Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

Iron Mountain appears to be a mature business with stable revenue, but with notable debt and valuation pressure. Revenue increased to 2.03 billion, and EBITDA and operating profit are also growing year over year, which supports cash flow quality and suggests a functioning operating model. At the same time, a P/E of 78.69 and a P/S of 4.38 are above the industry median, meaning the market is already pricing in a high level of expectations, and room for further re-rating is limited. What is especially concerning is the weak liquidity: a current ratio of 0.77 and a quick ratio of 0.00 indicate dependence on constant refinancing and working capital management. Debt remains the key risk: long-term debt of 17.13 billion and total liabilities of 22.91 billion, combined with negative shareholder equity, show that the balance sheet is heavily leveraged. Against this backdrop, ROA of 1.96 and ROI of 2.68 remain below industry benchmarks, meaning assets and capital are not being used as efficiently as would be desirable for a higher valuation. Profit margin is also weak: a net profit margin of 3.75% is noticeably below the median, although the operating margin of 18.76% looks better and shows that the core business is generating decent profits. The dividend yield of 0.77% is stable, but not high enough to offset balance sheet risks and expensive valuation. A positive factor remains the growth in net income and the improvement in operating performance compared with earlier periods, as well as the increase in net worth in the financial statements, but this is not enough to fully offset the debt burden. Overall, the fundamentals support a moderately cautious view: the business is high quality and growing, but the current price already reflects a significant portion of these strengths. For an investor, this means there is upside potential, but it is limited by the high valuation and balance sheet risks, so the target forecast should be revised slightly downward.

Iron Mountain Incorporated (Delaware)

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Средний индекс, незначительно упал. Рынок не поддерживает быков.

Medium index, slightly down. The market does not support the bulls.

Слабый индекс, незначительно вырос. Приток средств в лонги остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into longs remains at a low level.

IRM’s strong revenue and operating profit growth are combined with a high valuation, weak liquidity, and heavy debt, which limits upside.

From a valuation perspective, NRC Health NRC stock looks attractive. NRC is currently trading at a trailing 12-month enterprise value/sales (EV/sales) of 3.77X, a roughly 35% discount compared with the industry average of 5.84X. NRC also trades at a lower valuation compared to other industry players, such as Experian plc EXPGY and Iron Mountain Incorporated IRM. Currently, EXPGY and IRM have EV/sales multiples of 4.28X and 6.62X, respectively.
Though NRC’s cheap valuation may present a potentially profitable opportunity for investors seeking value, a more comprehensive analysis is needed to determine if its discounted valuation is justified based on its fundamentals and growth prospects.
NRC Stock’s Price Performance
NRC’s shares have surged 53.3% in the past year against the industry’s 14.9% decline. It has also outperformed Experian and Iron Mountain. Shares of Experian declined 30.3%, while Iron Mountain stock gained 11% in the same time frame.
Image Source: Zacks Investment Research
Business Tailwinds for NRC
NRC Health continues to benefit from a largely subscription-based revenue model, with revenue recognized over time reaching $66.1 million in the first half of 2026 versus $62.3 million a year earlier. Total recurring contract value also increased year over year, supported by sales to both new and existing customers. Management views TRCV as a leading indicator of future revenue trends, suggesting that sustained contract growth could translate into higher reported revenue in subsequent periods. Remaining contract revenue of about $188.3 million at June 30, 2026, including $44.8 million expected in the rest of 2026, adds further visibility.
Management highlighted broad-based commercial momentum, with Experience TRCV up in the mid-teens, Market Insights growing at a strong pace and the Governance Institute expanding nearly 10% year over year. The sales pipeline was described as up about 60% from the same quarter last year, while average deal size was also higher. NRC is also targeting cross-selling within its installed base, where roughly 70% of customers currently buy only one product. Greater connectivity across Experience, Insights and Governance solutions could deepen customer relationships, support multi-solution adoption and further expand wallet share over time.
NRC is continuing to invest in technology and product development, including AI-enabled capabilities such as ambient listening within its rounding solution. Management said these tools are designed to reduce manual transcription, organize conversations into summaries, identify service-recovery opportunities and surface real-time insights.
Management expects margin improvement as revenue growth catches up with recent investment spending and certain implementation costs normalize. Adjusted EBITDA margin was 27% in the second quarter, and the company expects the third-quarter margin to remain around the same level as the first half before further improvement into the fourth quarter. Liquidity also provides room to fund growth initiatives, with $3.3 million of cash, $17 million of unused revolver capacity and $27.6 million available under the delayed-draw term loan as of June 30, 2026. Operating cash flow also improved year over year in the first half of 2026, supporting financial flexibility.
Headwinds for NRC’s Business
NRC Health’s selling, general and administrative expenses remained high due to higher stock-based compensation, executive salaries and software costs, while continued technology investment contributed to a decline in operating income in the first half of 2026. Higher long-term debt also increased interest expense, and the company carried a $12.2 million working-capital deficit as of June 30, 2026. Revenue growth was partly offset by about $0.7 million of contra-revenue tied to third-party solutions, while management also noted buyer uncertainty following industry consolidation and expects implementation-related spending to continue before margins improve.
Conclusion
Overall, NRC Health is supported by recurring revenue growth, rising contract value, a stronger sales pipeline, cross-selling opportunities and continued product innovation, which could improve revenue visibility and support margin expansion over time. However, elevated operating expenses, ongoing technology and implementation spending, higher interest costs and a working-capital deficit remain notable risks.
NRC’s undervaluation, despite the rise in share price, presents a lucrative opportunity for investors to add the stock to their portfolio.
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NRC Health Trades at a Discount: Should You Buy, Sell or Hold?

