Iron Mountain shows strong growth but debt concerns lead to 'Hold' rating upgrade

Iron Mountain has delivered strong revenue and AFFO growth, achieving a 38% total return since December 2025. The company is shifting towards digital businesses, especially data centers, which are expected to make up 34% of revenue by 2026. Despite positive operating momentum and a rising dividend, concerns remain due to negative free cash flow and increasing debt levels. As a result, the analyst upgraded Iron Mountain to a 'Hold' rating, balancing impressive growth against financial risks from high leverage and debt-financed expansion.

Iron Mountain's ongoing shift towards digital businesses and its mixed financial signals resonate with current investor behavior. On Pluang, IRM shares trade at USD 114.18, up 1.56% as of Nov 13, 2026 01:51 WIB, with a dividend yield of 3.53%. Despite this positive price movement, all order activity on Pluang is currently selling, reflecting cautious sentiment amid the company's rising debt and negative free cash flow.