The Short Answer
Iron Mountain (IRM) is currently doubtful under the examined quantitative screens. Records management, secure storage, asset lifecycle services and data-center colocation are generally permissible at the activity level. However, the latest total-assets debt calculation is far above the examined FTSE Yasaar, MSCI and Malaysia limits, and the filing does not provide a universal prohibited-revenue numerator.
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.
This is a reproducible ZakatInvest calculation from Iron Mountain's March 31, 2026 Form 10-Q. It is not an index-membership claim or a fatwa. Market-cap denominator methods are not estimated without a licensed historical market-cap series, and the qualitative analysis remains separate from the numerical result.
Sharia Screening Methodology
Islamic equity screens commonly examine:
- Business activity: whether the core activity and material revenue streams are permissible
- Debt and liquidity: interest-bearing liabilities and cash or interest-bearing securities relative to assets or market value
- Receivables: receivables plus cash relative to assets, with thresholds varying by methodology
- Non-compliant income: separately disclosed interest or other prohibited income, where the filing permits a reproducible numerator
Iron Mountain's Business Activity
Iron Mountain reports Global RIM, Global Data Center and Corporate and Other segments. The RIM business covers physical and digital records management, secure destruction and asset lifecycle services. The data-center business provides colocation and related infrastructure. These are general-purpose business services and infrastructure activities, so the activity-level assessment is generally permissible.
The filing does not identify a universal prohibited-revenue numerator by customer, end use or contract. Government, financial-services and regulated-industry customers, privacy, data governance and tenant end use therefore remain qualitative diligence topics rather than unsupported percentage estimates.
Qualitative Concerns
1. Very high conventional debt
The Q1 filing reports $17,102.981 million of debt carrying amount against $21,486.815 million of assets. The capital stack includes senior notes, term loans, mortgages, financing leases and credit facilities. The quantitative panel uses the reported debt carrying amount; operating lease liabilities and other liabilities are not silently added.
2. Data-center development and capex
Data-center development can require significant capital and financing. Even though data-center colocation is generally permissible as an activity, new development, refinancing and acquisitions can move the debt and liquidity ratios materially between filings.
3. REIT distributions and purification
Iron Mountain's REIT structure and distributions require scholar-specific treatment where a board permits conventional REIT exposure. The filing separately discloses a small amount of interest income, but ZakatInvest does not assert a fixed purification rate for leverage-related distributions or any other mixed return.
4. Customer and data-governance questions
Records and data-center infrastructure serve many industries. Customer end use, government contracts, data privacy and responsible destruction are important ethical and Sharia diligence questions, but the public filing does not support a universal prohibited-revenue percentage.
Current Financial Ratios (March 31, 2026)
- Interest-bearing debt / assets: 79.60% — above the examined 33% limits ❌
- Cash + interest-bearing securities / assets: 1.40% — below the examined liquidity limits ✅
- Receivables + cash / assets: 7.80% — below the examined receivables limits ✅
- Disclosed interest income / revenue: 0.08% — below the examined 5% threshold ✅
- Prohibited-revenue numerator: Not disclosed; business-activity screen remains incomplete
How to Read the Result
IRM is doubtful in this review: the underlying services are generally permissible, but debt/assets of 79.60% fails each examined asset-based financial method. The result does not claim that every methodology or scholar reaches the same conclusion.
- FTSE Yasaar asset-based debt screen — Fails at 79.60% ❌
- MSCI Islamic total-assets debt screen — Fails at 79.60% ❌
- Malaysia SAC asset-based debt screen — Fails at 79.60% ❌
Bottom Line
Iron Mountain (IRM) is currently doubtful under the examined quantitative screens. Records management and data-center infrastructure are generally permissible, but the current conventional-debt ratio is substantially above the named asset-based limits. Customer end use, REIT distributions, financing terms and purification require additional scholar-specific analysis.
IRM's activity is generally permissible, but its current asset-based debt screen fails. Use the checker to compare other securities.
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