Iron Mountain Incorporated (IRM) vs Simon Property Group, Inc. (SPG)
A side-by-side comparison of Iron Mountain Incorporated and Simon Property Group, Inc. 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 — IRM vs SPG
growth of $100 · dividends reinvested · last 10yIRM vs SPG: by the numbers
- •SPG is the larger company ($68.01B vs $35.27B market cap).
- •SPG converts more revenue to profit (68.41% vs 5.54% net margin).
- •IRM grew revenue faster over the past five years (11.97% vs 8.17% CAGR).
- •SPG pays the higher dividend yield (4.20% vs 2.89%).
Metrics side by side
Valuation
| Metric | IRM | SPG |
|---|---|---|
| P/E ratio | 83.47 | 14.81 |
| Forward P/E | 46.86 | 31.51 |
| P/S ratio | 4.63 | 11.47 |
| P/B ratio | N/A | 17.95 |
| EV / EBITDA | 22.08 | 21.53 |
| FCF yield | N/A | 4.08% |
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 Simon Property Group, 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.
Profitability
| Metric | IRM | SPG |
|---|---|---|
| Gross margin | 25.69% | 84.11% |
| Operating margin | 18.76% | 48.12% |
| Net margin | 5.54% | 68.41% |
| ROE | N/A | 107.08% |
| ROIC | 6.34% | 8.81% |
Dividends
| Metric | IRM | SPG |
|---|---|---|
| Dividend yield | 2.89% | 4.20% |
| Payout ratio | 241.21% | 62.23% |
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.
Simon Property Group, 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.
Growth (annualized)
| Metric | IRM | SPG |
|---|---|---|
| Revenue CAGR (5Y) | 11.97% | 8.17% |
| EPS CAGR (5Y) | -16.26% | 31.55% |
| FCF CAGR (5Y) | -43.23% | 1.52% |
| Total return CAGR (5Y) | 23.50% | 15.03% |
Frequently asked
- Which has grown faster, IRM or SPG?
- Over the past five years, IRM grew revenue faster — IRM at a 11.97% CAGR versus SPG at 8.17%.
- Does IRM or SPG pay a bigger dividend?
- IRM yields 2.89% and SPG yields 4.20% based on trailing dividends and the latest price.
- Is IRM or SPG more profitable?
- SPG runs the higher net margin — IRM at 5.54% versus SPG at 68.41%.
- How have IRM and SPG total returns compared?
- Over the past 10 years, IRM delivered 17.88% and SPG delivered 4.86% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Iron Mountain & Simon Property 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.