Iron Mountain Incorporated (IRM) vs Public Storage (PSA)
A side-by-side comparison of Iron Mountain Incorporated and Public Storage across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 3, 2026. Differences are shown without an overall score or investment verdict.
Total return — IRM vs PSA
growth of $100 · dividends reinvested · last 10yIRM vs PSA: by the numbers
- •PSA is the larger company ($52.92B vs $33.74B market cap).
- •PSA converts more revenue to profit (41.80% vs 5.54% net margin).
- •IRM grew revenue faster over the past five years (11.97% vs 9.62% CAGR).
- •PSA pays the higher dividend yield (4.23% vs 3.05%).
Metrics side by side
Valuation
| Metric | IRM | PSA |
|---|---|---|
| P/E ratio | 80.99 | 27.08 |
| Forward P/E | 45.59 | 28.72 |
| PEG ratio | N/A | 3.64 |
| P/S ratio | 4.46 | 10.82 |
| P/B ratio | N/A | 5.76 |
| EV / EBITDA | 21.55 | 17.82 |
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.
For REITs like Public Storage, 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 | IRM | PSA |
|---|---|---|
| Gross margin | 25.69% | 24.96% |
| Operating margin | 18.76% | 48.30% |
| Net margin | 5.54% | 41.80% |
| ROE | N/A | 22.24% |
| ROIC | 6.34% | 11.74% |
Dividends
| Metric | IRM | PSA |
|---|---|---|
| Dividend yield | 3.05% | 4.23% |
| Payout ratio | 246.86% | 114.50% |
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.
Public Storage'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 | IRM | PSA |
|---|---|---|
| Revenue CAGR (5Y) | 11.97% | 9.62% |
| EPS CAGR (5Y) | -16.26% | 7.52% |
| Total return CAGR (5Y) | 25.49% | 2.78% |
Frequently asked
- Which has grown faster, IRM or PSA?
- Over the past five years, IRM grew revenue faster — IRM at a 11.97% CAGR versus PSA at 9.62%.
- Does IRM or PSA pay a bigger dividend?
- IRM yields 3.05% and PSA yields 4.23% based on trailing dividends and the latest price.
- Is IRM or PSA more profitable?
- PSA runs the higher net margin — IRM at 5.54% versus PSA at 41.80%.
- How have IRM and PSA total returns compared?
- Over the past 10 years, IRM delivered 17.85% and PSA delivered 6.21% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Iron Mountain & Public Storage 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 October 3, 2026.