts industry, holding 2.1% of industry market cap.
- Peer revenue share: Iron Mountain Inc accounted for 10.2% of combined revenue among its tracked peer group, down from 10.4% a year earlier.
- Peer differentiation: Revenue per employee of $0.25M compares with $0.89M for the peer group (0.3x).
- Structure: Iron Mountain Inc operates in the following segments: Global Records and Information Management Business, Corporate Segment and Other Operating, Global Data Center Business.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
IRM Sales vs. its Competitors, Q2 2026
Iron Mountain Inc reported revenue growth of 3.77 % year on year in Q2 2026, below its competitors' combined revenue growth of 5.18 %.
With a net margin of 5.97 %, Iron Mountain Inc reported lower profitability than its competitors (19.71 %).
Iron Mountain Inc generated 10.24 % of the combined sales of its peer group, down from 10.37 % a year earlier.
API endpoints for this dataset
Iron Mountain Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Iron Mountain Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Iron Mountain Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Iron Mountain Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Iron Mountain Inc's competitor groups requires a Commercial License.
For context: the Real Estate Investment Trusts industry grew revenue -1.0% year over year, combined, vs 3.8% for Iron Mountain Inc. Iron Mountain Inc's share of combined industry revenue moved from 2.28% to 2.39%, a gain of 0.11 percentage points.
Iron Mountain Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Iron Mountain Inc | Yes | Yes | Yes | No |
| Competitors combined (17) | ||||
| High-Confidence Competitors (2) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
IRM Stock Performance relative to its Competitors
IRM Stock Performance relative to High-Confidence Competitors
IRM Stock Performance relative to Similar-Size Competitors
IRM Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | National Storage Affiliates Trust | 282.9% | Outperformed |
| 2 | Teradata Corporation | 282.9% | Outperformed |
| 3 | Commvault Systems Inc | 282.9% | Outperformed |
| 4 | Equinix Inc | 282.9% | Outperformed |
| 5 | Public Storage | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Iron Mountain Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Iron Mountain Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Iron Mountain Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Iron Mountain Inc |
31,939.92 | 7,309.85 |
 Prologis Inc |
121,612.95 | 9,189.77 |
 Equinix Inc |
100,538.81 | 9,855.00 |
 Cencora Inc |
65,171.95 | 328,680.02 |
 Digital Realty Trust Inc |
62,980.62 | 6,771.12 |
 Public Storage |
62,467.22 | 5,032.60 |
| SUBTOTAL | 610,573.48 | 418,623.48 |
Sign in to see all competitors of Iron Mountain Inc.
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Iron Mountain Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Iron Mountain Inc's Competitors Named by the Company
Competitive relationships identified from Iron Mountain Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Intellinetics Inc | Company report | 85% |
| Whitefiber Inc | Company report | 85% |
| Power Reit | Company report | 85% |
| Equinix Inc | Company report | 85% |
| Digital Realty Trust Inc | Company report | 85% |
| Commvault Systems Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Iron Mountain Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Iron Mountain Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Iron Mountain Inc | Global Records and Information Management Business 72.52 % |
| Prologis Inc | Real Estate Operations Segment 93.21 % |
| Equinix Inc | Americas 45.77 % |
| Cencora Inc | U.S. Healthcare Solutions 87.76 % |
| Public Storage | Self Storage Operations 91.80 % |
| Extra Space Storage Inc | Self Storage Operations 85.51 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Iron Mountain Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Iron Mountain Inc | 31,940 | 247,791 | 14,728 |
| Prologis Inc | 121,613 | 3,279,717 | 1,574,047 |
| Equinix Inc | 100,539 | 718,504 | 119,933 |
| Cencora Inc | 65,172 | 6,444,706 | 50,046 |
| Digital Realty Trust Inc | 62,981 | 1,848,013 | 215,043 |
| Public Storage | 62,467 | 872,202 | 330,901 |
| PEERS TOTAL | 578,634 | 894,172 | 39,392 |
Iron Mountain Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Digital Realty Trust Inc | US 51.02 % |
| Commvault Systems Inc | Americas 62.14 % |
| Kyndryl Holdings Inc | Countries Excluding United States and Japan 59.79 % |
| Teradata Corporation | Non-US 44.42 % |
| Ncr Voyix Corporation | United States 61.88 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Iron Mountain Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 181 companies in Iron Mountain Inc's industry classification, broader than the peer set above. Market cap in millions of $.Iron Mountain Inc ranks #12 of 181 companies by market capitalization in its industry, holding 2.12 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 413, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Welltower Inc | 180,807 | 12.02 % |
| 2 | Prologis Inc | 121,613 | 8.09 % |
| 3 | Equinix Inc | 100,396 | 6.67 % |
| 4 | American Tower Corporation | 88,026 | 5.85 % |
| 5 | Simon Property Group inc | 1,234 | 5.2% |
| 6 | Digital Realty Trust Inc | 1,234 | 5.2% |
| 7 | Public Storage | 1,234 | 5.2% |
| 8 | Realty Income Corporation | 1,234 | 5.2% |
| 9 | Ventas inc | 1,234 | 5.2% |
| 10 | Crown Castle Inc | 1,234 | 5.2% |
| 12 | Iron Mountain Inc | 31,940 | 2.12 % |
