The recent indiscriminate market plunge has driven Iron Mountain’s (IRM) price sharply lower and its dividend yield sharply higher. Despite broad market actions, Iron Mountain has its own unique set of risks, such as the capital intensive nature of its business and management’s efforts to transition the company’s strategy (they’re working to diversify into growth areas). Iron Mountain has also taken on additional debt just to support its dividend (a strategy that is not sustainable in the long run). This article reviews the health of the business, valuation, risks, dividend safety, and concludes with our opinion on whether the recent price plunge tips the risk versus reward trade-off in favor of income-focused investors enough to warrant considering investment at this time.