IRON MOUNTAIN INC vs Ventas, Inc., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Ventas rides an aging population into its senior-housing and medical buildings; Iron Mountain rides its own reinvention from records vaults toward data centers, two REITs defined by where they are heading. Ventas yields 2.16% with a positive 3.97% free-cash figure; Iron Mountain yields 2.43% but burns free cash at 1.6% funding its pivot. Both post near-triple-digit REIT P/Es, 161.9 and 144, that say more about depreciation than profit. Ventas's path is demographic and steady, occupancy rising with age; Iron Mountain's is strategic and capital-hungry, growth bought with heavy spending. The comparison sets a demographic landlord against a transforming one: Ventas collects rent from a certainty everyone can see coming, Iron Mountain spends to enter a business it was not built for, and their free-cash signs, plus against minus, frame the difference.
Comparison updated 2026-07-11.
| Metric | IRM | VTR |
|---|---|---|
| Price | $132.50 | $89.03 |
| Market cap | $39.6B | $43.3B |
| Sector | REIT | REIT |
| Stage | Growth | Growth |
| P/E | 144.0 | 161.9 |
| P/B | — | 3.29 |
| P/S | 5.46 | 7.07 |
| EV/EBITDA | 24.0 | 30.0 |
| Revenue growth | +15.6% | +20.6% |
| Operating margin | 20.4% | — |
| Net margin | 3.9% | 4.4% |
| Return on equity | — | 2.1% |
| Return on assets | 1.3% | 1.0% |
| Return on invested capital | 6.8% | — |
| FCF yield | -1.6% | 4.0% |
| Dividend yield | 2.4% | 2.2% |
| Debt / equity | — | 0.00 |
| Current ratio | 0.77 | — |
| Altman Z (solvency) | 6.36 | 1.67 |
| 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.