Iron Mountain Incorporated research snapshot
IRM AI stock analysis reads Iron Mountain as a records management REIT that is being repriced around data center, digital, and asset lifecycle growth. The July 31, 2026 close of $122.32 implies a market capitalization near $36.39 billion, with a Q1 2026 report showing revenue up 21.6%, adjusted EBITDA up 22.1%, and AFFO per share of $1.43 up 22%. Management raised 2026 guidance to revenue of $7.825 billion to $7.925 billion and AFFO per share of $5.79 to $5.86, while data center, digital, and asset lifecycle businesses grew more than 50% and now exceed 30% of revenue. The offset is a premium multiple near 21x forward AFFO, roughly $19.5 billion of net debt, and negative free cash flow from heavy data center capex, with Q2 2026 results scheduled for August 5, 2026. This page uses scenario ranges, not certain price predictions, and is for information only, not investment advice.
Current price
$122.32 close on July 31, 2026
Market cap
$36.39 billion
AI score
77 / 100
Rating
Strong REIT momentum at a premium valuation
Trend status
Uptrend above the 200-day average with near-term consolidation
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | IRM combines recurring records management, digital solutions, data centers, and asset lifecycle management, serving about 240,000 customers with high retention and 38 straight years of organic storage rental growth. | High |
| Moat | Moat comes from switching costs, custody trust, compliance workflows, physical scale, a 61-country footprint, long customer relationships, and data center site capacity in constrained power markets. | Medium-high |
| Management | CEO William Meaney and CFO Barry Hytinen delivered record Q1 results, raised 2026 guidance, cut net lease-adjusted leverage to 4.8x, and kept the dividend growing with a payout near 61%. | High |
| Financial trend | Q1 2026 revenue rose 21.6% to $1.936 billion, adjusted EBITDA rose 22.1% to $708 million, AFFO rose 22.3% to $426 million, and FY2026 guidance was raised across revenue, EBITDA, AFFO, and AFFO per share. | High |
| Valuation | At $122.32, the forward AFFO multiple is about 21x on the raised guidance midpoint of $5.825 per share, with TTM PE near 133x and P/S about 5.0x, so the market already prices in continued growth. | Medium |
| Technical trend | The stock sits below the 20-day and 50-day moving averages but above the 100-day and 200-day, with 14-day RSI near 46.8 and a YTD gain near 47%. | Medium |
| Risk level | Key risks are interest rates, roughly $19.5 billion of net debt, negative free cash flow, data center capex and tenant concentration, power availability, ALM memory price volatility, and valuation compression. | Medium-high |
| AI confidence | High confidence for reported financials, market-cap math, and balance sheet figures. Medium confidence for technical levels and forward AFFO growth assumptions that need live chart and future earnings confirmation. | High data confidence |
| Investment certainty | Medium certainty because the business has durable cash flows, but the expected return is sensitive to capital cost, data center and ALM execution, and the market price paid for AFFO growth. | Medium |
IRM AI stock forecast
The IRM AI stock forecast uses a three-year scenario model around the July 31, 2026 close of $122.32 and the raised 2026 AFFO guidance midpoint of $5.825 per share. The model produced a bearish area near $93, a base area near $147, and a bullish area near $196, using AFFO growth of 2%, 8%, and 12% and exit multiples of 15x, 20x, and 24x. These are scenarios, not price commitments.
About $185 to $205 in 3 years
More likely if AFFO compounds near 12%, the market keeps a premium multiple near 24x AFFO, data center leasing continues above the 100 MW guide, ALM memory prices stay favorable, and funding costs do not pressure returns.
About $140 to $155 in 3 years
More likely if AFFO compounds near 8%, the market values IRM near 20x AFFO, data center and digital growth keep driving mid-teens revenue growth, and leverage stays manageable.
About $88 to $98 in 3 years
More likely if AFFO growth slows toward 2%, the multiple compresses toward 15x, rates stay high, data center leasing disappoints, ALM memory prices roll over, or negative free cash flow forces more debt.
