The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Iron Mountain's Beneish M-Score or its related term are showing as below:
IRM'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.62 Max: -2.11
Current: -2.61
During the past 13 years, the highest Beneish M-Score of Iron Mountain was -2.11. The lowest was -2.79. And the median was -2.62.
Iron Mountain Beneish M-Score Related Terms
Iron Mountain Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Iron Mountain's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the REIT - Specialty subindustry, Iron Mountain's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Iron Mountain Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, Iron Mountain's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Iron Mountain's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Iron Mountain for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.939
+
0.528 * 1.0188
+
0.404 * 0.9241
+
0.892 * 1.1564
+
0.115 * 1.0047
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9206
+
4.679 * -0.043486
-
0.327 * 1.0221
=
-2.61
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(950.84 / (950.84 + 10635.671))
/
(1093.081 / (1093.081 + 12289.821))
=
0.082064
/
0.081677
=
1.0047
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(272.304 - -274.574
-
1481.25)
/
21486.815
=
-0.043486
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Iron Mountain has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
Iron Mountain (IRM) has a Beneish M-Score of -2.61 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Iron Mountain and its competitors. According to the industry distribution chart, Iron Mountain ranks #279 out of 765 companies in the REITs industry, placing it in the top 36.5%.
Is Iron Mountain's Beneish M-Score too high?
Iron Mountain's current Beneish M-Score is -2.61. Based on the distribution chart, Iron Mountain ranks #279 out of 765 companies in the REITs industry, which is above the industry midpoint. Overall, Iron Mountain has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Iron Mountain's Beneish M-Score compare to CCI and SBAC?
According to the REITs industry distribution chart, Iron Mountain ranks #279 out of 765 companies for Beneish M-Score. This puts Iron Mountain in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a REITs company?
A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Iron Mountain and its competitors. Iron Mountain's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Iron Mountain stock overvalued right now?
Based on GuruFocus' analysis, Iron Mountain (IRM) is currently considered Modestly Overvalued. The stock's GF Value™ is $107.45, compared to a current price of $130.98 — trading 21.9% above its estimated fair value. The current Beneish M-Score is -2.61. Iron Mountain's overall GF Score™ is 85/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Iron Mountain (IRM), the current Beneish M-Score is -2.61 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Iron Mountain (IRM) Overvalued in 2026?
Based on GuruFocus' analysis, Iron Mountain stock appears to be overvalued.
The current stock price of $130.98 is trading 21.9% above its estimated GF Value™ of $107.45.
GuruFocus considers Iron Mountain to be Modestly Overvalued.
Key valuation signals for IRM:
Beneish M-Score: -2.61
GF Value™: $107.45 vs. price of $130.98 (21.9% above fair value)
No single metric tells the full story. See the IRM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Iron Mountain Inc is an information management services provider organized and operated as a real estate investment trust. The company offers solutions to its clients to address their information management, digital transformation, information security, data center, and asset lifecycle management (ALM) needs. Its customers come from various industries, including commercial, legal, financial, healthcare, technology, etc. The company has two reportable segments: Global Records and Information Management (Global RIM) and Global Data Center. Maximum revenue is generated from the Global RIM segment, which offers data and records management, secure shredding, consumer storage, and other related services. Geographically, the company generates maximum revenue from the United States.
85GF Score
Get the complete analysis for IRM
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