IRM vs. WELL: Iron Mountain vs. Welltower Stock Comparison

November 11, 2026

How do Iron Mountain (IRM) and Welltower (WELL) 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

Iron Mountain (IRM) and Welltower (WELL) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but IRM is classified in Specialized REITs while WELL is classified in Health Care REITs.

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

Company profile comparison for Iron Mountain (IRM) and Welltower (WELL)
Profile Item	IRM	WELL
Name	Iron Mountain Inc.	Welltower 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	Health Care REITs
GICS Sub-Industry	Other Specialized REITs	Health Care REITs
Market Capitalization	31.73 billion USD	179.74 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	February 1, 1996	March 19, 1980
Security Type	REIT	REIT

Price Performance

Cumulative Growth

IRM

WELL

GSPC

Iron Mountain (IRM) vs. Welltower (WELL), 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 Iron Mountain (IRM) and Welltower (WELL). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
Total Return (1Y)	12.13%	31.94%
Total Return (3Y, Annualized)	28.29%	45.79%
Total Return (5Y, Annualized)	23.46%	26.70%

Risk Profile

Drawdown History

IRM

WELL

GSPC

Iron Mountain (IRM) vs. Welltower (WELL), 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 Iron Mountain (IRM) and Welltower (WELL). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
Volatility (1Y, Annualized)	35.33%	23.54%
Beta (5Y)	1.19	0.78
Max Drawdown (5Y)	-39.03%	-40.78%
Avg. Volume (3M)	1.52M	2.75M

Risk-Adjusted Performance

Risk-Return Positioning

IRM and WELL 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 Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
Sharpe Ratio (1Y)	0.22	1.17
Sortino Ratio (1Y)	0.31	1.69

Profitability

ROE (TTM)

Capital efficiency shows on one side only: Welltower (WELL) earns 3.92% on shareholders’ equity, ranked against its industry; Iron Mountain (IRM) has no ROE this period.

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: --

WELL

Equity Real Estate Investment Trusts (REITs) industry group

3.92%

Max: 22.74%
Q3: 10.54%
Median: 6.38%
WELL: 3.92%
Q1: 1.69%
Min: -10.86%

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

Net Margin (TTM)

Neither Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs) nor Welltower (WELL) 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 Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs) and Welltower (WELL) 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 Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
ROE (TTM)	--	3.92%
ROA (TTM)	4.72%	0.93%
Net Margin (TTM)	--	--
Operating Margin (TTM)	--	--
Gross Margin (TTM)	--	--

Growth

Revenue Growth

Both companies are growing quickly, but Welltower (WELL) at 35.82% is the standout with revenue growth above its industry range; Iron Mountain (IRM) at 12.23% also sits in the top quartile.

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

EPS Growth

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

Growth Metrics

Growth metrics for Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
Revenue Growth (YoY)	12.23%	35.82%
Revenue Growth (3Y CAGR)	10.58%	22.69%
EPS Growth (YoY)	--	--
EPS Growth (3Y CAGR)	--	--

Financial Strength

Current Ratio (MRQ)

Welltower (WELL) at 1.66 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.

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

WELL

Equity Real Estate Investment Trusts (REITs) industry group

1.66

Max: 4.19
Q3: 2.11
WELL: 1.66
Median: 1.31
Q1: 0.62
Min: 0.06

Iron Mountain (IRM) vs. Welltower (WELL): 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: Welltower (WELL) carries debt-to-equity ratio of 0.42 against its industry range, while Iron Mountain (IRM) reports no figure this period.

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: --

WELL

Equity Real Estate Investment Trusts (REITs) industry group

0.42

Max: 2.72
Q3: 1.59
Median: 0.99
Q1: 0.72
WELL: 0.42
Min: 0.20

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

Financial Strength Metrics

Financial strength metrics for Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
Current Ratio (MRQ)	0.56	1.66
Debt / Equity (MRQ)	--	0.42
Net Debt / EBITDA	7.69	5.12

Dividends

Dividend Yield (TTM)

Iron Mountain (IRM) at 3.28% pays a yield in its industry’s typical range, while Welltower (WELL) at 1.30% falls in the bottom quartile of its peers.

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%

WELL

Equity Real Estate Investment Trusts (REITs) industry group

1.30%

Max: 8.62%
Q3: 5.95%
Median: 4.34%
Q1: 3.26%
WELL: 1.30%
Min: 0.00%

Iron Mountain (IRM) vs. Welltower (WELL): 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 Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs) nor Welltower (WELL) 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 Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
Dividend Yield (TTM)	3.28%	1.30%
Dividend Payout Ratio (TTM)	--	--

Valuation

P/E Ratio (TTM)

P/E ratio is not a meaningful valuation yardstick for either Iron Mountain (IRM) in Equity Real Estate Investment Trusts (REITs) or Welltower (WELL) 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 Welltower (WELL) at 13.03 sits in the pricier quartile — WELL costs more per dollar of sales.

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

WELL

Equity Real Estate Investment Trusts (REITs) industry group

13.03

Max: 14.47
WELL: 13.03
Q3: 8.02
Median: 5.98
Q1: 3.27
Min: 0.43

Iron Mountain (IRM) vs. Welltower (WELL): 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 Welltower (WELL) reports 3.69, ranking against industry peers normally.

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

WELL

Equity Real Estate Investment Trusts (REITs) industry group

3.69

Max: 4.06
WELL: 3.69
Q3: 2.53
Median: 1.64
Q1: 1.06
Min: 0.21

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

Valuation Metrics

Valuation metrics for Iron Mountain (IRM) and Welltower (WELL)
Metric	IRM	WELL
P/E Ratio (TTM)	--	--
P/S Ratio (TTM)	4.07	13.03
P/B Ratio (MRQ)	-22.85	3.69
Free Cash Flow Yield (TTM)	--	--