IRM AI technical analysis
IRM AI technical analysis as of the August 2, 2026 data cutoff. The stock closed at $122.32 on July 31, 2026, below the 20-day moving average near $122.51 and the 50-day near $125.31, but above the 100-day near $119.47 and the 200-day near $107.06. Year to date the stock is up about 47%, with a 52-week range of $77.77 to $134.68. Confirm moving averages and momentum on a live chart before trading.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $122.32 | Closing quote from July 31, 2026 on StockAnalysis.com; market cap math uses 297.52 million shares. |
| Near support | $122.13 | The July 31 day low is the first short-term support reference. |
| Trend support | $119.47 | Barchart reported the 100-day moving average near this level in the July 2026 snapshot. |
| Major support | $107.06 | The 200-day moving average is the larger downside reference if the medium-term trend breaks. |
| Near resistance | $125.31 to $126.27 | The 50-day moving average near $125.31 and the July 31 day high near $126.27 form the first overhead zone. |
| Major resistance | $134.68 | The 52-week high is the broader upside resistance zone. |
| 50-day moving average | $125.31 | StockAnalysis.com reported the 50-day moving average near $125.31 in the July 2026 snapshot. |
| 200-day moving average | $107.06 | StockAnalysis.com reported the 200-day trend line near $107.06, below price and confirming the longer-term uptrend. |
| Momentum | RSI near 46.8, ADX near 12.4 | 14-day RSI was near 46.78 and 14-day ADX near 12.43 on Barchart as of July 31, 2026, indicating neutral to weak momentum. |
| Volume | About 2.9M shares on July 31 | Volume near 2.94 million shares compared with a 20-day average near 2.07 million, so the recent decline happened on above-average volume. |
| Volatility | Moderate to elevated | Barchart reported 14-day historical volatility near 29.6% and 14-day ATR near $4.59, so swings of a few dollars per day are normal. |
| Invalidation | Close below $119.47, then $107.06 | A close below the 100-day moving average weakens the medium-term setup. A break below the 200-day would turn the longer-term trend bearish. |
IRM AI trading strategy
The IRM AI trading strategy is a rules-based framework for monitoring a REIT with data center and ALM growth exposure. It is not personalized advice and should be paired with position limits, stop rules, dividend tax review, and fresh earnings checks, including the Q2 2026 report scheduled for August 5, 2026.
Wait for IRM to reclaim the $125 to $126 resistance zone on stronger volume, then confirm that data center leasing, AFFO guidance, and balance sheet commentary still support the move.
Invalidate the setup if price fails the breakout and closes back below the 100-day moving average area near $119.47.
If IRM pulls back toward the 100-day moving average near $119 or the 200-day near $107, compare the price decline with business evidence: data center leasing, ALM pricing, storage rental retention, interest expense, and leverage.
Do not average down if AFFO guidance weakens, leverage rises, or debt markets become less favorable at the same time.
Track the raised 2026 guidance of $7.825 billion to $7.925 billion revenue, $2.925 billion to $2.965 billion adjusted EBITDA, and $5.79 to $5.86 AFFO per share, plus data center MW leased, ALM revenue, and net lease-adjusted leverage near 4.8x.
Reduce confidence if data center growth needs more external capital while AFFO per share growth slows, or if free cash flow stays deeply negative.
Investment research summary
Customers pay IRM to store, protect, retrieve, digitize, and manage information assets and IT hardware that are costly or risky to move incorrectly, while also renting data center capacity.
The moat is based on switching costs, custody trust, compliance workflows, physical scale, a 61-country footprint, long customer relationships, and data center capacity in constrained power markets.
The thesis fails if legacy storage erodes faster than expected, data center returns disappoint, ALM memory prices roll over, leverage and interest costs rise, or the market resets the premium multiple lower.
Management has shifted IRM toward faster-growth data center, digital, and ALM assets, delivered record Q1 results, raised guidance, and cut net lease-adjusted leverage to 4.8x, but investors should keep watching leverage and capital allocation discipline.
