ValueScreener company report

Iron Mountain Incorporated (IRM)

Name: Iron Mountain Incorporated (IRM) filed financial figures
Creator: ValueScreener

NYSE / Real Estate / REIT - Specialty

Share price

112.68 USD Market dataClose of Oct 15, 2026

Market capitalisation

33.55B USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2025, filed Feb 12, 2026
Ratios computed: Oct 15, 2026
Filed years: 10, FY2016 to FY2025

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on invested capital, after tax

4.5% Computed

From the FY2025 filing

Read quality

Financial strength

Debt to equity

n/m Computed

From the FY2025 filing

Why n/m

Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).

Read financial strength

Valuation

Price to earnings

n/m Computed

FY2025 accounts, priced at the latest close

Why n/m

GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.

Read valuation

Cash generation

Free cash flow yield

-2.8% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.

Named tests met: 0 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it good

Return on invested capital was 4.5% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against all covered US companies with this figure (1530 companies), 4.5% sits at the 38th percentile; the middle half of that group runs from 0.3% to 14.0%.

Is it safe

Interest coverage was 1.40x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit barely covers.

Year by year against peers: Whether Iron Mountain Incorporated's free cash flow margin stayed above the median of the Real Estate sector, year by year. (FY2021 to FY2025, 5 fiscal years of Iron Mountain Incorporated with a comparable figure)
The direction: Which way Iron Mountain Incorporated's operating margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Iron Mountain Incorporated)
What could explain it: What in Iron Mountain Incorporated's filed statements could explain the movements. (7 readings drawn from the statement lines Iron Mountain Incorporated filed)
What to check next: What to check next on Iron Mountain Incorporated, and where in its filings. (7 questions for Iron Mountain Incorporated)
In one paragraph: One paragraph on Iron Mountain Incorporated's returns, cash, balance sheet and price. (10 of sixteen figures read for Iron Mountain Incorporated)

These are IRM’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research IRMPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 12, 2026, accession 0001020569-26-000013.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Iron Mountain Incorporated: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax	4.5% ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Return on equity Why n/m Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Return on capital employed, pre-tax	6.3% ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Return on assets	0.7% ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Gross margin Why n/m This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Operating margin	16.9% ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Net margin	2.2% ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013

IRM 2.2%

2.2%25.9%

Net margin: IRM against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Iron Mountain Incorporated: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity Why n/m Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Current ratio Why n/m A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Quick ratio Why n/m A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Interest coverage	1.40x ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Altman Z-score Why n/m Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Net debt	19.42B ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013

Total assets Total liabilities Shareholders’ equity (zero or below, not drawn)

The balance sheet, line by line

Financial health

What Iron Mountain Incorporated owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 12, 2026, 0001020569-26-000013).

Iron Mountain Incorporated: balance sheet position
Total assets	21.13B FiledFY2025 10-K, filed Feb 12, 2026
Total liabilities	21.83B FiledFY2025 10-K, filed Feb 12, 2026
Shareholders' equity	-981.0M FiledFY2025 10-K, filed Feb 12, 2026
Cash	158.5M FiledFY2025 10-K, filed Feb 12, 2026
Total debt	19.58B FiledFY2025 10-K, filed Feb 12, 2026
Net debt	19.42B
Current ratio	n/m
Debt to equity	n/m

Debt to equity: FY2025: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
Current ratio: FY2025: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Iron Mountain Incorporated: what the market charges, each with its source
Figure	Value, source and document
Price to earnings Why n/m GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
P/E on trailing twelve months	78.62x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book Why n/m Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Price to sales	4.86x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Enterprise value to EBIT	45.52x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Enterprise value to EBITDA	24.21x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Price to earnings over growth Why n/m GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Diluted earnings per share	0.49 USD FiledFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Graham number Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013

We publish no fair value or price target of our own. Value IRM on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Iron Mountain Incorporated today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Iron Mountain Incorporated: valuation
Share price	112.68 USD
Market capitalisation	33.55B USD
Enterprise value to EBITDA	24.21x
Graham number	n/a
Diluted earnings per share, FY2025	0.49 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 28, 2017: low 19.20x, median 48.70x, high 760.43x, latest 78.62x. 2,316 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Iron Mountain Incorporated

