EQIX vs. IRM: Equinix vs. Iron Mountain Stock Comparison

November 11, 2026

How do Equinix (EQIX) and Iron Mountain (IRM) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Equinix (EQIX) and Iron Mountain (IRM) both belong to the Specialized REITs industry, though EQIX is classified under Data Center REITs while IRM falls under Other Specialized REITs.

Both Equinix (EQIX) and Iron Mountain (IRM) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.

Company profile comparison for Equinix (EQIX) and Iron Mountain (IRM)
Profile Item	EQIX	IRM
Name	Equinix, Inc.	Iron Mountain Inc.
Country/Region	United States	United States
GICS Sector	Real Estate	Real Estate
GICS Industry Group	Equity Real Estate Investment Trusts (REITs)	Equity Real Estate Investment Trusts (REITs)
GICS Industry	Specialized REITs	Specialized REITs
GICS Sub-Industry	Data Center REITs	Other Specialized REITs
Market Capitalization	100.25 billion USD	31.73 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	August 11, 2000	February 1, 1996
Security Type	REIT	REIT

Price Performance

Cumulative Growth

EQIX

IRM

GSPC

Equinix (EQIX) vs. Iron Mountain (IRM), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Equinix (EQIX) and Iron Mountain (IRM). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinix (EQIX) and Iron Mountain (IRM). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
Total Return (1Y)	31.95%	12.13%
Total Return (3Y, Annualized)	14.47%	28.29%
Total Return (5Y, Annualized)	8.09%	23.46%

Risk Profile

Drawdown History

EQIX

IRM

GSPC

Equinix (EQIX) vs. Iron Mountain (IRM), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Equinix (EQIX) and Iron Mountain (IRM). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
Volatility (1Y, Annualized)	27.07%	35.33%
Beta (5Y)	0.96	1.19
Max Drawdown (5Y)	-39.44%	-39.03%
Avg. Volume (3M)	559.93K	1.52M

Risk-Adjusted Performance

Risk-Return Positioning

EQIX and IRM are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
Sharpe Ratio (1Y)	1.02	0.22
Sortino Ratio (1Y)	1.65	0.31

Profitability

ROE (TTM)

Capital efficiency shows on one side only: Equinix (EQIX) earns 11.45% on shareholders’ equity, ranked against its industry; Iron Mountain (IRM) has no ROE this period.

EQIX

Equity Real Estate Investment Trusts (REITs) industry group

11.45%

Max: 22.74%
EQIX: 11.45%
Q3: 10.54%
Median: 6.38%
Q1: 1.69%
Min: -10.86%

IRM

Equity Real Estate Investment Trusts (REITs) industry group

Max: 22.74%
Q3: 10.54%
Median: 6.38%
Q1: 1.69%
Min: -10.86%
IRM: --

Equinix (EQIX) vs. Iron Mountain (IRM): IRM does not report ROE, so it has no value marker; EQIX is benchmarked against the Equity Real Estate Investment Trusts (REITs) industry group.

Net Margin (TTM)

Neither Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) nor Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.

Operating Margin (TTM)

Neither side reports a meaningful operating margin: for Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) and Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.

Profitability Metrics

Profitability metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
ROE (TTM)	11.45%	--
ROA (TTM)	3.77%	4.72%
Net Margin (TTM)	--	--
Operating Margin (TTM)	--	--
Gross Margin (TTM)	--	--

Growth

Revenue Growth

Iron Mountain (IRM) at 12.23% sits in the top revenue growth quartile, while Equinix (EQIX) at 5.36% is closer to the peer norm — faster top-line expansion for IRM.

Equinix (EQIX) vs. Iron Mountain (IRM): A comparison of their Revenue Growth across different time periods.

EPS Growth

EPS growth isn't a meaningful figure for either Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) or Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Growth metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
Revenue Growth (YoY)	5.36%	12.23%
Revenue Growth (3Y CAGR)	8.27%	10.58%
EPS Growth (YoY)	--	--
EPS Growth (3Y CAGR)	--	--

Financial Strength

Current Ratio (MRQ)

Equinix (EQIX) at 1.04 keeps current ratio within its industry’s typical mid-range, while Iron Mountain (IRM) at 0.56 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for IRM.

EQIX

Equity Real Estate Investment Trusts (REITs) industry group

1.04

Max: 4.19
Q3: 2.11
Median: 1.31
EQIX: 1.04
Q1: 0.62
Min: 0.06

IRM

Equity Real Estate Investment Trusts (REITs) industry group

0.56

Max: 4.19
Q3: 2.11
Median: 1.31
Q1: 0.62
IRM: 0.56
Min: 0.06

Equinix (EQIX) vs. Iron Mountain (IRM): A comparison of their current ratio against the Equity Real Estate Investment Trusts (REITs) industry group benchmark.