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in GoDaddy Inc (Symbol: GDDY), where a total of 15,383 contracts have traded so far, representing approximately 1.5 million underlying shares. That amounts to about 66.5% of GDDY's average daily trading volume over the past month of 2.3 million shares. Especially high volume was seen for the $100 strike call option expiring October 02, 2026, with 7,452 contracts trading so far today, representing approximately 745,200 underlying shares of GDDY. Below is a chart showing GDDY's trailing twelve month trading history, with the $100 strike highlighted in orange:
Robinhood Markets Inc (Symbol: HOOD) saw options trading volume of 130,153 contracts, representing approximately 13.0 million underlying shares or approximately 56.6% of HOOD's average daily trading volume over the past month, of 23.0 million shares. Particularly high volume was seen for the $125 strike call option expiring September 25, 2026, with 7,484 contracts trading so far today, representing approximately 748,400 underlying shares of HOOD. Below is a chart showing HOOD's trailing twelve month trading history, with the $125 strike highlighted in orange:
And Iron Mountain Inc (Symbol: IRM) saw options trading volume of 9,148 contracts, representing approximately 914,800 underlying shares or approximately 53.3% of IRM's average daily trading volume over the past month, of 1.7 million shares. Particularly high volume was seen for the $120 strike call option expiring October 16, 2026, with 4,207 contracts trading so far today, representing approximately 420,700 underlying shares of IRM. Below is a chart showing IRM's trailing twelve month trading history, with the $120 strike highlighted in orange:
For the various different available expirations for GDDY options, HOOD options, or IRM options, visit StockOptionsChannel.com.
Further GDDY Research:

