Iron Mountain stock jumps 42.8% YTD on strong revenue growth but valuation now pricey

Iron Mountain Incorporated's stock has surged 42.8% year-to-date, driven by strong revenue and cash flow growth, including 37 years of consecutive organic revenue increases. The company is expanding rapidly in data centers and asset lifecycle management, with management projecting 2026 revenues between $7.94 billion and $8.01 billion. Despite these strong fundamentals, the stock is now considered expensive, prompting a neutral rating with a potential downgrade to Sell if shares rise another 10%.