IRON MOUNTAIN INC vs REALTY INCOME CORP, two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Realty Income pays a dependable 5.10% monthly dividend from triple-net retail leases; Iron Mountain pays 2.43% while pouring cash into a data-center pivot that has turned its free cash negative. The contrast is stability against transformation: Realty Income converts 6.92% of its price to free cash and trades near book value at 1.43, its buildings and its earnings closely aligned; Iron Mountain runs negative 1.6% free cash and heavy leverage as it funds new capacity. Both carry REIT-distorted P/Es worth little here. Realty Income's tenants cover their own taxes and upkeep across long leases, a low-drama income machine; Iron Mountain is a storage legacy spending to become a growth company. The pair sets a finished income story against an unfinished growth one, and the free-cash sign, positive against negative, marks the difference between harvesting and building.
Comparison updated 2026-07-11.
| Metric | IRM | O |
|---|---|---|
| Price | $132.50 | $63.09 |
| Market cap | $39.6B | $59.0B |
| Sector | REIT | REIT |
| Stage | Growth | Mature |
| P/E | 144.0 | 51.7 |
| P/B | — | 1.43 |
| P/S | 5.46 | 9.96 |
| EV/EBITDA | 24.0 | 23.2 |
| Revenue growth | +15.6% | +9.8% |
| Operating margin | 20.4% | — |
| Net margin | 3.9% | 19.1% |
| Return on equity | — | 2.7% |
| Return on assets | 1.3% | 1.5% |
| Return on invested capital | 6.8% | — |
| FCF yield | -1.6% | 6.9% |
| Dividend yield | 2.4% | 5.1% |
| Debt / equity | — | 0.01 |
| Current ratio | 0.77 | — |
| Altman Z (solvency) | 6.36 | 1.14 |
| Piotroski F (quality) | 6 / 9 | 8 / 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.