We increase our price target to $72 (from $59) as we raise estimates through 2025 and 2026 and introduce our 2027 forecast. 3Q:25 set new record highs for quarterly revenue at $151 million, gross profit at $32 million at a 21.3% margin, and EPS $ at 1.38 in company's history. Results featured Water Transmission Systems (WTS) segment gross margins topping 20%, as the business continues to benefit from sustained demand, increasing bidding activity, and less competition on jobs. A key takeaway from the conference call was that there remains a long tail to federally funded water infrastructure, as a function of meaningfully longer project timelines than other Infrastructure projects, like highways. We raise our 2025-2026 estimates as we incorporate 3Q:25 results, a nonoperating drag of about $0.16 in 4Q:25, and higher margin assumptions for WTS. We also introduce our 2027 EPS estimate of $4.77, up 20% from 2026E. WTS continued its trajectory of improving cash flow, as evidenced in 3Q:25 and the increased 2025 free cash flow guidance of $32-$37 million (from $23-$30 million). Our raised $72 price target (from $59) is based on 15x our newly introduced 2027 EPS estimate of $4.77. Previously we valued the stock on 15x our prior 2026 EPS estimate of $3.93). The company's strong cash flow generation and conservative financial profile support our moderate risk rating.