Essex Property Trust, Inc. (ESS) vs Iron Mountain Incorporated (IRM)
A side-by-side comparison of Essex Property 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 — ESS vs IRM
growth of $100 · dividends reinvested · last 10yESS vs IRM: by the numbers
- •IRM is the larger company ($35.21B vs $17.92B market cap).
- •ESS converts more revenue to profit (21.63% vs 5.54% net margin).
- •IRM grew revenue faster over the past five years (11.97% vs 6.01% CAGR).
- •ESS pays the higher dividend yield (3.70% vs 2.89%).
Metrics side by side
Valuation
| Metric | ESS | IRM |
|---|---|---|
| P/E ratio | 43.33 | 83.47 |
| Forward P/E | 49.30 | 46.86 |
| P/S ratio | 9.32 | 4.63 |
| P/B ratio | 3.37 | N/A |
| EV / EBITDA | 20.99 | 22.08 |
| FCF yield | 5.80% | N/A |
For REITs like Essex Property 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 | ESS | IRM |
|---|---|---|
| Gross margin | 69.38% | 25.69% |
| Operating margin | 43.88% | 18.76% |
| Net margin | 21.63% | 5.54% |
| ROE | 7.83% | N/A |
| ROIC | 4.34% | 6.34% |
Dividends
| Metric | ESS | IRM |
|---|---|---|
| Dividend yield | 3.70% | 2.89% |
| Payout ratio | 160.50% | 241.21% |
Essex Property 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 | ESS | IRM |
|---|---|---|
| Revenue CAGR (5Y) | 6.01% | 11.97% |
| EPS CAGR (5Y) | 3.68% | -16.26% |
| FCF CAGR (5Y) | 8.10% | -43.23% |
| Total return CAGR (5Y) | 0.37% | 23.50% |
Frequently asked
- Which has grown faster, ESS or IRM?
- Over the past five years, IRM grew revenue faster — ESS at a 6.01% CAGR versus IRM at 11.97%.
- Does ESS or IRM pay a bigger dividend?
- ESS yields 3.70% and IRM yields 2.89% based on trailing dividends and the latest price.
- Is ESS or IRM more profitable?
- ESS runs the higher net margin — ESS at 21.63% versus IRM at 5.54%.
- How have ESS and IRM total returns compared?
- Over the past 10 years, ESS delivered 5.55% and IRM delivered 17.88% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Essex Property 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.