NYSEReal EstateReit - SpecialtySnapshot 2026-08-31
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Create your account →Intact: The reason to own it still holds.
Iron Mountain grows revenue about 12% a year. It raised full-year revenue guidance to about $7.85 billion for 2026. Dividends increased from $0.715 to $0.864 per share in recent quarters. The company has strong cash flow and a solid dividend track record.
The stock trades at a high price-to-earnings ratio near 38.5, well above peers at 16.2. Free cash flow yield is negative, which may pressure dividends. Revenue growth could slow below analyst expectations of 12%.
The market expects about 12% revenue growth for the next year, consistent with company guidance. Our fair value of $71.22 aligns with the consensus price target near $71, reflecting justified growth expectations.
Breaks if: AFFO per share falls below $5.04 in FY25 or below $5.79 in FY26
Management aims to grow Adjusted Funds From Operations (AFFO) per share and has raised full-year 2026 AFFO per share guidance reflecting improved operational results.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
IRM represents a stable investment with strong earnings quality and management. The current thesis is intact, but recent changes in sentiment have shifted from mildly favorable to mixed.
The stock is currently viewed as expensive compared to peers, reflecting a premium of 2.04. The market seems to have priced in robust operational performance, but there is a gap in expectations, indicating some uncertainty.
Management has consistently raised revenue and AFFO per share guidance, suggesting strong fundamentals. However, there is a moderate risk of missing estimates, especially given the company's history in a high-miss-rate industry.
The long-term thesis hinges on management's ability to maintain guidance and the impact of external factors like potential Fed rate cuts. Additionally, performance from sector leaders could influence IRM's trajectory.
The most important moves since the prior daily snapshot.
Signal changed from 'mild_favorable' to 'mixed'.
Yes, our read has strengthened. The company increased its full-year revenue guidance, indicating strong growth potential. This positive change reflects the momentum in its data center business. There are no new threats impacting the thesis at this time.
as of 2026-08-31
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
AFFO per share guidance was raised in 3 of last 3 quarters. AFFO per share increased from $1.17 in 2025-Q1 to $1.44 in 2026-Q2 (+23.1%); full year 2026 guidance was raised to $5.87-$5.93, about 14% growth over 2025. Management is delivering on this priority with consistent guidance increases and AFFO per share growth.
“We are increasing our full year guidance including AFFO per share $5.87 - $5.93 ~14%.”
“We are pleased to raise our full-year financial guidance including AFFO per share $5.79 - $5.86 ~13%.”
“Issues strong 2026 guidance with AFFO per share growth of 11% to 13%.”
Breaks if: Dividend per share falls below $0.71
Iron Mountain continues to maintain its dividend payments to shareholders.
Breaks if: Revenue falls below $6.79 billion in FY25 or below $7.85 billion in FY26
Management is focused on growing total revenue and has increased full-year 2026 revenue guidance based on strong operational performance and growth in key business segments.
Stated as a priority in 3 of last 3 quarters. Revenue grew from $1.7 billion in 2025-Q2 to $2.0 billion in 2026-Q2 (+18.5%); full year 2026 revenue guidance was increased to approximately $7.94-$8.01 billion, about 16% growth over 2025. Management has consistently raised revenue guidance reflecting strong operational performance and is delivering on this priority.
“Based on our strong Q2 outperformance and positive outlook, we are increasing our full year guidance.”
“With the trajectory we are on, together with our first quarter outperformance, we are pleased to raise our full-year financial guidance.”
“Issues strong 2026 guidance with Revenue growth of 10% to 13% and Adjusted EBITDA growth of 12% to 14%, respectively.”
Breaks if: PE rises above 45x or falls below 20x with no growth improvement
Overall, IRM's fundamentals are strong, but the mixed signals and external risks warrant careful observation. Not investment advice.
