Core Insights - Badger Meter has demonstrated significant long-term growth, with a hypothetical $1,000 investment in 1990 now worth $288,000, despite a current market cap of $5 billion [1] - The company is positioned for continued growth, especially as its shares are down 32% from their highs, making it an attractive dividend growth stock [2] Financial Performance - Over the past five years, Badger Meter has achieved sales growth of 15% and free cash flow (FCF) growth of 16%, while increasing its dividend by 14% [3] - The company's FCF margin has improved from 6% in 2015 to 18% today, driven by the expansion of its software-as-a-service (SaaS) sales [6] Market Position and Strategy - Badger Meter's BlueEdge solution aims to modernize outdated water and sewer utilities in the U.S., addressing the need for advanced technology in this sector [4] - The company has a strong acquisition track record, having acquired 14 companies since 2010, which has reinforced its leadership position and expanded its technology offerings [5] Dividend Growth Potential - Badger Meter's current dividend yield is 0.8%, with only 25% of its FCF allocated to dividend payments, indicating substantial room for future dividend increases as FCF margins improve [8]