IRM IRM

Name: IRM Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored April 7, 2026

Price at analysis: $103.45

Crucible Score

40.1

D+

Quality × Value Composite

KQI — Quality

47.2

C-

Fundamental Quality Index

KVI — Value

31.4

D-

Valuation Attractiveness Index

Crucible Verdict — IRM

IRM delivers a mixed investment proposition with a weak Crucible Score of 40.1 driven by poor financial quality despite decent growth prospects (68) and market positioning (66). The stock trades at a modest 5% premium to fair value, but insider selling and deteriorating fundamentals overshadow the 75% earnings beat rate. Investors should monitor whether management can translate growth potential into sustainable financial performance.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

0.0

Growth Profile

68.5

Moat Durability⚠

61.3

Management Effectiveness

56.2

Diversification & Resilience⚠

46.0

Market Position

66.0

Weakest dimension: Financial Quality (0.0)

◆ KVI Value Dimensions

DCF Margin of Safety

41.5

FCF Yield & Cash Returns

30.0

Relative Valuation

39.8

Growth-Adjusted Value

14.7

Historical Valuation

20.3

Macro Context

14.3

◆ DCF Valuation Scenarios

Bear Case

$62.18

Base Case

$97.54

Bull Case

$148.72

Price at Analysis

$103.45

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$62.18	6.0%	19.0%	10.3%
🟢 Base	$97.54	9.0%	21.0%	9.3%
🟢 Bull	$148.72	12.0%	24.0%	8.5%

Key Assumptions: IRM has shown strong revenue growth (~11% CAGR over 5 years) driven by data center expansion, but FCF is deeply negative due to heavy capex (30-33% of revenue). Operating margins have been relatively stable around 16-21%; capex intensity is assumed to moderate from ~33% toward 25-28% over the projection period as data center buildouts mature. REIT structure with negative equity and high leverage ($19B debt) constrains WACC assumptions; tax rate reflects blended REIT pass-through and taxable subsidiary income.

◆ Financial Snapshot

Profitability

Gross Margin55.4%

Operating Margin16.9%

Net Margin2.1%

ROIC5.2%

ROE25.8%

Balance Sheet

Balance SheetCR: 0.74

Cash ConversionFCF/EPS: -6.39x

Capital IntensityCapex/Rev: 32.9%

Altman Z-Score0.96 (Distress)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR11.3% CAGR

Earnings CAGR-23.7% CAGR

Growth ConsistencyCV: 0.65

Segment Breadth2/2 growing (100%)

Quarterly TrendRev↑, Margin↑, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOGeoffrey Kwan · 4 years

CEO Ownership1.7%

Compensation90% performance-based

Insider ActivitySelling

Capital AllocationROIC 5.2% vs WACC 3.4%

Earnings Beat Rate75% (14/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 7, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.