IRM vs SPG
Iron Mountain Inc. and Simon Property Group Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | IRM | SPG |
|---|---|---|
| Revenue | $6.9B | $6.4B |
| Net income | $152.3M | $5.4B |
| Gross margin | 55.4% | 98.1% |
| Net margin | 2.2% | 84.3% |
| Return on equity | · | · |
| Diluted EPS | $0.49 | $14.17 |
| Dividend / share | $3.22 | $8.55 |
| Payout ratio | 603.9% | · |
| Free cash flow | $-931.6M | $3.2B |
| Equity | $-981.0M | $5.2B |
| Net debt / equity | · | 5.30× |
| Current ratio | 0.74× | · |
| Revenue CAGR 5y | 10.7% | 6.7% |
| Profit CAGR 5y | −15.0% | 33.2% |
IRM and SPG book revenue within 15% of each other, and SPG keeps more of each dollar of revenue as profit (84.3% against 2.2%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | IRM | SPG |
|---|---|---|
| FY2025 | $6.9B | $6.4B |
| FY2024 | $6.1B | $6.0B |
| FY2023 | $5.5B | $5.7B |
| FY2022 | $5.1B | $5.3B |
| FY2021 | $4.5B | $5.1B |
| FY2020 | $4.1B | $4.6B |
| FY2019 | $4.3B | $5.8B |
| FY2018 | $4.2B | $5.6B |
| FY2017 | $3.8B | $5.5B |
| FY2016 | $3.5B | $5.4B |
Bottom line
| Fiscal year | IRM | SPG |
|---|---|---|
| FY2025 | $152.3M | $5.4B |
| FY2024 | $183.7M | $2.7B |
| FY2023 | $187.3M | $2.6B |
| FY2022 | $562.1M | $2.5B |
| FY2021 | $452.7M | $2.6B |
| FY2020 | $343.1M | $1.3B |
| FY2019 | $268.3M | $2.4B |
| FY2018 | $355.1M | $2.8B |
| FY2017 | $171.7M | $2.2B |
| FY2016 | $107.2M | $2.1B |
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$537,232,000 | IRM |
| FY2024 | +$186,111,000 | IRM |
| FY2023 | −$178,547,000 | SPG |
| FY2022 | −$187,873,000 | SPG |
| FY2021 | −$625,258,000 | SPG |
| FY2020 | −$460,233,000 | SPG |
| FY2019 | −$1,492,605,000 | SPG |
| FY2018 | −$1,419,527,000 | SPG |
| FY2017 | −$1,681,758,000 | SPG |
| FY2016 | −$1,923,776,000 | SPG |
| FY2015 | −$2,258,127,000 | SPG |
| FY2014 | −$1,753,125,000 | SPG |
| FY2013 | −$1,519,226,000 | SPG |
| FY2012 | −$1,252,202,000 | SPG |
| FY2011 | −$1,291,729,000 | SPG |
| FY2010 | −$1,065,281,000 | SPG |
| FY2009 | −$1,000,832,000 | SPG |
| FY2008 | −$728,021,000 | SPG |
The higher-revenue side has changed between IRM and SPG over this period. The gap has narrowed since the earliest year compared.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −82.1 pp | SPG |
| FY2024 | −42.8 pp | SPG |
| FY2023 | −42.8 pp | SPG |
| FY2022 | −35.3 pp | SPG |
| FY2021 | −40.1 pp | SPG |
| FY2020 | −19.4 pp | SPG |
| FY2019 | −35.8 pp | SPG |
| FY2018 | −41.6 pp | SPG |
| FY2017 | −36.1 pp | SPG |
| FY2016 | −36.2 pp | SPG |
| FY2015 | −36.5 pp | SPG |
| FY2014 | −23.4 pp | SPG |
| FY2013 | −30.8 pp | SPG |
| FY2012 | −34.6 pp | SPG |
| FY2011 | −15.7 pp | SPG |
| FY2010 | −20.9 pp | SPG |
| FY2009 | −2.4 pp | SPG |
| FY2008 | −13.2 pp | SPG |
SPG has kept the higher net margin in every one of these 18 fiscal years.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
SPG's net margin has been more volatile than IRM's over the 18 comparable fiscal years — 15.8 percentage points of standard deviation against 3.8.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
SPG led in net margin in every one of the 18 comparable fiscal years — a structural lead, not a recent swing.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.