Notable Thursday Option Activity: GDDY, HOOD, IRM

Key Points
The disposition of 6,000 shares on September 1, 2026, realized a total transaction value of ~$694,000.
The sale involved ~6% of the equity stake held directly by the executive prior to the transaction.
Mark Kidd maintains direct ownership of 95,507 shares following the completion of this trade.
This transaction was executed through a Rule 10b5-1 trading plan established on March 20, 2025.
Mark Kidd, EVP, GM Data Centers & ALM at Iron Mountain Incorporated (NYSE:IRM), sold 6,000 shares of common stock at $115.60 per share on Sept. 1, 2026, according to a SEC Form 4 filing.
Transaction summary
Transaction value
$694,000
Shares sold
6,000
Post-transaction shares (directly held)
95,507
Post-transaction value
$10.91 million
Transaction value based on SEC Form 4 weighted average sale price ($115.60); post-transaction value based on Sept. 1, 2026, market close ($114.22).
Key questions
What was the regulatory framework for this transaction?
The sale was conducted under a Rule 10b5-1 trading plan, a mechanism that allows insiders to schedule trades in advance to avoid concerns regarding material non-public information.
How does the insider's remaining stake compare to the current market valuation?
Mark Kidd retains 95,507 shares held directly, representing a market value of ~$10.9 million as of the Sept. 1, 2026, market close.
What has been the performance context for Iron Mountain shares leading up to this trade?
The company generated a one-year total return of 28% as of the transaction date, and the sale was executed at a weighted-average price of $115.60.
What is the broader ownership profile for this executive?
The executive's direct equity holdings represent approximately 0.0321% of the company, which continues to operate as a global authority in storage and information management solutions with approximately 1,450 facilities.
Company Overview
Share Price (as of market close 2026-09-01)
$114.22
Market Capitalization
$34 billion
Revenue (TTM)
$7.6 billion
Net Income (TTM)
$435.5 million
Company Snapshot
Iron Mountain provides comprehensive storage and information management solutions, operating approximately 1,450 facilities across 50 countries with over 90 million square feet of physical infrastructure that safeguards billions of valued items for more than 225,000 organizations globally.
The company generates revenue through a diversified business model centered on secure storage services, records management, data protection, and specialized asset management solutions that serve as critical infrastructure for enterprise clients requiring compliance and risk mitigation.
Iron Mountain's primary customer base comprises large enterprises, financial institutions, healthcare organizations, and government agencies that depend on the company's services to manage sensitive documents, digital assets, and compliance-critical information.
As the world's leading provider of storage and information management solutions, Iron Mountain has established a dominant market position through its extensive global infrastructure and trusted relationships with over 225,000 organizations. The company's competitive advantage derives from its scale, geographic diversification across approximately 50 countries, and comprehensive service offerings that address complex regulatory and operational requirements across multiple industries.
With TTM revenue of $7.6 billion and a market capitalization of $34 billion, Iron Mountain operates as a specialized real estate investment trust positioned to capitalize on growing demand for secure data management and compliance-driven storage solutions.
What this transaction means for investors
This sale shouldn't concern investors. It was executed under a Rule 10b5-1 plan that insiders commonly use to execute pre-planned transactions for personal financial management purposes, avoiding concerns about acting on non-public information.
Moreover, the executive retained a large stake of more than 95,000 shares in the company's stock.
Importantly, Iron Mountain continues to expand. TTM revenue grew 17% year over year to $7.6 billion. Its operating profit grew 35%, reaching $1.4 billion, demonstrating a highly profitable business model.
However, the stock may need to cool off before heading higher. The strong run over the past few years has lifted its valuation to expensive levels on a price-to-earnings basis. Analysts are only expecting earnings to grow at an annualized rate of 12% in the coming years. Overall, Iron Mountain is solidly positioned to continue benefiting from growing demand for its physical storage business.
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Iron Mountain EVP Sells 6,000 Shares

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, DexCom Inc (Symbol: DXCM) has taken over the #284 spot from Iron Mountain Inc (Symbol: IRM), according to The Online Investor.
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of DexCom Inc (Symbol: DXCM), the market cap is now $33.85 billion, versus Iron Mountain Inc (Symbol: IRM) at $33.30 billion.
Below is a chart of DexCom Inc versus Iron Mountain Inc plotting their respective size rank within the S&P 500 over time (DXCM plotted in blue; IRM plotted in green):
Below is a three month price history chart comparing the stock performance of DXCM vs. IRM:
Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform their larger rivals). So a company's market cap, especially in relation to other companies, carries great importance, and for this reason we at The Online Investor find value to putting together these rankings daily.
Examine the full DXCM market cap history vs. the full IRM market cap history.
At the closing bell, DXCM is trading flat, while IRM is up about 3% on the day Thursday.
Further DXCM Research:

