EQIX vs IRM: Equinix and Iron Mountain compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Equinix is the larger company, worth $98.5B, about 3.0 times Iron Mountain.
- Iron Mountain grew revenue faster over the last year (+18.5% vs +16.4%).
- Equinix keeps more of each dollar of revenue as operating profit (21.8% vs 18.8%).
- On earnings, Equinix is the cheaper stock (69.0x vs 123.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EQIX | IRM |
|---|---|---|
| Market cap | $98.5B | $33.4B |
| Share price | $1,026.06 | $114.51 |
| Revenue (last fiscal year) | $9.2B | $6.9B |
| Free cash flow (last fiscal year) | -$400M | -$932M |
| Revenue growth, last year | +16.4% | +18.5% |
| Revenue growth per year, last 5 fiscal years | +8.6% | +11.3% |
| Operating margin | 21.8% | 18.8% |
| Net margin | 15.6% | 5.5% |
| Return on equity | 10.7% | — |
| P/E (trailing) | 69.0x | 123.2x |
| Price / free cash flow | — | — |
| EV / EBITDA | 27.2x | 21.9x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.9% | 2.9% |
| Debt / equity | 1.85x | — |
| Fundamental grade | D | D |
| Superinvestors holding it | 7 | 4 |
| Insider purchases, last 12 months | 8 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equinix
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.6B | -$204M | 16.7% |
| 2022 | $7.3B | $685M | 16.5% |
| 2023 | $8.2B | $436M | 17.6% |
| 2024 | $8.7B | $183M | 15.2% |
| 2025 | $9.2B | -$400M | 20.0% |
Iron Mountain
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.5B | $148M | 19.0% |
| 2022 | $5.1B | $52M | 20.6% |
| 2023 | $5.5B | -$226M | 16.8% |
| 2024 | $6.1B | -$595M | 16.4% |
| 2025 | $6.9B | -$932M | 16.9% |
Where the revenue comes from
Equinix · by products, 2025
Colocation$6.5B70%
Interconnection$1.7B18%
Non-recurring revenues$478M5%
Managed infrastructure$466M5%
Other$143M2%
Iron Mountain · by segments, 2025
GLOBAL RIM BUSINESS$5.3B77%
CORPORATE AND OTHER$807M12%
GLOBAL DATA CENTER BUSINESS$803M12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EQIX in InvestinglyQuestions
Which is bigger, Equinix or Iron Mountain?
Equinix (EQIX), at $98.5B against $33.4B.
Is EQIX or IRM cheaper?
By trailing P/E, Equinix (69.0x) is cheaper than Iron Mountain (123.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, EQIX or IRM?
Iron Mountain: revenue grew +18.5% over the last year, against +16.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.