Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Iron Mountain Incorporated
Physical assets are 56.9% of total assets, a heavy footprint. Capex is 2.15x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.15x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.57x.
Physical asset ratio
56.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.01BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$21.13BtotalAssetsInventory was not reported and is treated as zero.Result 56.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.57xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$6.90BtotalRevenueNet PP&E$12.01BpropertyPlantEquipmentResult 0.57x
Revenue per dollar of the physical asset base.
Capex / D&A
2.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.27BcapitalExpendituresD&A$1.06BdepreciationAndAmortizationResult 2.15x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$24.18Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.13BtotalAssetsGoodwill$5.29BgoodWillIntangibles$1.27BintangibleAssetsLiabilities$21.77BtotalLiabTangible book-$7.20BShares297,816,000commonStockSharesOutstandingResult -$24.18
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$118.66Latest quoteTangible book / share-$24.182025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $118.66.
Fixed-charge coverage
-0.15xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.12BebitdaCapex$2.27BcapitalExpendituresInterest$829.34MinterestExpenseShort-term debt$216.07MshortLongTermDebtEBITDA − capex-$155.17MPrincipal due is the current portion of debt.Result -0.15x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$931.63MfreeCashFlowMarket cap$35.33BMarketCapitalizationResult -2.6%
Latest free cash flow divided by current market cap ($35.33B).
ROIC
5.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.41BoperatingIncomeTax expense$58.93MincomeTaxExpensePretax income$211.19MincomeBeforeTaxTax rate27.9%Equity-$644.91MtotalStockholderEquityDebt$19.05BshortLongTermDebtTotalCash$158.54McashAndEquivalentsInvested capital$18.25BResult 5.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.12x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 37.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.49BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$11.85BtotalAssetsResult 37.9% | 0.94xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$4.23BtotalRevenueNet PP&E$4.49BpropertyPlantEquipmentResult 0.94x | 0.81xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$532.54McapitalExpendituresD&A$655.19MdepreciationAndAmortizationResult 0.81x | -$14.27Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.85BtotalAssetsGoodwill$4.44BgoodWillIntangibles$1.51BintangibleAssetsLiabilities$9.99BtotalLiabTangible book-$4.09BShares286,652,588commonStockSharesOutstandingResult -$14.27 | 1.75xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.48BebitdaCapex$532.54McapitalExpendituresInterest$415.84MinterestExpenseShort-term debt$126.41MshortTermDebtEBITDA − capex$949.16MPrincipal due is short-term debt.Result 1.75x | $403.01MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$935.55MtotalCashFromOperatingActivitiesCapex$532.54McapitalExpendituresFree cash flow$403.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $403.01M | 7.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$808.27MoperatingIncomeTax expense$36.26MincomeTaxExpensePretax income$357.91MincomeBeforeTaxTax rate10.1%Equity$1.86BtotalStockholderEquityDebt$8.14BshortLongTermDebtTotalCash$165.49McashAndShortTermInvestmentsInvested capital$9.83BResult 7.4% | 0.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$808.27MoperatingIncomeNet PP&E$4.49BpropertyPlantEquipmentResult 0.18x |
| 2019 | 83.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.47BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$13.82BtotalAssetsUses the property line, which is larger than net PP&E ($6.49B, propertyPlantAndEquipmentNet).Result 83.0% | 0.37xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.26BtotalRevenueNet PP&E$11.47BpropertyPlantEquipmentResult 0.37x | 1.11xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$748.46McapitalExpendituresD&A$674.94MdepreciationAndAmortizationResult 1.11x | -$15.34Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.82BtotalAssetsGoodwill$4.49BgoodWillIntangibles$1.39BintangibleAssetsLiabilities$12.35BtotalLiabTangible book-$4.41BShares287,687,000commonStockSharesOutstandingResult -$15.34 | 0.84xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.43BebitdaCapex$748.46McapitalExpendituresInterest$425.86MinterestExpenseShort-term debt$389.01MshortLongTermDebtEBITDA − capex$680.48MPrincipal due is the current portion of debt.Result 0.84x | $218.20MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$966.66MtotalCashFromOperatingActivitiesCapex$748.46McapitalExpendituresFree cash flow$218.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $218.20M | 5.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$781.34MoperatingIncomeTax expense$59.93MincomeTaxExpensePretax income$328.14MincomeBeforeTaxTax rate18.3%Equity$1.46BtotalStockholderEquityDebt$10.62BshortLongTermDebtTotalCash$193.56McashAndShortTermInvestmentsInvested capital$11.89BResult 5.4% | 0.07xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$781.34MoperatingIncomeNet PP&E$11.47BpropertyPlantEquipmentResult 0.07x |