DexCom Takes Over #284 Spot From Iron Mountain

Realty Income’s O push into data centers is beginning to take on greater strategic importance as the company looks to broaden its growth avenues beyond traditional net-lease real estate. A key component of that strategy is its existing partnership with Cloud Capital, under which Realty Income expects to invest up to $1.4 billion for a 45% stake in an initial three-asset Northern Virginia portfolio valued at more than $6 billion. The assets have less than 400 MW of capacity, are fully leased or pre-leased, and carry 15-20-year triple-net leases with investment-grade hyperscale tenants.
The partnership is designed to be more than a one-time transaction. Realty Income describes it as a programmatic platform that could support future hyperscale data center investments across the United States and Europe.
The Cloud Capital venture also builds on Realty Income’s existing data center relationship with Digital Realty. The company invested about $200 million in a build-to-suit data center joint venture in 2023 and held an 80% interest in two properties as of June 30, 2026.
The strategy gives Realty Income access to a global data center market estimated at more than $1 trillion in real estate value. For Realty Income, this could diversify its heavily retail-focused portfolio, broaden its addressable market and create a scalable source of long-term growth. The long-term leases and investment-grade tenants could also support predictable cash flows, while the partnership provides an avenue to deploy capital across the United States and Europe.
How Are Realty Income's Peers Adopting Data Center Strategy?
Prologis PLD is aggressively expanding beyond logistics into data centers. In second-quarter 2026, its data center power pipeline expanded to 5.8 GW. Prologis started $1.6 billion of development across logistics and data centers, highlighting its focus on leveraging its global land bank and infrastructure to capture growing demand for AI and digital infrastructure.
Iron Mountain IRM has already made data centers a meaningful growth business. In second-quarter 2026, it signed 13 MW of data center leases, taking year-to-date leasing to 110 MW, including 75 MW signed in July. Data center, digital and ALM businesses collectively grew over 50% year over year.
Realty Income’s Price Performance, Valuation and Estimates
Shares of Realty Income have risen 0.5% over the past three months, underperforming the broader industry and the S&P 500 Index.
In terms of forward 12-month Price/Earnings (P/E), Realty Income is currently trading at 13.72X, which is at a discount to the industry average of 17.1X.
Image Source: Zacks Investment Research
Realty Income’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for fiscal 2026 EPS has been revised marginally upward over the past two months. The consensus estimate calls for 4% growth year over year.
Image Source: Zacks Investment Research
Currently, Realty Income carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).

Realty Income's Data Center Bet: What Does It Mean for Growth?

Key Points
McIntosh realized ~$1.5 million through the disposal of shares on August 6, 2026.
The transaction represented 13% of the insider's total direct equity holdings in the company.
The activity involved the exercise of stock options followed by the immediate sale of the underlying common stock.
The sale was executed under a Rule 10b5-1 trading plan adopted in May 2026.
Greg W. McIntosh, EVP, Chief Commercial Officer, reported a sale of 11,839 shares of Iron Mountain Incorporated (NYSE:IRM) on Aug. 6, 2026, according to a SEC Form 4 filing.
Transaction summary
Transaction value
~$1.5 million
Shares sold
11,839
Post-transaction shares (directly held)
80,634
Post-transaction value
$9.83 million
Transaction value based on SEC Form 4 weighted average sale price ($127.13); post-transaction value based on August 06, 2026, market close ($121.96).
Key questions
How did the Rule 10b5-1 plan influence this transaction?
The sale was conducted pursuant to a trading plan adopted by McIntosh on May 8, 2026, which allows for scheduled transactions to be executed at predetermined times to manage personal liquidity and diversification.
What were the mechanics of the derivative conversion?
The insider exercised 11,839 stock options at a strike price of $37.00 per share and immediately sold the shares at a weighted average price of $127.13 per share to capture the spread.
What is the status of the insider's remaining equity position?
Following this transaction, McIntosh continues to hold 80,634 shares of common stock directly, maintaining a significant equity stake valued at $9.83 million as of the Aug. 6, 2026, market close.
How has the stock performed relative to this transaction?
As of the transaction date on Aug. 6, 2026, Iron Mountain had delivered a one-year total return of 40%, providing a favorable valuation environment for the planned exercise and sale.
Company Overview
Share Price (as of market close 2026-08-07)
$121.15
Market Capitalization
$37 billion
Revenue (TTM)
$7.6 billion
Net Income (TTM)
$434 million
Company Snapshot
Iron Mountain provides comprehensive storage and information management solutions, including physical document storage, data centers, and secure asset management services across its global network of approximately 1,450 facilities spanning over 90 million square feet.
The company operates a recurring revenue business model centered on long-term service contracts with customers who require secure storage, retrieval, and management of critical physical and digital assets.
Iron Mountain serves more than 225,000 organizations globally, including corporations, financial institutions, healthcare providers, and government agencies that depend on secure information management and regulatory compliance solutions.
Established in 1951, Iron Mountain has evolved into the global leader in storage and information management, operating in approximately 50 countries and serving a diversified customer base across multiple industries.
The company's competitive advantage derives from its extensive physical infrastructure, proprietary technology platforms, and deep expertise in regulatory compliance and data security.
With a market capitalization of $37 billion and TTM revenues of $7.6 billion, Iron Mountain maintains a strong market position as a specialized real estate investment trust focused on mission-critical asset management.
What this transaction means for investors
This sale shouldn’t concern investors. It represented a small percentage of the executive’s stake in the company’s stock. McIntosh still retains a sizable stake after the sale.
Additionally, it was completed under a Rule 10b5-1 plan. This is designed to allow insiders to make pre-planned sales for personal reasons without the appearance of acting on non-public information or on any reason tied to their view of the stock’s valuation or business performance.
Importantly, Iron Mountain’s TTM revenue grew 13% year over year. Operating profit grew even faster, by 35%. The company has strong momentum driven by AI and data center demand. It has leased 110 megawatts so far this year and still has 325 megawatts in the pipeline.
The stock trades at a high multiple of earnings, but analysts expect stronger earnings growth in the coming years that may justify the premium.
Should you buy stock in Iron Mountain right now?
Before you buy stock in Iron Mountain, consider this:
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!*
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Iron Mountain. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Iron Mountain Chief Commercial Officer Sells 11,839 Shares for $1.5 Million