Same industry (REIT - Specialty) and size band (Large, 10B to 200B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Iron Mountain Incorporated: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield	-2.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Free cash flow	-931.6M USD ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Free cash flow margin	-13.5% ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Dividend yield	3.1% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Payout ratio Why n/m A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Iron Mountain Incorporated: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	45.52x	FY2025	Oct 15, 2026
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tabForm10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	-2.8%	FY2025	Oct 15, 2026
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	4.5%	FY2025	Feb 12, 2026
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tabForm10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	3.1%	FY2025	Oct 15, 2026
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	n/m	FY2025	Feb 12, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	n/m	FY2025	Feb 12, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	4.86x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tabForm10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	n/m	FY2025	Feb 12, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tabForm10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tabForm10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab
	n/m	FY2025	Feb 12, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itIncome statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tabForm10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tabForm10-KFiledFeb 12, 2026PeriodFY2025Accession0001020569-26-000013What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001020569-26-000013, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Iron Mountain Incorporated filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Iron Mountain Incorporated: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2025	6.90B	1.16B	152.3M	0.49	-931.6M	16.9%	n/m	10-K, Feb 12, 20260001020569-26-000013
FY2024	6.15B	1.01B	183.7M	0.61	-594.9M	16.4%	n/m	10-K, Feb 14, 20250001020569-25-000040
FY2023	5.48B	921.8M	187.3M	0.63	-225.7M	16.8%	88.5%	10-K, Feb 22, 20240001020569-24-000040
FY2022	5.10B	1.05B	562.1M	1.90	52.3M	20.6%	88.3%	10-K, Feb 23, 20230001020569-23-000043
FY2021	4.49B	854.2M	452.7M	1.55	147.8M	19.0%	52.9%	10-K, Feb 24, 20220001020569-22-000035
FY2020	4.15B	934.8M	343.1M	1.19	549.4M	22.5%	30.2%	10-K, Feb 24, 20210001020569-21-000067
FY2019	4.26B	781.3M	268.3M	0.93	273.7M	18.3%	18.3%	10-K, Feb 13, 20200001020569-20-000029
FY2018	4.23B	808.3M	355.1M	1.23	475.5M	19.1%	19.1%	10-K, Feb 14, 20190001020569-19-000018
FY2017	3.85B	634.1M	171.7M	0.64	377.8M	16.5%	7.5%	10-K, Feb 16, 20180001020569-18-000006
FY2016	3.51B	501.6M	107.2M	0.42	215.3M	14.3%	5.5%	10-K, Feb 23, 20170001020569-17-000010

Revenue, compound annual growth FY2016 to FY2025: 7.8%
Earnings, compound annual growth FY2016 to FY2025: 4.0%
Earnings per share, compound annual growth FY2016 to FY2025: 1.7%
Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Iron Mountain Incorporated: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score Why n/m The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Piotroski F-score Why n/m 2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.	n/m ComputedFY2025 10-K, filed Feb 12, 2026, 0001020569-26-000013
Named tests met	0 of 30 Computed
Beta	0.97 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 18 not met, 12 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: None of the named tests.
Does not: Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Low P/E, growth, yield (John Neff)
Not measured: Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Book or below, low debt (Walter Schloss); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman). A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(15)

Current Ratio: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
Debt to Equity: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
P/B Ratio: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
Piotroski F-Score: 2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
P/E Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
Altman Z-Score: Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.
Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
PEG Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
Return on Equity: Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.
Gross Margin: This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.
Payout Ratio: A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.
Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
Price To Graham: We do not hold this figure for this company, so there is nothing to show.
Dividend Coverage Ratio: Distribution coverage for a REIT is measured against funds from operations, not against free cash flow computed after acquisition capital expenditure.
Price Tangible Book: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

15 figures could not be read on this company, among them Current Ratio, Debt to Equity, P/B Ratio. Each blank in the table above names the rest, with its reason. 12 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolio How this is computed

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, as filed

The reading, in brief

Financial health

Valuation

Companies like Iron Mountain Incorporated

The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes