Water is one of the most vital components of life. It is natural for investors to include water stocks in their portfolios. In general, water stocks have simple business models and are resilient to recessions thanks to the essential nature of their business.
As a result, some water stocks have multi-decade dividend growth records. In this article, we will focus on three water stocks with decades of rising dividends.
Badger Meter (BMI)
Badger Meter manufactures and markets meters and valves that are used to measure and control the flow of liquids, such as water, oil and various chemicals.
Its products are also used to control the flow of air and other gases. Badger Meter generates ~$925 million in annual revenues.
On July 22nd, 2025, Badger Meter announced second quarter earnings results for the period ending June 30th, 2025. For the quarter, revenue increased 9.9% to $238.1 million, which matched estimates.
Earnings-per-share of $1.17 compared favorably to earnings-per-share of $1.12, but this was $0.03 less than expected.
The utility water business grew 11% for the quarter, partially due to an acquisition. Excluding this, sales were up 6%, a solid result giving that utility water revenues were up 26% in Q2 2024.
This growth was led by increased demand for digital smart water solutions, BEACON SaaS, and water quality and remote monitoring products.
Revenue for flow instrumentation products was unchanged year-over-year as gains in the water-focused end markets were offset by de-emphasized non-water related applications.
Gross margins expanded 170 basis points to 41.1% while the operating margin declined 40 basis points to 18.8%.
We forecast that Badger Meter will earn $4.86 in 2025, compared to $4.90 and $4.85 previously. This would represent a nearly 15% improvement from the prior year.
BMI has increased its dividend for 32 consecutive years, making it a Dividend Champion.
Agilent Technologies (A)
Agilent Technologies offers instruments, software, and services to life sciences, diagnostics, and applied chemicals markets. It is a global company with operations in the Americas (which accounted for 40% of FY 2024 revenue), Asia Pacific (33%), and Europe (27%).
The company is separated into three segments: Life Sciences & Diagnostics Markets Group (LDG), Agilent CrossLab Group (ACG), and Applied Markets Group (AMG). ACG makes up nearly half of its total revenue (42%), with LDG (38%) and AMG (20%) making up the remainder.
Its end markets are primarily Chemicals and Advanced Materials, and Pharma, with Diagnostics and Clinical, Environmental & Forensics, Food, and Academia & Govt making up the remainder.
On August 27th, 2025, Agilent reported third quarter 2025 results for the period ending July 31, 2025. For the quarter, the company reported revenue of $1.74 billion, representing a 10% increase from the previous year.
Adjusted net income was $390 million, or $1.37 per share, reflecting a 4% rise compared to Q3 2024. The company’s AMG, ACG and LDG segments saw revenue increases of 7%, 8% and 14% year-over-year, respectively.
Leadership has revised its 2025 full-year outlook, projecting revenue between $6.91 billion and $6.93 billion, which indicates an increase of 6.2% to 6.5% compared to 2024. Adjusted EPS is projected between $5.56 and $5.59.
Roper Technologies (ROP)
Roper Technologies is a specialized industrial company that manufactures products such as medical and scientific imaging equipment, pumps, and material analysis equipment.
Roper Technologies also develops software solutions for the healthcare, transportation, food, energy, and water industries. The company was founded in 1981, generates around $7.0 billion in annual revenues, and is based in Sarasota, Florida.
On July 21st, 2025, Roper posted its Q2 results for the period ending June 30th, 2025. Quarterly revenues and adjusted EPS were $1.94 billion and $4.87, indicating up 13% and 9% year-over-year, respectively.
The company’s momentum during the quarter remained strong, with organic growth coming in at 7% and acquisitions-driven growth coming in at 6%. Organic growth was once again driven by broad-based strength across its portfolio of niche-leading businesses.
Backed by Roper’s growth momentum, balance sheet strength, and a large pipeline of quality acquisition opportunities, management believes Roper is well positioned for continued double-digit cash flow growth.
Further, Roper increased its adjusted EPS guidance for FY2025, now expecting it to land between $19.90 and $20.05.
ROP has increased its dividend for 32 years, making it a Dividend Aristocrat.
Disclosure: No positions in any stocks mentioned
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Bob Ciura has worked at Sure Dividend since October 2016. He oversees all content for Sure Dividend and its partner sites. Bob received a Bachelor’s degree in Finance from DePaul.