Digital Realty Trust, Inc. DLR is benefiting from faster expected Core funds from operations (FFO) growth, rising revenue visibility and sustained demand from AI, cloud and enterprise customers. The growth case strengthened after management raised its 2026 Core FFO per share outlook, excluding net promote.
The trade-off is valuation. DLR commands premiums to its Zacks sub-industry and the S&P 500, while a larger development program increases the importance of timely project delivery and attractive returns.
DLR’s Growth Outlook Has Strengthened
Management raised 2026 Core FFO per share guidance, excluding net promote, to $8.15-$8.20 from $8.00-$8.10. The Zacks Consensus Estimate calls for 2026 sales growth of 16.3% and FFO per share growth of 13.7%, while the estimate for current-year earnings has risen 4.3% over the past four weeks.
Leasing supports that outlook. Digital Realty ended the second quarter with a record $1.9 billion backlog of annualized GAAP base rent at 100% share, while renewal rents rose 25.4% on a cash basis. Equinix, Inc. EQIX also reported 23% year-over-year growth in annualized gross bookings in the second quarter, underscoring broad demand for digital infrastructure. Iron Mountain Incorporated IRM said its data center, digital and asset lifecycle management growth businesses collectively grew more than 50% year over year in the same quarter, with data center leasing reaching 110 megawatts year to date.
Digital Realty Trades at a Premium Valuation
DLR trades at 21.84X forward 12-month earnings, above the 16.12X multiple for its Zacks sub-industry and the S&P 500’s 20.8X. That premium leaves less room for execution shortfalls if expected earnings growth or leasing conversion moderates.
Image Source: Zacks Investment Research
The stock’s 9.43X price-to-sales multiple also stands well above the sub-industry’s 5.31X. Investors are therefore paying for sustained growth, making backlog conversion, renewal pricing and development returns central to the valuation case.
Image Source: Zacks Investment Research
DLR’s Capital Program Raises Execution Stakes
Development capital expenditures, net of partner contributions, are projected at $4.25-$4.75 billion in 2026, up from the prior $3.50-$4.00 billion range. The company had about 1.4 gigawatts under construction at June 30, 2026, with an 11.5% average expected stabilized yield and 54% pre-leasing.
Digital Realty is also adding future capacity through large land purchases and acquisitions. Its roughly $475 million Kansas City land acquisition can support up to two gigawatts of utility power. The expanded pipeline lengthens the growth runway, but it also raises the stakes around project timing, pre-leasing and stabilized returns.
Digital Realty’s Balance Sheet Offers Flexibility
Net debt to Adjusted EBITDA remained at 4.7X at June 30, 2026, while fixed-charge coverage improved to 5.2X. As of July 29, 2026, Digital Realty also had roughly $3.6 billion of borrowings available under its revolving credit facilty.
Management estimated more than $12 billion of remaining private-capital capacity for hyperscale development. That funding flexibility can help support the larger capital program, although total debt of about $18.6 billion keeps financing discipline important.
DLR’s Mixed Scores Support a Cautious Stance
The improving earnings outlook and leasing visibility support the growth case, but the premium valuation and heavier development program argue against chasing the shares. The setup currently looks more balanced than decisively bullish.
DLR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Its Growth Score of B points to favorable growth characteristics, while the Value Score of D signals a weaker valuation profile. The VGM Score of C is also mixed. Together, those readings support a hold-or-wait posture rather than a strong buy case at the current valuation.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is DLR Worth Buying as Growth Accelerates but Valuation Stays Rich?

