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Held by 1,043 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $919M dividends + $0 buybacks = $919M returned on -$932M FCF.
4 consecutive years of dividend increases · 6%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $159M is below the $216M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.0% on $16.4B of debt.
Cash of $159M is below short-term debt of $216M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.90B 100.0% | $6.15B 100.0% | $5.48B 100.0% | $5.10B 100.0% | $4.49B 100.0% | $4.15B 100.0% | $4.26B 100.0% | $4.23B 100.0% | $3.85B 100.0% | $3.51B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | $1.80B 42.6% | $1.69B 43.8% | $1.57B 44.6% |
| Selling, General & Admin | $1.39B 20.2% | $1.34B 21.8% | $1.24B 22.6% | $1.14B 22.3% | $1.02B 22.8% | $949.2M 22.9% | $991.7M 23.3% | $1.01B 23.8% | $937.2M 24.4% | $988.3M 28.1% |
| Total Operating Expenses | $5.74B 83.1% | $5.14B 83.6% | $4.56B 83.2% | $4.05B 79.4% | $3.64B 81.0% | $3.21B 77.5% | $3.48B 81.7% | $3.42B 80.9% | $3.21B 83.5% | $3.01B 85.7% |
| Operating Income | $1.16B 16.9% | $1.01B 16.4% | $921.8M 16.8% | $1.05B 20.6% | $854.2M 19.0% | $934.8M 22.5% | $781.3M 18.3% | $808.3M 19.1% | $634.1M 16.5% | $501.6M 14.3% |
| Interest Expense | $829.3M 12.0% | $721.6M 11.7% | $585.9M 10.7% | $488.0M 9.6% | — | — | — | — | — | — |
| Interest & Investment Income | $17.1M 0.2% | $14.7M 0.2% | $12.5M 0.2% | $8.3M 0.2% | $7.3M 0.2% | $8.3M 0.2% | $6.6M 0.2% | $6.6M 0.2% | $7.7M 0.2% | $7.6M 0.2% |
| Other Income (Expense), net | -$123.3M -1.8% | -$43.4M -0.7% | -$108.6M -2.0% | $69.8M 1.4% | $192.8M 4.3% | -$143.5M -3.5% | -$33.9M -0.8% | $11.7M 0.3% | -$79.4M -2.1% | -$44.3M -1.3% |
| Pretax Income | $211.2M 3.1% | $244.5M 4.0% | $227.2M 4.1% | $631.6M 12.4% | $629.0M 14.0% | $372.7M 9.0% | — | — | — | — |
| Income Tax Expense | $58.9M 0.9% | $60.9M 1.0% | $39.9M 0.7% | $69.5M 1.4% | $176.3M 3.9% | $29.6M 0.7% | $59.9M 1.4% | $42.8M 1.0% | $23.0M 0.6% | $44.9M 1.3% |
| Net Income | $152.3M 2.2% | $183.7M 3.0% | $187.3M 3.4% | $562.1M 11.0% | $452.7M 10.1% | $343.1M 8.3% | $268.3M 6.3% | $355.1M 8.4% | $171.7M 4.5% | $107.2M 3.1% |
| Per Share | ||||||||||
| EPS (Basic) | $0.49 | $0.61 | $0.63 | $1.92 | $1.56 | $1.19 | $0.93 | $1.24 | $0.64 | $0.43 |
| EPS (Diluted) | $0.49 | $0.61 | $0.63 | $1.90 | $1.55 | $1.19 | $0.93 | $1.23 | $0.64 | $0.42 |
| Weighted Avg Shares (Basic) | 295.4M | 293.4M | 291.9M | 290.8M | 289.5M | 288.2M | 287.0M | 285.9M | 265.9M | 246.2M |
| Weighted Avg Shares (Diluted) | 297.8M | 296.2M | 294.0M | 292.4M | 291.0M | 288.6M | 287.7M | 286.7M | 266.8M | 247.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
Peers = companies sharing IRM's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 23.8 | 23.3 | 22.9 | 22.8 | 22.3 | 22.6 | 21.8 | 20.2 |
| Operating Income | 19.1 | 18.3 | 22.5 | 19.0 | 20.6 | 16.8 | 16.4 | 16.9 |
| Income Tax | 1.0 | 1.4 | 0.7 | 3.9 | 1.4 | 0.7 | 1.0 | 0.9 |
| Net Income | 8.4 | 6.3 | 8.3 | 10.1 | 11.0 | 3.4 | 3.0 | 2.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IRM: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.