IRM Iron Mountain
too hard · 35
Owner-earnings value$25.64
Price$111.55
Margin of safety
-77.0%
Quality gate · 35/100
⚠ negative book equity · sub-hurdle returns (median roic 5% < 9%) · over-levered (net debt/EBITDA 7.5x > 4x)
Median ROIC5.1%
Gross margin54.2%
Net debt / EBITDA7.5x
FCF conversion-174%
Share count / yr+0.6%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 418.65M |
| Owner-earnings yield | 1.3% |
| Free-cash-flow yield | -1.8% |
| Growth used (normalized) | 10.0% |
| Market-implied growth (reverse DCF) | 25.0% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 10.5% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 460.52M | 10.0% | 416.81M |
| 2 | 502.99M | 9.2% | 412.04M |
| 3 | 545.47M | 8.4% | 404.43M |
| 4 | 587.28M | 7.7% | 394.10M |
| 5 | 627.74M | 6.9% | 381.27M |
| 6 | 666.10M | 6.1% | 366.17M |
| 7 | 701.63M | 5.3% | 349.09M |
| 8 | 733.59M | 4.6% | 330.36M |
| 9 | 761.31M | 3.8% | 310.30M |
| 10 | 784.15M | 3.0% | 289.27M |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~25%/yr owner-earnings growth over 10y (reverse DCF); model credits 10%.