| Iron Mountain (NYSE: IRM) has been on an absolute tear lately. This global leader in storage and information management services isn't exactly a flashy tech stock. It's more like the dependable workhorse of the business world. But lately, investors have been piling in and driving the stock to new heights. The share price has more than doubled over the past couple of years, soaring from just under $50 at the start of 2023 to over $120 today. But has this steady Eddie of the real estate world climbed too high? Let's run it through The Value Meter and see what we find. Iron Mountain's enterprise value-to-net asset value (EV/NAV) ratio sits at 406.1, which is astronomically higher than the average of 6.35 for companies with positive net assets. That's very hard to make sense of if you're a value-conscious investor. Worse still, Iron Mountain only managed to generate positive free cash flow in one of the past four quarters. Its average quarterly free cash flow was -27.42% of its net assets. That's even worse than the -9.05% average for companies with similar cash flow struggles. So the company seems to be massively overvalued... and it appears to burn through more cash than its peers. But these two metrics don't tell the whole story. | 
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