DIGITAL REALTY TRUST, INC. vs IRON MOUNTAIN INC, two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both store things for a living, but the assets differ: Digital Realty runs wholesale data centers, Iron Mountain guards physical records while pivoting hard into data centers of its own. Iron Mountain's pivot is expensive, its free-cash yield negative at 1.6% as data-center capex outruns its storage cash, against Digital Realty's positive 3.73%. Iron Mountain yields 2.43% to shareholders, Digital Realty's payout does not register cleanly here. Both carry heavy leverage typical of capital-intensive REITs, and both sport near-triple-digit P/Es that mean little once property depreciation is added back to reach funds from operations. Digital Realty is the purer data-center play at $68B; Iron Mountain at $40B is a storage legacy funding a data-center future. The pair prices a focused digital landlord against a records company reinventing itself, one already there, the other paying to arrive.
Comparison updated 2026-07-11.
| Metric | DLR | IRM |
|---|---|---|
| Price | $193.23 | $132.50 |
| Market cap | $68.3B | $39.6B |
| Sector | REIT | REIT |
| Stage | Mature | Growth |
| P/E | 51.3 | 144.0 |
| P/B | 2.87 | — |
| P/S | 10.77 | 5.46 |
| EV/EBITDA | 24.6 | 24.0 |
| Revenue growth | +12.6% | +15.6% |
| Operating margin | 16.4% | 20.4% |
| Net margin | 9.3% | 3.9% |
| Return on equity | 2.5% | — |
| Return on assets | 1.2% | 1.3% |
| Return on invested capital | 2.4% | 6.8% |
| FCF yield | 3.7% | -1.6% |
| Dividend yield | — | 2.4% |
| Debt / equity | 0.00 | — |
| Current ratio | — | 0.77 |
| Altman Z (solvency) | 1.69 | 6.36 |
| Piotroski F (quality) | 8 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.