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Lennar Corp (Symbol: LEN), where a total of 13,755 contracts have traded so far, representing approximately 1.4 million underlying shares. That amounts to about 57.5% of LEN's average daily trading volume over the past month of 2.4 million shares. Particularly high volume was seen for the $80 strike put option expiring August 21, 2026, with 7,513 contracts trading so far today, representing approximately 751,300 underlying shares of LEN. Below is a chart showing LEN's trailing twelve month trading history, with the $80 strike highlighted in orange:
Iron Mountain Inc (Symbol: IRM) saw options trading volume of 9,769 contracts, representing approximately 976,900 underlying shares or approximately 48.3% of IRM's average daily trading volume over the past month, of 2.0 million shares. Especially high volume was seen for the $115 strike put option expiring August 21, 2026, with 4,768 contracts trading so far today, representing approximately 476,800 underlying shares of IRM. Below is a chart showing IRM's trailing twelve month trading history, with the $115 strike highlighted in orange:
And Intel Corp (Symbol: INTC) saw options trading volume of 547,164 contracts, representing approximately 54.7 million underlying shares or approximately 46.2% of INTC's average daily trading volume over the past month, of 118.3 million shares. Particularly high volume was seen for the $102 strike call option expiring August 12, 2026, with 35,416 contracts trading so far today, representing approximately 3.5 million underlying shares of INTC. Below is a chart showing INTC's trailing twelve month trading history, with the $102 strike highlighted in orange:
For the various different available expirations for LEN options, IRM options, or INTC options, visit StockOptionsChannel.com.
Further LEN Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Wednesday Option Activity: LEN, IRM, INTC

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Iron Mountain (IRM) Q2 2026 Earnings Call Transcript

