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Iron Mountain vs Ventas: IRM and VTR compared
Iron Mountain is the larger company: $2.0B of revenue in its latest quarter (Q3 2026) against $1.8B for Ventas (Q3 2026). Ventas is growing faster (+23% against +14% a year earlier). Iron Mountain is more profitable, with an operating margin of 20.6% against 2.9%.
Where the money goes: IRM and VTR
Iron Mountain (IRM) · Q3 2026
Iron Mountain, Q3 2026: revenue $2.0B (+14% year over year), operating margin 20.6%, net earnings $124M, operating cash flow $316M. The chart follows the revenue to costs, profit and cash.
Ventas (VTR) · Q3 2026
Ventas, Q3 2026: revenue $1.8B (+23% year over year), operating margin 2.9%, net earnings $65.4M, operating cash flow $490M. The chart follows the revenue to costs, profit and cash.
| Iron Mountain (IRM) | Ventas (VTR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.0B | $1.8B |
| Revenue growth, Y/Y | +14% | +23% |
| Operating margin | 20.6% | 2.9% |
| Net earnings | $124M | $65.4M |
| Net margin | 6.2% | 3.6% |
| Operating cash flow | $316M | $490M |
| Free cash flow | — | $425M |
| Market value | $31.8B | $46.1B |
| P/E | 66.6× | 167.8× |
| Analysts’ mean target | $141.36 | $99.00 |
Where the revenue comes from
Iron Mountain
- Records Management: $1.2B (60%)
- Information Destruction: $395M (20%)
- Data Center: $274M (14%)
- Data Management: $122M (6%)
Questions
Which is bigger, Iron Mountain or Ventas?
Iron Mountain is the larger company: $2.0B of revenue in its latest quarter (Q3 2026) against $1.8B for Ventas (Q3 2026).
Is Iron Mountain or Ventas growing faster?
Ventas is growing faster (+23% against +14% a year earlier).
Which is more profitable, Iron Mountain or Ventas?
Iron Mountain is more profitable, with an operating margin of 20.6% against 2.9%.
More: Iron Mountain earnings · how Iron Mountain makes money · Ventas earnings · how Ventas makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.