Records compliance is mature but sticky, while AI, cloud, and enterprise data growth support the data center and ALM opportunity. The long-term trend is attractive but very capital intensive.
The business quality is strong, but at $122.32 the stock trades near 21x forward AFFO with negative free cash flow, so the margin of safety depends on sustained AFFO per share growth and a supportive rate environment.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| IRM price | $122.32 at the July 31, 2026 close | StockAnalysis.com real-time quote | August 1, 2026 |
| Market capitalization | $36.39 billion, verified as $122.32 x 297.52 million shares with 0.01% deviation | financial_rigor.py market cap verification | August 2, 2026 |
| Shares outstanding | 297.52 million | StockAnalysis.com statistics | August 1, 2026 |
| Q1 2026 revenue | $1.936 billion, up 21.6% reported and 17.2% organic | Iron Mountain Q1 2026 results release | July 30, 2026 |
| Q1 2026 adjusted EBITDA | $707.9 million, up 22.1%, with a 36.6% margin | Iron Mountain Q1 2026 results release | July 30, 2026 |
| Q1 2026 AFFO | $426.1 million, or $1.43 per share, up 22% | Iron Mountain Q1 2026 results release | July 30, 2026 |
| FY2025 revenue | $6.902 billion, up 12.22% | Iron Mountain 2025 Form 10-K, cross-checked with StockAnalysis.com | August 1, 2026 |
| FY2025 net income attributable to IRM | $144.59 million, down 19.74% | Iron Mountain 2025 Form 10-K, cross-checked with StockAnalysis.com | August 1, 2026 |
| 2026 guidance | Revenue $7.825B to $7.925B, adjusted EBITDA $2.925B to $2.965B, AFFO $1.735B to $1.755B, AFFO/share $5.79 to $5.86 | Iron Mountain Q1 2026 results release guidance update | July 30, 2026 |
| Cash and cash equivalents | $250.7 million at March 31, 2026 | Iron Mountain Q1 2026 results release | July 30, 2026 |
| Total debt and leverage | About $19.4 billion total debt including operating leases at March 31, 2026, with net lease-adjusted leverage near 4.8x | Iron Mountain Q1 2026 results release and earnings call | July 30, 2026 |
| Dividend | $3.46 annualized per share, 2.83% yield, with a trailing payout near 61% | StockAnalysis.com statistics and Q1 2026 results release | August 1, 2026 |
| Analyst consensus | Buy with an average target of $132.82 across 11 analysts, low $44, high $149, median $140 | StockAnalysis.com forecast and analyst ratings | July 31, 2026 |
| Analyst rating mix, July 2026 | 6 Strong Buy, 4 Buy, 0 Hold, 0 Sell, 1 Strong Sell | StockAnalysis.com forecast recommendation trends | July 31, 2026 |
| Recent analyst target updates | Wells Fargo $135, Barclays $143, Goldman Sachs $149, RBC $147, Truist $140, JPMorgan $138 | StockAnalysis.com forecast latest forecasts, TipRanks | July 31, 2026 |
| Short interest | 8.26 million shares short, 2.78% of shares outstanding, 3.95 days to cover | StockAnalysis.com statistics short selling | August 1, 2026 |
| Segment growth, Q1 2026 | Data center revenue +47% to $255M, ALM revenue +92% to $232M, digital revenue +20% plus | Iron Mountain Q1 2026 earnings call | July 30, 2026 |
| Technical snapshot | 20-day SMA $122.51, 50-day SMA $125.31, 100-day SMA $119.47, 200-day SMA $107.06, 14-day RSI 46.78, 14-day ADX 12.43 | Barchart and StockAnalysis.com technical snapshots | July 31, 2026 |
This IRM AI stock analysis is an informational research tool only and is not investment advice, a recommendation, or a promise of return. Forecast scenarios are based on available public data and simplified assumptions as of the stated cutoff date of August 2, 2026. They can be wrong if fundamentals, valuation, technical conditions, rates, leverage, or market liquidity change, and Q2 2026 results are scheduled for August 5, 2026.
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