Iron Mountain Incorporated (IRM) vs VICI Properties Inc. (VICI)
A side-by-side comparison of Iron Mountain Incorporated and VICI Properties Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of August 11, 2026. Differences are shown without an overall score or investment verdict.
Total return — IRM vs VICI
growth of $100 · dividends reinvested · last 9yIRM vs VICI: by the numbers
- •IRM is the larger company ($36.41B vs $28.61B market cap).
- •VICI converts more revenue to profit (67.35% vs 3.76% net margin).
- •VICI grew revenue faster over the past five years (22.92% vs 11.73% CAGR).
- •VICI pays the higher dividend yield (6.90% vs 2.78%).
Metrics side by side
Valuation
| Metric | IRM | VICI |
|---|---|---|
| P/E ratio | 133.58 | 10.10 |
| Forward P/E | 50.52 | 8.92 |
| P/S ratio | 5.01 | 6.92 |
| P/B ratio | N/A | 0.97 |
| EV / EBITDA | 23.93 | 12.53 |
| FCF yield | N/A | 9.29% |
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 VICI Properties 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 | VICI |
|---|---|---|
| Gross margin | 25.69% | 99.39% |
| Operating margin | 18.01% | 89.26% |
| Net margin | 3.76% | 67.35% |
| ROE | -14.74% | 9.48% |
| ROIC | 5.72% | 7.83% |
Dividends
| Metric | IRM | VICI |
|---|---|---|
| Dividend yield | 2.78% | 6.90% |
| Payout ratio | 689.18% | 68.97% |
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.
VICI Properties 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 | VICI |
|---|---|---|
| Revenue CAGR (5Y) | 11.73% | 22.92% |
| EPS CAGR (5Y) | -16.26% | 8.20% |
| FCF CAGR (5Y) | -43.23% | 22.01% |
| Total return CAGR (5Y) | 26.29% | 2.79% |
Frequently asked
- Which has grown faster, IRM or VICI?
- Over the past five years, VICI grew revenue faster — IRM at a 11.73% CAGR versus VICI at 22.92%.
- Does IRM or VICI pay a bigger dividend?
- IRM yields 2.78% and VICI yields 6.90% based on trailing dividends and the latest price.
- Is IRM or VICI more profitable?
- VICI runs the higher net margin — IRM at 3.76% versus VICI at 67.35%.
- How have IRM and VICI total returns compared?
- Over the past 5 years, IRM delivered 19.01% and VICI delivered 2.79% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Iron Mountain & VICI Properties 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 August 11, 2026.