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Iron Mountain vs Welltower: revenue, profit, margins and growth compared

Iron Mountain brought in $6.9B of revenue in fiscal 2025, Welltower $10.8B in fiscal 2025. Revenue changed by +12.2% at Iron Mountain and +35.6% at Welltower on the year before, so Welltower grew faster. Iron Mountain kept 2.1% of its revenue as net profit, Welltower 8.6%. Free cash flow was -$931.6M at Iron Mountain and $1.8B at Welltower.

Side by side, latest fiscal year

IRMWELL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.9B$10.8B
Revenue growth+12.2%+35.6%
Net income$144.6M$936.8M
Net margin2.1%8.6%
Free cash flow-$931.6M$1.8B
Free cash flow margin-13.5%16.9%
Earnings per share (diluted)$0.49$1.39
Cash$158.5M$5B
Debt$16.4B$19.2B
Price to earnings227.3166.4
Market value$33.2B$166.8B
Dividend yield2.89%1.22%
Rank by revenue in sector#5 of 162 · Real estate#1 of 162 · Real estate

Over the years

Revenue
IRM FY2018: $4.2BIRM FY2019: $4.3BIRM FY2020: $4.1BIRM FY2021: $4.5BIRM FY2022: $5.1BIRM FY2023: $5.5BIRM FY2024: $6.1BIRM FY2025: $6.9BWELL FY2018: $4.7BWELL FY2019: $5.1BWELL FY2020: $4.6BWELL FY2021: $4.7BWELL FY2022: $5.9BWELL FY2023: $6.6BWELL FY2024: $8BWELL FY2025: $10.8BFY18FY19FY20FY21FY22FY23FY24FY25
IRM $6.9BWELL $10.8B
Net income
IRM FY2018: $353.9MIRM FY2019: $267.4MIRM FY2020: $342.7MIRM FY2021: $450.2MIRM FY2022: $557MIRM FY2023: $184.2MIRM FY2024: $180.2MIRM FY2025: $144.6MWELL FY2018: $758.3MWELL FY2019: $1.2BWELL FY2020: $978.8MWELL FY2021: $336.1MWELL FY2022: $141.2MWELL FY2023: $340.1MWELL FY2024: $951.7MWELL FY2025: $936.8MFY18FY19FY20FY21FY22FY23FY24FY25
IRM $144.6MWELL $936.8M
Net margin
IRM FY2018: 8.4%IRM FY2019: 6.3%IRM FY2020: 8.3%IRM FY2021: 10.0%IRM FY2022: 10.9%IRM FY2023: 3.4%IRM FY2024: 2.9%IRM FY2025: 2.1%WELL FY2018: 16.1%WELL FY2019: 24.1%WELL FY2020: 21.3%WELL FY2021: 7.1%WELL FY2022: 2.4%WELL FY2023: 5.1%WELL FY2024: 11.9%WELL FY2025: 8.6%FY18FY19FY20FY21FY22FY23FY24FY25
IRM 2.1%WELL 8.6%
Revenue growth
IRM FY2019: +0.9%IRM FY2020: -2.7%IRM FY2021: +8.3%IRM FY2022: +13.6%IRM FY2023: +7.4%IRM FY2024: +12.2%IRM FY2025: +12.2%WELL FY2019: +9.0%WELL FY2020: -10.1%WELL FY2021: +3.0%WELL FY2022: +23.6%WELL FY2023: +13.3%WELL FY2024: +20.4%WELL FY2025: +35.6%FY19FY20FY21FY22FY23FY24FY25
IRM +12.2%WELL +35.6%
Free cash flow
IRM FY2018: $475.5MIRM FY2019: $273.7MIRM FY2020: $549.4MIRM FY2021: $147.8MIRM FY2022: $52.3MIRM FY2023: -$225.7MIRM FY2024: -$594.9MIRM FY2025: -$931.6MWELL FY2018: $1.3BWELL FY2019: $1.2BWELL FY2020: $1.1BWELL FY2021: $992.7MWELL FY2022: $852.7MWELL FY2023: $1.1BWELL FY2024: $1.4BWELL FY2025: $1.8BFY18FY19FY20FY21FY22FY23FY24FY25
IRM -$931.6MWELL $1.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Iron Mountain and Welltower

Which is bigger by revenue, Iron Mountain or Welltower?

Welltower is bigger by revenue: $10.8B in fiscal 2025, against $6.9B for Iron Mountain in fiscal 2025.

Which keeps more of its revenue as profit, Iron Mountain or Welltower?

Iron Mountain had a net margin of 2.1% in fiscal 2025; Welltower had 8.6% in fiscal 2025.

Which grew revenue faster, Iron Mountain or Welltower?

In their latest fiscal years revenue changed by +12.2% at Iron Mountain and +35.6% at Welltower.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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