Debt / Equity (MRQ)

Only one side’s leverage can be read here: Equinix (EQIX) carries debt-to-equity ratio of 1.81 against its industry range, while Iron Mountain (IRM) reports no figure this period.

EQIX

Equity Real Estate Investment Trusts (REITs) industry group

1.81

Max: 2.72
EQIX: 1.81
Q3: 1.59
Median: 0.99
Q1: 0.72
Min: 0.20

IRM

Equity Real Estate Investment Trusts (REITs) industry group

Max: 2.72
Q3: 1.59
Median: 0.99
Q1: 0.72
Min: 0.20
IRM: --

Equinix (EQIX) vs. Iron Mountain (IRM): IRM does not report debt-to-equity ratio, so it has no value marker; EQIX is benchmarked against the Equity Real Estate Investment Trusts (REITs) industry group.

Financial Strength Metrics

Financial strength metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
Current Ratio (MRQ)	1.04	0.56
Debt / Equity (MRQ)	1.81	--
Net Debt / EBITDA	5.13	7.69

Dividends

Dividend Yield (TTM)

Iron Mountain (IRM) at 3.28% pays a yield in its industry’s typical range, while Equinix (EQIX) at 2.02% falls in the bottom quartile of its peers.

EQIX

Equity Real Estate Investment Trusts (REITs) industry group

2.02%

Max: 8.62%
Q3: 5.95%
Median: 4.34%
Q1: 3.26%
EQIX: 2.02%
Min: 0.00%

IRM

Equity Real Estate Investment Trusts (REITs) industry group

3.28%

Max: 8.62%
Q3: 5.95%
Median: 4.34%
IRM: 3.28%
Q1: 3.26%
Min: 0.00%

Equinix (EQIX) vs. Iron Mountain (IRM): A comparison of their dividend yield against the Equity Real Estate Investment Trusts (REITs) industry group benchmark.

Dividend Payout Ratio (TTM)

An earnings-based payout ratio fits neither Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) nor Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.

Dividend Metrics

Dividend metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
Dividend Yield (TTM)	2.02%	3.28%
Dividend Payout Ratio (TTM)	--	--

Valuation

P/E Ratio (TTM)

P/E ratio is not a meaningful valuation yardstick for either Equinix (EQIX) in Equity Real Estate Investment Trusts (REITs) or Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.

P/S Ratio (TTM)

Iron Mountain (IRM) at 4.07 is priced about in line with its industry on P/S ratio, while Equinix (EQIX) at 9.88 sits in the pricier quartile — EQIX costs more per dollar of sales.

EQIX

Equity Real Estate Investment Trusts (REITs) industry group

9.88

Max: 14.47
EQIX: 9.88
Q3: 8.02
Median: 5.98
Q1: 3.27
Min: 0.43

IRM

Equity Real Estate Investment Trusts (REITs) industry group

4.07

Max: 14.47
Q3: 8.02
Median: 5.98
IRM: 4.07
Q1: 3.27
Min: 0.43

Equinix (EQIX) vs. Iron Mountain (IRM): A comparison of their P/S ratio against the Equity Real Estate Investment Trusts (REITs) industry group benchmark.

P/B Ratio (MRQ)

Iron Mountain (IRM) reports a negative P/B ratio of -22.85, meaning negative book equity — the multiple itself is not meaningful for valuation. Meanwhile Equinix (EQIX) reports 6.90, ranking against industry peers normally.

EQIX

Equity Real Estate Investment Trusts (REITs) industry group

6.90

EQIX: 6.90
Max: 4.06
Q3: 2.53
Median: 1.64
Q1: 1.06
Min: 0.21

IRM

Equity Real Estate Investment Trusts (REITs) industry group

-22.85

Max: 4.06
Q3: 2.53
Median: 1.64
Q1: 1.06
Min: 0.21
IRM: -22.85

Equinix (EQIX) vs. Iron Mountain (IRM): A comparison of their P/B ratio against the Equity Real Estate Investment Trusts (REITs) industry group benchmark.

Valuation Metrics

Valuation metrics for Equinix (EQIX) and Iron Mountain (IRM)
Metric	EQIX	IRM
P/E Ratio (TTM)	--	--
P/S Ratio (TTM)	9.88	4.07
P/B Ratio (MRQ)	6.90	-22.85
Free Cash Flow Yield (TTM)	--	--