IRM vs LAMR: Iron Mountain and Lamar Advertising compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Iron Mountain is the larger company, worth $33.4B, about 2.2 times Lamar Advertising.
- Iron Mountain grew revenue faster over the last year (+18.5% vs +6.5%).
- Lamar Advertising keeps more of each dollar of revenue as operating profit (31.8% vs 18.8%).
- On earnings, Lamar Advertising is the cheaper stock (27.6x 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 | IRM | LAMR |
|---|---|---|
| Market cap | $33.4B | $15.1B |
| Share price | $114.51 | $146.47 |
| Revenue (last fiscal year) | $6.9B | $2.3B |
| Free cash flow (last fiscal year) | -$932M | $683M |
| Revenue growth, last year | +18.5% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +11.3% | +6.1% |
| Operating margin | 18.8% | 31.8% |
| Net margin | 5.5% | 23.9% |
| Return on equity | — | 55.9% |
| P/E (trailing) | 123.2x | 27.6x |
| Price / free cash flow | — | 20.6x |
| EV / EBITDA | 21.9x | 18.3x |
| FCF growth the price implies | — | 6.3% |
| Dividend yield | 2.9% | 4.2% |
| Debt / equity | — | 6.02x |
| Fundamental grade | D | C |
| Superinvestors holding it | 4 | 6 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Lamar Advertising
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.8B | $608M | 29.2% |
| 2022 | $2.0B | $615M | 28.4% |
| 2023 | $2.1B | $605M | 32.0% |
| 2024 | $2.2B | $748M | 24.1% |
| 2025 | $2.3B | $683M | 34.2% |
Where the revenue comes from
Iron Mountain · by segments, 2025
GLOBAL RIM BUSINESS$5.3B77%
CORPORATE AND OTHER$807M12%
GLOBAL DATA CENTER BUSINESS$803M12%
Lamar Advertising · by segments, 2025
Billboard$2.0B89%
Other$252M11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open IRM in InvestinglyQuestions
Which is bigger, Iron Mountain or Lamar Advertising?
Iron Mountain (IRM), at $33.4B against $15.1B.
Is IRM or LAMR cheaper?
By trailing P/E, Lamar Advertising (27.6x) is cheaper than Iron Mountain (123.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, IRM or LAMR?
Iron Mountain: revenue grew +18.5% over the last year, against +6.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.