Iron Mountain is extended on valuation with a GAAP P/E of 137.9x, 330% above the peer median, while insiders have aggressively sold a net $189M in stock over the past 24 months. Heavy data center capex is driving negative free cash flow and ballooning debt to $19.1B against a negative equity position, leaving little margin for error. Even with robust revenue growth, the combination of extreme multiple expansion and consistent insider distribution outweighs the secular narrative.