NYSE Shariah screener · October 2026

Is Iron Mountain Inc. (IRM) Halal?

FAIL

Iron Mountain Inc. · NYSE: IRM · Real Estate

The short answer

Iron Mountain fails this Shariah screen: although its records-storage business is permissible and interest income of about 0.25% of revenue is under the 5% ceiling, its $16.43 billion of interest-bearing debt is 49.5% of its ~$33.21 billion market cap - over the 33% debt ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Iron Mountain Inc., headquartered in Boston, MA, is a real estate investment trust operating records storage and information management businesses — physical and digital records storage, secure shredding, data management and asset lifecycle services — plus a data center business. Per its FY2025 Form 10-K, it serves more than 240,000 customers in roughly 60 countries. The company is not an interest-based lender and is not involved in tobacco, gambling, pork or weapons. No haram business segments are disclosed, so it passes gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (49.5%, ceiling 33%). Per Iron Mountain's FY2025 Form 10-K (filed February 27, 2026), long-term debt, net was $16,215,885 thousand and the current portion of long-term debt was $216,074 thousand at December 31, 2025 — total interest-bearing debt of about $16.43 billion. Operating lease liabilities are excluded — they are not interest-bearing debt.

Against a market capitalization of about $33.21 billion (Finnhub, October 2, 2026), that is 49.5%, over the 33% ceiling. Heavy leverage is common for a REIT, but under this screener's rule the gate fails. Cash and cash equivalents of $158.53 million at December 31, 2025 represent about 0.5% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.25%, ceiling 5%). Iron Mountain's FY2025 Form 10-K separately discloses interest income within its "Interest Expense, Net" line: interest income of $17.127 million against FY2025 total revenue of $6,901.737 million is about 0.25%, far under the 5% ceiling.

Key figures used

Business: records storage and information management services plus data centers - 240,000+ customers across about 60 countries; REIT headquartered in Boston, MA
Haram assessment: no interest-based lending; no tobacco/gambling/pork/weapons segments disclosed in the FY2025 Form 10-K
Debt: $16,215,885K long-term debt, net + $216,074K current portion at Dec 31, 2025 = ~$16.43B interest-bearing debt - 49.5% of ~$33.21B market cap (Finnhub, Oct 2, 2026) - over the 33% ceiling
Cash: $158.53M cash and cash equivalents at Dec 31, 2025 (~0.5% of market cap)
Interest income: $17.127M in FY2025 (disclosed within 'Interest Expense, Net') vs $6,901.737M revenue = 0.25% - far under the 5% ceiling
Market data: NYSE-listed; still listed on NYSE (confirmed October 2, 2026; live quotes, no delisting)
Third-party: Zoya flags IRM as not Shariah-compliant (Sept 2026); Musaffa classifies IRM as not halal (Oct 2026); no verifiable ShariaPortfolio rating found

Frequently asked questions

What does Iron Mountain do?

Iron Mountain Inc. (NYSE: IRM) is a US-based real estate investment trust headquartered in Boston, Massachusetts. Per its FY2025 Form 10-K, it operates a records storage and information management business — physical and digital records storage, secure shredding, data management and asset lifecycle services — plus a growing data center business, serving more than 240,000 customers across about 60 countries. It has elected REIT status for its US tax treatment.

Is Iron Mountain's business Shariah compliant?

Iron Mountain runs records storage, information management and data center businesses - storing, managing and destroying physical and digital records. Its FY2025 Form 10-K describes no interest-based lending, tobacco, gambling, pork or weapons businesses. Its revenue comes from storage rental and related services, so the business passes this screener's first gate.

How much interest-bearing debt does Iron Mountain have?

Iron Mountain's FY2025 Form 10-K reports long-term debt, net of $16,215,885 thousand and a current portion of long-term debt of $216,074 thousand at December 31, 2025, for total interest-bearing debt of about $16.43 billion. Operating lease liabilities are excluded as they are not interest-bearing debt. Against a market capitalization of about $33.21 billion (Finnhub, October 2, 2026), that debt load is about 49.5% - over the 33% ceiling, so it fails this gate. Cash and cash equivalents of $158.53 million at December 31, 2025 represent about 0.5% of market cap.

How much interest income does Iron Mountain earn?

Iron Mountain's FY2025 Form 10-K separately discloses interest income within its 'Interest Expense, Net' line: interest income of $17.127 million against FY2025 total revenue of $6,901.737 million is about 0.25% - far under the 5% non-compliant income ceiling, so this gate passes.

What do third-party Shariah screeners say about Iron Mountain?

Zoya publishes an Iron Mountain (IRM) page and currently flags the stock as not Shariah-compliant (as of September 2026). Musaffa also covers IRM and classifies it as not halal under its AAOIFI-based methodology (as of October 2026). I could not verify a ShariaPortfolio rating page for IRM from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).