Discounted Cash Flow

Iron Mountain Inc. REIT

IRM · Based on 10 years of SEC filings · Converted from EUR to USD

—

⚠ Cash flow predictability 43/100 (moderate) — FCF YoY std dev 71%, net income 48% (full history)

▲ Accelerating sales growth

Sales growth has accelerated: 7.4% (2023) → 12.2% (2024) → 12.2% (2025). Revenue growth has been accelerating in recent years and is now 12.2% — rapidly accelerating growth may be difficult to sustain at this pace, or the DCF (based on historical averages) may understate future momentum.

Average annual growth rates

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—
Dividends	—	—	—

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

—

Free cash flow growth —

10-year: — 5-year: — 3-year: —

Averaged growth (FCF & NI) —

10-year: — 5-year: — 3-year: —

Net income growth —

10-year: — 5-year: — 3-year: —

Sales growth (not added to calculations) —

10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

Or enter your own rate

Inflation rate (used with B/E only)

Historical inputs (10 fiscal years)

YEAR	Sales	Net Income	Free Cash Flow	Net Margin	EPS (diluted)
2016	$4.1b	$121.8m	$250.1m	3.0%	$0.43
2017	$4.5b (9.5%)	$213.5m (75.4%)	$438.9m (75.5%)	4.8% (60.1%)	$0.69 (60.5%)
2018	$4.9b (9.9%)	$422.1m (97.7%)	$552.3m (25.8%)	8.6% (79.9%)	$1.27 (84.1%)
2019	$5.0b (0.9%)	$310.6m (-26.4%)	$317.9m (-42.4%)	6.3% (-27.0%)	$0.93 (-26.8%)
2020	$1.6b (-67.3%)	$398.1m (28.2%)	$638.2m (100.7%)	24.6% (292.1%)	$1.19 (28.0%)
2021	$1.9b (16.4%)	$523.0m (31.4%)	$171.7m (-73.1%)	27.8% (12.9%)	$1.56 (31.1%)
2022	$5.9b (214.8%)	$647.0m (23.7%)	$60.8m (-64.6%)	10.9% (-60.7%)	$1.92 (23.1%)
2023	$6.4b (7.4%)	$214.0m (-66.9%)	$-262.1m (-531.3%)	3.4% (-69.2%)	$0.63 (-67.2%)
2024	$7.1b (12.2%)	$209.3m (-2.2%)	$-691.0m (-163.6%)	2.9% (-12.9%)	$0.61 (-3.2%)
2025	$8.0b (12.2%)	$168.0m (-19.7%)	$-1.1b (-56.6%)	2.1% (-28.5%)	$0.49 (-19.7%)

Base FCF: — (latest fiscal year)

Discount rate: %

Terminal growth: —

Projection period: — years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year	Projected cash flow	Discount Factor	Present Value

PV of projected FCF: —

Terminal FCF: —

Terminal value: —

PV of terminal value: —

Enterprise value (DCF): —

Current price: —

Alternative DCF Models

Model	Fair Value	Upside	PV(FCFs)	PV(Terminal)	Total Years
Standard (10yr→TV) ⓘ	—	—	—	—	10 + TV
Alt A (Gradual Decline) ⓘ	—	—	—	—	—
Alt B (30yr Hard Stop) ⓘ	—	—	—	N/A	—

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model