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Water is one of the most vital components of life. Therefore 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. The company’s products are also used to control the flow of air and other gases. Badger Meter generates ~$917 million in annual revenue.
On January 28th, 2026, Badger Meter announced fourth quarter and full year earnings results. For the quarter, revenue increased 7.6% to $220.7 million, but this was $11 million below estimates.
Earnings-per-share of $1.14 compared favorably to earnings-per-share of $1.04 in the prior year and was $0.02 better than expected. For the year, revenue grew 11% to a record $916.7 million while earnings-per-share of $4.79 was up from $4.23 in 2024.
The utility water business grew 9% for the quarter, partially due to an acquisition. Excluding this, sales were higher by 2%, another solid result giving that utility water revenues grew 14% in Q4 2024. This growth was led by ongoing demand for ORION Cellular radios, BEACON SaaS, and ultrasonic meters.
Revenue for flow instrumentation products was flat year-over-year as moderate growth in water-related markets was offset by deemphasized applications.
BMI has increased its dividend for 33 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 February 25th, 2026, Agilent reported first quarter 2026 results for the period ending January 31, 2025. For the quarter, the company reported revenue of $1.80 billion, representing a 7% increase from the previous year.
Adjusted net income was $386 million, or $1.36 per share, reflecting a 4% rise compared to Q1 2025. The company’s LDG, AMG, and ACG and segments saw revenue increases of 5%, 7%, and 9% year-over-year, respectively.
Leadership upgraded its 2026 full-year outlook, now projecting revenue between $7.3 billion and $7.5 billion, which indicates an increase of 5.5% to 7.5% compared to FY 2025. Adjusted EPS is projected between $5.90 and $6.04.
Agilent has increased its dividend for 14 consecutive years.
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 November 5th, 2025, Roper raised its dividend by 10.3% to a quarterly rate of $0.91. The company has increased its dividend for 33 consecutive years.
On January 27th, 2026, Roper posted its Q4 results. Quarterly revenue and adjusted EPS were $2.06 billion and $5.21, up 10% and 8% year-over-year, respectively.
Organic growth was 4%, with acquisitions contributing 5%, reflecting continued strength across Roper’s diversified software and technology portfolio.
During the quarter, the company continued to actively deploy capital, repurchasing $500 million of shares and building on a year in which it invested $3.3 billion in strategic acquisitions including CentralReach and Subsplash, while continuing to advance AI-driven innovation across its businesses.
Management initiated full-year 2026 adjusted EPS guidance of $21.30 to $21.55.
ROP has increased its dividend for 33 consecutive years.
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