Digital Realty Trust, Inc. (DLR) vs Iron Mountain Incorporated (IRM)
A side-by-side comparison of Digital Realty Trust, Inc. and Iron Mountain Incorporated across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 8, 2026. Differences are shown without an overall score or investment verdict.
Total return — DLR vs IRM
growth of $100 · dividends reinvested · last 10yDLR vs IRM: by the numbers
- •DLR is the larger company ($70.56B vs $35.27B market cap).
- •DLR converts more revenue to profit (11.67% vs 5.54% net margin).
- •IRM grew revenue faster over the past five years (11.97% vs 9.91% CAGR).
- •IRM pays the higher dividend yield (2.89% vs 2.59%).
Metrics side by side
Valuation
| Metric | DLR | IRM |
|---|---|---|
| P/E ratio | 91.01 | 83.47 |
| Forward P/E | 69.56 | 46.86 |
| P/S ratio | 9.94 | 4.63 |
| P/B ratio | 2.48 | N/A |
| EV / EBITDA | 26.23 | 22.08 |
| FCF yield | 2.00% | N/A |
For REITs like Digital Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Iron Mountain Incorporated, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | DLR | IRM |
|---|---|---|
| Gross margin | 55.39% | 25.69% |
| Operating margin | 17.87% | 18.76% |
| Net margin | 11.67% | 5.54% |
| ROE | 2.91% | N/A |
| ROIC | 2.25% | 6.34% |
Dividends
| Metric | DLR | IRM |
|---|---|---|
| Dividend yield | 2.59% | 2.89% |
| Payout ratio | 235.75% | 241.21% |
Digital Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Iron Mountain Incorporated's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | DLR | IRM |
|---|---|---|
| Revenue CAGR (5Y) | 9.91% | 11.97% |
| EPS CAGR (5Y) | 29.87% | -16.26% |
| FCF CAGR (5Y) | 12.36% | -43.23% |
| Total return CAGR (5Y) | 5.93% | 23.50% |
Frequently asked
- Which has grown faster, DLR or IRM?
- Over the past five years, IRM grew revenue faster — DLR at a 9.91% CAGR versus IRM at 11.97%.
- Does DLR or IRM pay a bigger dividend?
- DLR yields 2.59% and IRM yields 2.89% based on trailing dividends and the latest price.
- Is DLR or IRM more profitable?
- DLR runs the higher net margin — DLR at 11.67% versus IRM at 5.54%.
- How have DLR and IRM total returns compared?
- Over the past 10 years, DLR delivered 10.25% and IRM delivered 17.88% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Digital Realty Trust & Iron Mountain appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 8, 2026.