Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.32, read 2026-10-23
Ethical does not pass the values gate
Price109.96 USD
Fair value93.81
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-10-18Read Markdown112.68-2.4% to today ✓Accumulation gives way to Markdown first Markdown read since October
2026-10-11Read Accumulation111.05-1.0% to today Markdown gives way to Accumulation
2026-10-02Read Markdown111.05-1.0% to today ✓Distribution gives way to Markdown after a 9% slide in 4 weeks
2026-09-02Read Distribution122.02-9.9% to today ✓Markdown gives way to Distribution with volume flow in agreement
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Iron Mountain holds its Markdown at $109.96. The statistical read favours the sellers, held for 86 days.
As held on the ledger · 2026-10-23
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 86 days
Price at the screen
$109.96
Valuation
80.49 trailing · 41.32 forward price to earnings
Values screen
FAIL· score 10.0
Beta
1.19
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
90.18%
Below 33%
Interest-bearing debt is 90.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
7.58%
Below 49%
Money owed to the company is 7.6% of assets, under the 49% limit.
Pass
Revenue purity
0.25%
Below 5%
Only 0.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Iron Mountain's business is in a permissible area, but its interest-bearing debt is about 90% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when IRM's ethical verdict changes
Today IRM does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades above our $93.81 fair value estimate, 18.50% revenue growth.
Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 16.7% above the base estimate.
Third-party analyst targets: 11 covering, consensus Buy. The average target sits +31% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Data vaults priced far beyond fair value
Think of Iron Mountain as the trusted vault for every old file and digital backup that companies cannot delete. The market loves the story and hands it a buy rating with targets near 140, yet our fair value sits at 91.40 against a current price of 123.82. We pass because the numbers and the ethical screen both say no.
Forward earnings sit at 46 times while profit margins run at just 4 percent. Revenue growth of 22 percent looks solid on paper, yet that multiple leaves no margin of safety and the debt ratio already fails our ethical check. Unknown moat adds another layer of doubt.
High debt brings real refinancing risk if rates stay elevated, and any slowdown in records demand would hit earnings fast. The low margin also leaves little room for error on costs. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
IRM trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Markdown$112.68+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 27%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (11 analysts) rates it buy, with a mean price target of $132.
2026-10-18Markdown · changed$112.68+1.5%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 27%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (11 analysts) rates it buy, with a mean price target of $132.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 27%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (11 analysts) rates it buy, with a mean price target of $132.
2026-10-02Markdown · changed$111.05-9.0%Entry 6
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 27%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (11 analysts) rates it buy, with a mean price target of $132.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 3.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 27%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (11 analysts) rates it buy, with a mean price target of $132.
2026-08-02Markdown · changed$126.99+1.9%Entry 4
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 27%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (11 analysts) rates it buy, with a mean price target of $132.
2026-07-18Markup$124.66+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 27%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (11 analysts) rates it buy, with a mean price target of $132.
2026-07-03Markup$124.66+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$124.66Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
