IRM
Iron Mountain Incorporated
Is IRM Halal?
Records management and data-center infrastructure are generally permissible, but Iron Mountain's current debt/assets ratio is well above the examined Sharia limits.
What You Should Know
Iron Mountain's March 31, 2026 Form 10-Q reports $21,486.815 million of total assets, $17,102.981 million of interest-bearing debt, $250.710 million of cash, $49.823 million of money-market funds, time deposits and trading securities, $1,424.635 million of accounts receivable and $1,936.149 million of quarterly revenue. Those inputs produce debt/assets of 79.60%, liquidity of 1.40%, receivables plus cash/assets of 7.80% and disclosed interest income/revenue of 0.08%. Debt fails the examined FTSE Yasaar, MSCI and Malaysia asset-based limits; the core records-management and data-center activities are generally permissible, but the filing does not disclose a universal prohibited-revenue numerator. This is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •Debt/assets of 79.60% materially exceed the examined 33% asset-based limits; the calculation uses the filing's total debt carrying amount including the current portion
- •The capital stack includes interest-bearing senior notes, term loans, mortgages, financing leases and credit facilities
- •Data-center development and capex can increase financing needs and change the financial screen between filings
- •The records-management and data-center activities are general-purpose, but customer end use, government contracts, privacy and data-governance issues remain qualitative diligence topics
- •Iron Mountain reports $1.503 million of disclosed interest income, or 0.08% of revenue; no fixed purification rate is asserted
- •Market-cap denominator methods are not calculated without a licensed historical market-cap series
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
17,102.981 / 21,486.815
300.533 / 21,486.815
1,675.345 / 21,486.815
1.503 / 1,936.149
- Financial
- Fails
- Overall
- Fails
Debt is 79.60%, above the examined 33.333% limit. Liquidity is 1.40%, receivables plus cash are 7.80% and disclosed interest income is 0.08%; the business-activity numerator is not disclosed.
- Financial
- Fails
- Overall
- Fails
Debt is 79.60%, above the examined 33.33% total-assets limit. Liquidity, receivables plus cash and disclosed interest income are below the examined limits, but no universal prohibited-revenue numerator is disclosed. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 79.60%, above the examined 33% limit; liquidity is 1.40%. The core activity is generally permissible, but the filing does not disclose a universal prohibited-revenue numerator. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Iron Mountain provides records and information management, secure storage, asset lifecycle services and data-center colocation. These general-purpose services and infrastructure activities are generally permissible at the activity level, while customer end use and data-governance questions require continuing qualitative review.
Limitation: Public reporting does not allocate a universal prohibited-revenue numerator by customer, end use or contract, so no unsupported haram-revenue percentage is estimated.
Purification
Disclosed interest income is 0.08% of revenue, but no scholar-approved fixed purification rate is asserted and business-revenue allocation remains incomplete.
Inputs, assumptions and primary sources
- Assets use Iron Mountain Incorporated's consolidated total assets of $21,486.815 million at March 31, 2026.
- Interest-bearing debt uses the reported $17,102.981 million carrying amount of total long-term debt, including the current portion. Operating lease liabilities and other liabilities are not silently added as conventional debt.
- Cash uses $250.710 million of cash and cash equivalents. Interest-bearing securities use the fair-value table's $37.985 million of money market funds, $3.286 million of time deposits and $8.552 million of trading securities.
- Accounts receivable uses the reported $1,424.635 million balance, net of allowance.
- Quarterly revenue uses $1,936.149 million of total revenue. The filing separately discloses $1.503 million of interest income inside net interest expense, or 0.08% of revenue.
- Iron Mountain reports Global RIM, Global Data Center and Corporate and Other segments, but does not provide a universal prohibited-revenue numerator by customer, end use or contract.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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