| 2020 | 47.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.70BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$14.15BtotalAssetsInventory was not reported and is treated as zero.Result 47.3% | 0.62xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.15BtotalRevenueNet PP&E$6.70BpropertyPlantEquipmentResult 0.62x | 0.68xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$453.25McapitalExpendituresD&A$669.45MdepreciationAndAmortizationResult 0.68x | -$16.45Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.15BtotalAssetsGoodwill$4.56BgoodWillIntangibles$1.33BintangibleAssetsLiabilities$13.01BtotalLiabTangible book-$4.75BShares288,643,190commonStockSharesOutstandingResult -$16.45 | 1.64xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.47BebitdaCapex$453.25McapitalExpendituresInterest$426.85MinterestExpenseShort-term debt$193.76MshortLongTermDebtEBITDA − capex$1.02BPrincipal due is the current portion of debt.Result 1.64x | $534.40MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$987.66MtotalCashFromOperatingActivitiesCapex$453.25McapitalExpendituresFree cash flow$534.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $534.40M | 7.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$934.79MoperatingIncomeTax expense$29.61MincomeTaxExpensePretax income$372.71MincomeBeforeTaxTax rate7.9%Equity$1.14BtotalStockholderEquityDebt$11.00BshortLongTermDebtTotalCash$205.06McashAndEquivalentsInvested capital$11.93BResult 7.2% | 0.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$934.79MoperatingIncomeNet PP&E$6.70BpropertyPlantEquipmentResult 0.14x |
| 2021 | 48.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.98BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$14.45BtotalAssetsInventory was not reported and is treated as zero.Result 48.3% | 0.64xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.49BtotalRevenueNet PP&E$6.98BpropertyPlantEquipmentResult 0.64x | 0.90xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$624.38McapitalExpendituresD&A$696.97MdepreciationAndAmortizationResult 0.90x | -$16.20Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.45BtotalAssetsGoodwill$4.46BgoodWillIntangibles$1.18BintangibleAssetsLiabilities$13.52BtotalLiabTangible book-$4.72BShares290,975,090commonStockSharesOutstandingResult -$16.20 | 1.53xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.75BebitdaCapex$624.38McapitalExpendituresInterest$425.30MinterestExpenseShort-term debt$309.43MshortLongTermDebtEBITDA − capex$1.13BPrincipal due is the current portion of debt.Result 1.53x | $134.53MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$758.90MtotalCashFromOperatingActivitiesCapex$624.38McapitalExpendituresFree cash flow$134.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $134.53M | 5.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$854.17MoperatingIncomeTax expense$176.29MincomeTaxExpensePretax income$629.02MincomeBeforeTaxTax rate28.0%Equity$929.48MtotalStockholderEquityDebt$11.70BshortLongTermDebtTotalCash$255.83McashAndEquivalentsInvested capital$12.38BResult 5.0% | 0.12xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$854.17MoperatingIncomeNet PP&E$6.98BpropertyPlantEquipmentResult 0.12x |
| 2022 | 47.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.70BpropertyPlantEquipmentInventory$11.73MinventoryTotal assets$16.14BtotalAssetsResult 47.8% | 0.66xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.10BtotalRevenueNet PP&E$7.70BpropertyPlantEquipmentResult 0.66x | 1.19xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$883.58McapitalExpendituresD&A$745.64MdepreciationAndAmortizationResult 1.19x | -$19.06Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.14BtotalAssetsGoodwill$4.88BgoodWillIntangibles$1.42BintangibleAssetsLiabilities$15.41BtotalLiabTangible book-$5.57BShares292,444,177commonStockSharesOutstandingResult -$19.06 | 1.70xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.87BebitdaCapex$883.58McapitalExpendituresInterest$496.29MinterestExpenseShort-term debt$87.55MshortLongTermDebtEBITDA − capex$989.98MPrincipal due is the current portion of debt.Result 1.70x | $44.11MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$927.70MtotalCashFromOperatingActivitiesCapex$883.58McapitalExpendituresFree cash flow$44.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $44.11M | 6.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.05BoperatingIncomeTax expense$69.49MincomeTaxExpensePretax income$631.64MincomeBeforeTaxTax rate11.0%Equity$731.95MtotalStockholderEquityDebt$13.29BshortLongTermDebtTotalCash$141.80McashAndEquivalentsInvested capital$13.88BResult 6.7% | 0.14xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.05BoperatingIncomeNet PP&E$7.70BpropertyPlantEquipmentResult 0.14x |
