IRMIRON MOUNTAIN INC

Real Estate Investment Trusts

Revenue: $6.9B; 12% YoY
Operating margin: 16.9%; 2.7% YoY
EBITDA: $2.2B; 15% YoY
Market cap: $34.7B
Employees: 11,700; $590K revenue each
Net debt / EBITDA: 7.7×; $16.9B net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
71% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
24% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$590K · 37th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$34.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$117M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.5B	$5.1B	$5.5B	$6.1B	$6.9B	12%
Operating income	$854M	$1.0B	$922M	$1.0B	$1.2B	15%
Operating cash flow	$759M	$928M	$1.1B	$1.2B	$1.3B	12%
Capex	$611M	$875M	$1.3B	$1.8B	$2.3B	27%
Stock-based comp	$61M	$57M	$74M	$118M	$140M	19%
Dividends	$718M	$724M	$738M	$790M	$919M	16%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3K · 1
Open-market sells, 12 mo: $117M · 73
Net: −$117M

Pay vs performance

No pay-versus-performance disclosure yet.