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IRM · Iron Mountain
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · REIT version · run 2026-10-19
13 value checks for REITs: 12 scored 1 to 5 where the data allows, plus moat evidence
16/55
low value scoreREIT version11 of 12 checks scoredWhy this card is different. REITs must pay out most of their taxable income, and depreciation on their buildings lowers the earnings they report. So this card scores funds from operations (FFO) in place of earnings for five of its checks, and capital allocation uses REIT tests. Compare a REIT’s score with other REITs’ scores, not with other companies’: six of its checks are different.
What’s different
EPS trend→FFO per share trend
ROE trend→FFO payout ratio
ROIC→Debt to total assets
Retained earnings→FFO kept after distributions
Graham value→Price-to-FFO
Capital allocation→Capital allocation, REIT tests
Margin of safety uses the DCF value alone. Everything else is the same as on every card.
What is FFO?
Funds from operations. In short: net income with property depreciation added back, and gains or losses from selling property and property write-downs taken out. It is the standard measure REITs report, defined by Nareit, the REIT industry association.
Valerius uses Nareit FFO. Companies also report adjusted versions (AFFO, “normalized” FFO) under their own definitions, which can be higher or lower, so a figure in the news can differ from the one here.
Scored with the REIT version since Oct 2026. The earlier score, 15 of 50, used the standard version, whose checks don't fit how a REIT works. The two scores are not comparable: the method changed.
11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (Margin of Safety) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
FFO per Share Trend REIT measure
2/5Nareit FFO per share (FFO from the 10-Ks divided by year-end shares outstanding, yfinance, where the 10-K prints no per-share figure): $2.73 (2022), $1.77 (2023), $1.95 (2024), $1.97 (2025). It ended at or below 2022; the framework scores that as 2.
FFO (Nareit) 584,175 571,464Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
FFO Payout Ratio REIT measure
1/5Distributions paid (yfinance) over Nareit FFO (10-K): 91% (2022), 143% (2023), 138% (2024), 157% (2025). 157% in 2025; the framework scores over 100% as 1.
FFO (Nareit) 584,175 571,464Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
Profit Margins
3/5Net margin of 5.5%; the framework scores 5-10% as 3; gross margin 54.2%, operating margin 19.1%.
Balance sheet & cash
Debt to Total Assets REIT measure
1/5Total debt over total assets (yfinance balance sheets): 82.3% (2022), 84.6% (2023), 87.5% (2024), 90.2% (2025). 90.2% in 2025; the framework scores over 60% as 1.
Debt-to-Equity
1/5Shareholder equity is negative, so debt-to-equity has no meaningful value (total debt $19.95B, total cash $204.79M). The framework scores negative equity as 1. Calculated from the balance sheet in yfinance (at Jun 30, 2026) because yfinance's summary figure was not available.
Free Cash Flow
1/5Free cash flow (operating cash flow minus capital expenditure): $44.11M (2022), -$231.53M (2023), -$657.24M (2024), -$1.01B (2025). The latest figure is at or below zero; the framework scores that as 1.
FFO Kept after Distributions REIT measure
1/5FFO kept after distributions (Nareit FFO from the 10-Ks minus distributions paid, yfinance): $68.55M (2022), -$220.45M (2023), -$218.06M (2024), -$335.21M (2025). The latest figure is at or below zero; the framework scores that as 1.
FFO (Nareit) 584,175 571,464Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
Valuation models
Price-to-FFO REIT measure
1/5Price $111.55 over 2025 FFO per share of $1.97 (derived from the 10-K FFO) = 56.5; the framework scores over 25 as 1.
FFO (Nareit) 584,175 571,464Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
DCF Value
1/5Free cash flow per share is -$1.46; a two-stage DCF cannot be computed from negative free cash flow.
Margin of Safety
Not scoredNeeds a DCF value; the REIT version reads margin of safety from the DCF value alone.
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest 5.9%, highest 7.8%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 12, 2026
We face competition from numerous storage and information management services providers globally, as well as storage and information management services that are managed and operated internally by organizations. Competition for records and information customers is driven by factors such as pricing, reputation and reliability, the quality and security of storage solutions and the scope and scale of technology. While the majority of our competitors operate in only one market or region, we believe we provide a differentiated global offering that competes effectively in these areas. We also compete with numerous data center developers, owners and operators, many of whom own properties comparable to ours in several of the same metropolitan areas where our facilities are located. We believe that competition for data center customers is based on availability of power, security measures, location, connectivity and rental rates, and we are confident in our ability to compete effectively in each of these areas. Additionally, we believe our strong brand, global footprint and excellent commercial relationships empower us to compete successfully and provide significant cross-selling opportunities with our existing customer base. In our ALM business, we compete with both hyperscalers and individual corporate clients who manage their own asset recycling, disposition and management, in addition to external competitors.
The opening of the company’s “COMPETITION” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation (REIT), 2022-2025: distributions paid in every year (pass); distributions above FFO in at least one year (fail); debt to total assets 82.3% to 90.2% (fail: up more than 5 points); shares outstanding up 1.7% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the DCF value was calculated (the Graham value is not used in the REIT version)
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $1.40, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -11.8%; below -4.25% the formula returns a negative value)
IV = $11.64
Current price $111.55 vs Graham value $11.64 — price is 858.7% above the model value.
DCF:
FCF/share -$1.465 — a two-stage DCF cannot be computed from negative free cash flow.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $111.55. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: FFO per share trend, FFO payout ratio, debt to total assets, debt-to-equity, free cash flow, profit margins, FFO kept after distributions, price-to-FFO, DCF value, margin of safety, price-to-book and capital allocation (the REIT version). FFO figures were found in the 10-K filings by AI and checked in code before use; no AI sets a score. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.