IRON MOUNTAIN INC vs WELLTOWER INC., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Welltower is a $165B healthcare landlord riding senior-housing occupancy; Iron Mountain is a $40B storage company spending heavily to become a data-center operator. Welltower yields 1.24% and runs a conservative 0.40 turns of debt; Iron Mountain yields more at 2.43% but burns free cash at negative 1.6% funding its pivot, against Welltower's positive 1.79%. Both wear the inflated REIT P/E, 113 and 144, that non-cash depreciation produces and the market looks past to funds from operations. Welltower's growth is demographic and steady, filling communities as the population ages; Iron Mountain's is strategic and capital-hungry, bought with debt and capex. The two sit on opposite sides of the build-versus-harvest line: Welltower compounds a proven healthcare franchise, Iron Mountain funds an entry into a business it was not born into.
Comparison updated 2026-07-11.
| Metric | IRM | WELL |
|---|---|---|
| Price | $132.50 | $227.28 |
| Market cap | $39.6B | $165.1B |
| Sector | REIT | REIT |
| Stage | Growth | Growth |
| P/E | 144.0 | 113.1 |
| P/B | — | 3.69 |
| P/S | 5.46 | 14.03 |
| EV/EBITDA | 24.0 | 80.3 |
| Revenue growth | +15.6% | +37.5% |
| Operating margin | 20.4% | — |
| Net margin | 3.9% | 12.4% |
| Return on equity | — | 3.3% |
| Return on assets | 1.3% | 2.2% |
| Return on invested capital | 6.8% | — |
| FCF yield | -1.6% | 1.8% |
| Dividend yield | 2.4% | 1.2% |
| Debt / equity | — | 0.40 |
| Current ratio | 0.77 | — |
| Altman Z (solvency) | 6.36 | 4.86 |
| Piotroski F (quality) | 6 / 9 | 7 / 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.