Market cap and industry share for the rest of Iron Mountain Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Iron Mountain Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 7 | Public Storage | 59,566 | 20.89 % |
| 8 | Realty Income Corporation | 55,182 | 4.41 % |
| 9 | Ventas inc | 44,173 | 18.60 % |
| 10 | Crown Castle Inc | 38,452 | -0.73 % |
| 11 | Extra Space Storage Inc | 1,234 | 12.3% |
| 12 | Iron Mountain Inc | 31,940 | 5.63 % |
| 13 | Vici Properties Inc | 1,234 | 12.3% |
| 14 | Sba Communications Corporation | 1,234 | 12.3% |
| 15 | Essex Property Trust Inc | 1,234 | 12.3% |
| 16 | Kimco Realty Corporation | 1,234 | 12.3% |
| 17 | Lamar Advertising Co | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Iron Mountain Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Iron Mountain Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Real Estate Investment Trusts industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (283 companies). See the full Real Estate Investment Trusts industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 52.63 % | 42.02 % (avg) | +10.6 pp |
| Operating Margin | 19.40 % | industry median | -7.7 pp |
| EBITDA Margin | 30.24 % | 38.49 % (avg) | -8.2 pp |
| Capital Intensity (Capex / Revenue) | 30.81 % | 28.31 % (avg) | +2.5 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Iron Mountain Inc's Valuation vs Competitive Position
Valuation multiples vs the Real Estate Investment Trusts industry average (283 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Real Estate Investment Trusts industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 87.6x | 30.7x | +56.9x |
| EV / EBITDA | 24.2x | 17.6x | +6.6x |
| P/B | -40.7x | 1.9x | -42.6x |
| Return on Equity | - | industry aggregate | - |
| Return on Invested Capital | 7.98 % | 2.23 % (avg) | 5.75 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Iron Mountain Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 9.87 % | 0.88 % | -2.71 % | 8.30 % | 13.63 % | 7.38 % | 12.22 % | 12.23 % |
| Operating Margin | 0.00 % | 18.33 % | 22.54 % | 19.02 % | 20.57 % | 16.82 % | 16.42 % | 16.86 % |
| Return on Invested Capital | 0.00 % | 5.55 % | 6.44 % | 5.49 % | 6.77 % | 6.27 % | 6.63 % | 7.15 % |
| P/E | 1,000,000,000,000.0x | 35.0x | 24.2x | 30.7x | 27.5x | - | 193.6x | 195.0x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Iron Mountain Inc's Strategic Group Map
Iron Mountain Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Iron Mountain Inc's trailing-12-month revenue growth of 13.5% and operating margin of 19.4% compares with an average of 10.8% growth and 19.4% margin across its 8 closest peers by combined growth, margin and ROIC -- Iron Mountain Inc sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Iron Mountain Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Iron Mountain Inc falls in the Dog quadrant: relative market share of 0.18x vs its largest competitor, in an industry growing revenue 2.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Iron Mountain Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 413 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 30.81 % vs industry average 28.31 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Iron Mountain Inc's dedicated Suppliers and Customers pages, not here.
Iron Mountain Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Iron Mountain Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Iron Mountain Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 7.7 points below the industry median.
- Latest-quarter revenue run-rate is decelerating (-2.8% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.18x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Iron Mountain Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Iron Mountain Inc | 0.06 | 0.72 | - |
| Prologis Inc | 0.62 | 0.62 | 0.61 |
| Equinix Inc | 0.38 | 1.23 | 0.76 |
| Cencora Inc | 0.06 | 0.91 | 3.87 |
| Digital Realty Trust Inc | 1.04 | 1.62 | 0.24 |
| Public Storage | 0.39 | 0.66 | 0.99 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Iron Mountain Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Iron Mountain Inc | Q2 2026 | +3.8 % | - |
| Prologis Inc | Q2 2026 | +11.1 % | +70.7 % |
| Equinix Inc | Q3 2026 | +8.3 % | +30.7 % |
| Cencora Inc | Q1 2026 | +3.8 % | +127.1 % |
| Digital Realty Trust Inc | Q2 2026 | +28.9 % | -56.7 % |
| Public Storage | Q3 2026 | +11.6 % | -28.7 % |
| PEERS TOTAL | +4.2 % | +12.1 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Iron Mountain Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Iron Mountain Inc | Q2 2026 | +27.0 % | +12.1 % |
| Prologis Inc | Q2 2026 | +717.8 % | +88.4 % |
| Equinix Inc | Q3 2026 | +10.1 % | +9.8 % |
| Cencora Inc | Q1 2026 | +3.3 % | - |
| Digital Realty Trust Inc | Q2 2026 | - | +29.8 % |
| Public Storage | Q3 2026 | - | - |
Iron Mountain Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Iron Mountain Inc | 2.04% | 2.33% | - |
| Prologis Inc | 4.45% | 3.12% | 7.64% |
| Equinix Inc | 3.95% | 4.39% | 11.47% |
| Cencora Inc | 3.31% | 14.72% | 109.91% |
| Digital Realty Trust Inc | 1.56% | 1.17% | 3.20% |
| Public Storage | 8.56% | 8.79% | 17.69% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Iron Mountain Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Iron Mountain Inc | 76.09 | 4.37 |
| Prologis Inc | 28.47 | 13.23 |
| Equinix Inc | 60.75 | 10.20 |
| Cencora Inc | 25.56 | 0.20 |
| Digital Realty Trust Inc | 84.56 | 9.30 |
| Public Storage | 35.34 | 12.41 |
| PEERS AVERAGE | 32.91 | 1.46 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.