Iron Mountain Incorporated IRM reported second-quarter 2026 adjusted funds from operations (AFFO) of $1.44 per share, up 16.1% year over year. The figure surpassed the Zacks Consensus Estimate by 2.9%.
Revenues of $2.03 billion increased 18.5% and beat the consensus mark of $1.97 billion. The upside reflected broad-based strength, with data center revenues advancing 38.8% and asset lifecycle management benefiting from robust enterprise and decommissioning activity.
In response to the above results, IRM shares were trading close to 3% higher in today’s pre-market session.
IRM's Revenue Mix Supports Broad Growth
Storage rental revenues rose 12.3% year over year to $1.13 billion. Service revenues increased 27.4% to $894.5 million, underscoring the growing contribution from faster-expanding offerings outside the traditional records storage business.
Organic revenues jumped 16.8% on a constant-currency basis, excluding acquisitions and divestitures. Organic storage rental growth was 11.3%, while organic service growth reached 24.8%, showing that internal execution rather than deal activity drove most of the quarter’s expansion.
Iron Mountain's RIM Business Stays Resilient
Global Records and Information Management revenues increased 8.3% to $1.43 billion. Storage rental revenues in the segment rose 6.6%, while service revenues advanced 10.9%, supported by revenue management, digital solutions and continued customer activity.
The segment generated adjusted EBITDA of $620.8 million compared with $586.3 million a year earlier. Its adjusted EBITDA margin contracted 100 basis points to 43.3%, as faster service growth carried a different margin profile than the highly recurring storage business.
Global storage volume reached a record 747.9 million cubic feet, up from 735.8 million a year ago. Storage facility utilization improved to 81.6% from 80.6%, while the records management retention rate increased 40 basis points to 93.4%.
IRM's Data Center Momentum Strengthens
Global Data Center revenues climbed to $262.9 million from $189.4 million. Storage rental revenues grew 37.5%, and the segment’s adjusted EBITDA increased to $137.3 million, with margin expanding 140 basis points to 52.2%.
Iron Mountain signed 13 megawatts of new and expansion leases during the quarter. Leasing reached 110 megawatts through July after an additional 75 megawatts were signed following quarter-end. The company also cited a backlog supporting $370 million of revenue growth beyond 2026 before including the July leasing.
The operating portfolio had 528.5 leasable megawatts and was 97.1% leased. Management expects roughly 325 megawatts of available-to-lease capacity to become energized over the next 24 months as it works toward total developable capacity of approximately 1.4 gigawatts.
Iron Mountain's ALM and Digital Engines Expand
Corporate and Other revenues surged 67.4% to $332.6 million. Service revenues rose 73.7%, reflecting strong asset lifecycle management performance across enterprise solutions and data center decommissioning.
ALM revenues increased 88% on a reported basis and 82% organically. Management also highlighted record digital revenues and growing traction for Insight DXP, its artificial intelligence-powered platform, including a multi-year managed-services agreement spanning 45 countries.
IRM's Costs and Balance Sheet Remain Manageable
Total operating expenses increased 14% to $1.66 billion, slower than revenue growth. Operating income advanced 43.7% to $373.5 million, though adjusted EBITDA margin declined 90 basis points to 35.8%, partly reflecting the mix shift toward rapidly growing service businesses.
Net lease-adjusted leverage remained at 4.8 times, within management’s target range of 4.5-5.5 times. Cash and cash equivalents were $204.8 million at quarter-end, while net debt totaled about $17.28 billion.
Iron Mountain Raises 2026 Outlook
Iron Mountain raised its full-year AFFO per share forecast to $5.87-$5.93 from the earlier guided range of $5.79-$5.86. The midpoint implies approximately 14% growth, supported by continued momentum across records management, data centers, digital solutions and ALM. The Zacks Consensus Estimate is pinned at $5.85, which lies below the projected range.
The board also declared a quarterly dividend of 86.4 cents per share, payable on Oct. 2 to shareholders of record as of Sept. 15.
IRM’s Zacks Rank
IRM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Iron Mountain Incorporated Price, Consensus and EPS Surprise
Performance of Other REITs
Digital Realty Trust DLR reported second-quarter 2026 core FFO per share, excluding net promote, of $2.13, up 13.9% from a year ago. The figure surpassed the Zacks Consensus Estimate by 7.6%. Strong bookings, a record backlog and sharp renewal rent increases supported the quarter.
Prologis PLD reported second-quarter 2026 core FFO per share of $1.63, outpacing the Zacks Consensus Estimate of $1.53. Results reflected strengthening demand, disciplined execution and expanding capabilities across logistics, data centers and energy.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	Feb 26	Mar 26	Jun 26	Aug 26	Sep 26	TTM	Median
P/E	225.69	109.42	88.89	81.81	78.69	78.69	27.23
Price/Sales	4.66	4.13	4.95	4.55	4.38	4.38	3.32
P/B	—	10.14K	0.00	—	—	0.00	1.27
P/FCF	0.00	0.00	0.00	—	0.00	0.00	14.37

Iron Mountain Incorporated (Delaware)

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue

Indicator	Feb 26	Mar 26	Jun 26	Aug 26	Sep 26	TTM	Median
Net Profit Margin	—	3.75	—	—	—	3.75	19.33
Operating Margin	—	18.01	18.76	—	—	18.76	23.28
Gross Margin	—	55.02	—	—	—	55.02	63.99
Return on tangible equity	—	0.00	0.00	—	—	0.00	7.61

Indicator	Feb 26	Mar 26	Jun 26	Aug 26	Sep 26	TTM	Median
EPS	—	1.43	—	1.44	—	1.44	0.51
EPS Forecast	1.30	1.27	—	1.28	—	1.28	0.45
Revenue	—	1.94B	2.03B	—	—	2.03B	115.00M
Gross Profit	—	1.05B	1.07B	—	—	1.07B	—
EBITDA	—	671.00M	—	—	—	671.00M	—