With a market cap of $28.7 billion, Iron Mountain Incorporated (IRM) is a provider of information management services offering a range of services across digital transformation, information security, data center, and asset lifecycle management (ALM) needs. The company operates through the Global Records and Information Management (Global RIM) Business and the Global Data Center Business segments.

Shares of Iron Mountain have outperformed the broader market over the past 52 weeks. IRM has risen 20.6% over this period, while the broader S&P 500 Index ($SPX) has gained 12.3%. However, shares of IRM are down 7.6% on a YTD basis, compared to SPX’s marginal return. 

Looking closer, the Portsmouth, New Hampshire-based company has also outpaced the Real Estate Select Sector SPDR Fund’s (XLRE) 6.7% surge over the past 52 weeks. 

Iron Mountain’s stock rose 2.4% following the release of its Q1 2025 earnings on May 1. Quarterly revenue increased 7.9% year-over-year to $1.6 billion, driven by a 7.1% rise in storage rental revenue and an 8.8% increase in service revenue. The company reported an adjusted EBITDA of $580 million, which is up 11.8% from the prior-year quarter, with an adjusted EBITDA margin of 36.4%. AFFO came in at $1.17 per share, reflecting a 6.4% year-over-year increase and surpassing the consensus estimate by 11.4%.

Looking ahead to fiscal 2025, IRM expects revenue to range between $6.74 billion and $6.89 billion, with AFFO projected to be between $4.95 and $5.05 per share.

For the current fiscal year, ending in December 2025, analysts expect IRM’s adjusted FFO to increase 151.4% year-over-year to $4.45 per share. The company's earnings surprise history is strong. It beat the consensus estimates in the last four quarters. 

Among the nine analysts covering the stock, the consensus rating is a “Strong Buy.” That’s based on seven “Strong Buy” ratings, one “Moderate Buy,” and one “Strong Sell.”

This configuration is slightly more bullish than three months ago, with six “Strong Buy” ratings on the stock. 

On Apr. 8, Truist Securities sets IRM’s price target to $95 and issues a “Buy” rating. 

As of writing, Iron Mountain is trading below the mean price target of $115.44. The Street-high price target of $140 implies a potential upside of a staggering 44.1% from the current price levels.