| 2023 | 51.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.01BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$17.47BtotalAssetsInventory was not reported and is treated as zero.Result 51.6% | 0.61xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.48BtotalRevenueNet PP&E$9.01BpropertyPlantEquipmentResult 0.61x | 1.70xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.35BcapitalExpendituresD&A$793.02MdepreciationAndAmortizationResult 1.70x | -$20.10Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.47BtotalAssetsGoodwill$5.02BgoodWillIntangibles$1.28BintangibleAssetsLiabilities$17.08BtotalLiabTangible book-$5.91BShares293,965,000commonStockSharesOutstandingResult -$20.10 | 0.38xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.62BebitdaCapex$1.35BcapitalExpendituresInterest$598.40MinterestExpenseShort-term debt$120.67MshortLongTermDebtEBITDA − capex$273.53MPrincipal due is the current portion of debt.Result 0.38x | -$231.53MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.11BtotalCashFromOperatingActivitiesCapex$1.35BcapitalExpendituresFree cash flow-$231.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$231.53M | 5.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$921.78MoperatingIncomeTax expense$39.94MincomeTaxExpensePretax income$227.21MincomeBeforeTaxTax rate17.6%Equity$389.72MtotalStockholderEquityDebt$14.79BshortLongTermDebtTotalCash$222.79McashAndEquivalentsInvested capital$14.95BResult 5.1% | 0.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$921.78MoperatingIncomeNet PP&E$9.01BpropertyPlantEquipmentResult 0.10x |
| 2024 | 54.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.12BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$18.72BtotalAssetsInventory was not reported and is treated as zero.Result 54.1% | 0.61xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$6.15BtotalRevenueNet PP&E$10.12BpropertyPlantEquipmentResult 0.61x | 2.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.85BcapitalExpendituresD&A$926.49MdepreciationAndAmortizationResult 2.00x | -$22.23Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.72BtotalAssetsGoodwill$5.08BgoodWillIntangibles$1.27BintangibleAssetsLiabilities$18.94BtotalLiabTangible book-$6.59BShares296,234,000commonStockSharesOutstandingResult -$22.23 | 0.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.91BebitdaCapex$1.85BcapitalExpendituresInterest$736.23MinterestExpenseShort-term debt$715.11MshortLongTermDebtEBITDA − capex$53.30MPrincipal due is the current portion of debt.Result 0.04x | -$657.24MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.20BtotalCashFromOperatingActivitiesCapex$1.85BcapitalExpendituresFree cash flow-$657.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$657.24M | 4.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.01BoperatingIncomeTax expense$60.87MincomeTaxExpensePretax income$244.54MincomeBeforeTaxTax rate24.9%Equity-$226.50MtotalStockholderEquityDebt$16.37BshortLongTermDebtTotalCash$155.72McashAndEquivalentsInvested capital$15.99BResult 4.7% | 0.10xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.01BoperatingIncomeNet PP&E$10.12BpropertyPlantEquipmentResult 0.10x |
| 2025 | 56.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.01BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$21.13BtotalAssetsInventory was not reported and is treated as zero.Result 56.9% | 0.57xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$6.90BtotalRevenueNet PP&E$12.01BpropertyPlantEquipmentResult 0.57x | 2.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.27BcapitalExpendituresD&A$1.06BdepreciationAndAmortizationResult 2.15x | -$24.18Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.13BtotalAssetsGoodwill$5.29BgoodWillIntangibles$1.27BintangibleAssetsLiabilities$21.77BtotalLiabTangible book-$7.20BShares297,816,000commonStockSharesOutstandingResult -$24.18 | -0.15xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.12BebitdaCapex$2.27BcapitalExpendituresInterest$829.34MinterestExpenseShort-term debt$216.07MshortLongTermDebtEBITDA − capex-$155.17MPrincipal due is the current portion of debt.Result -0.15x | -$931.63MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.34BtotalCashFromOperatingActivitiesCapex$2.27BcapitalExpendituresFree cash flow-$931.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$931.63M | 5.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.41BoperatingIncomeTax expense$58.93MincomeTaxExpensePretax income$211.19MincomeBeforeTaxTax rate27.9%Equity-$644.91MtotalStockholderEquityDebt$19.05BshortLongTermDebtTotalCash$158.54McashAndEquivalentsInvested capital$18.25BResult 5.6% | 0.12xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.41BoperatingIncomeNet PP&E$12.01BpropertyPlantEquipmentResult 0.12x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $12.01B
Inventory: $0.00
Total assets: $21.13B
Goodwill: $5.29B
Intangibles: $1.27B
Liabilities: $21.77B
Tangible book: -$7.20B
Shares: 297,816,000
Revenue: $6.90B
Capex: $2.27B
D&A: $1.06B
EBITDA: $2.12B
Interest: $829.34M
Short-term debt: $216.07M
Free cash flow: -$931.63M
Operating income: $1.41B
Invested capital: $18.25B
Tax rate: 27.9%