Mazda Motor Corporation’s stock has rebounded toward its 52‑week highs after a sharp late‑March selloff, closing at ¥1,093 on September 24, 2025. The cash-rich balance sheet (¥1.01T cash vs. ¥716.59B debt) and positive free cash flow (levered FCF ¥102.44B) underpin a 4.94% forward dividend yield ahead of the September 29 ex‑dividend date. Fundamentals remain mixed: trailing 12‑month revenue is ¥4.91T, but quarterly revenue growth is down 8.8% year over year, the operating margin is negative (‑4.19%), and net margin is slim (0.45%). Valuation screens as value‑oriented with price‑to‑book of roughly 0.4x and price‑to‑sales near 0.14x based on reported metrics. With a low beta (0.48) and liquidity support (current ratio 1.52), the setup is about execution—stabilizing sales and repairing margins—against an industry backdrop that remains uncertain into the fall selling season.

Nissan Motor Co. (7201.T) enters September 2025 with mixed signals: trailing twelve‑month revenue of ¥12.34T alongside an operating margin of -2.92% and a TTM net loss of ¥815.22B. Quarterly revenue declined 9.70% year over year, while operating cash flow remains positive at ¥923.06B but levered free cash flow is negative at ¥2.74T. The balance sheet shows ¥2.16T in cash versus ¥8.41T of total debt, a current ratio of 1.49, and debt/equity of 160.43%. Shares closed the latest week at ¥373.10, down 10.07% over 52 weeks, versus a 16.33% rise in the S&P 500; the 52‑week range is ¥299.00–¥553.70. Headlines include reports that Nissan may cut LEAF production and a volatile analyst stance with both an upgrade and a later downgrade in September. This note outlines key drivers and a three‑year outlook.

Subaru Corporation (7270.T) enters the next three years with a cash‑rich balance sheet, visible revenue growth, and low share‑price volatility, but also faces margin pressure and strategic choices on electrification and software. Over the past 12 months the stock is up 21.59% and trades near its 52‑week high, supported by solid top‑line expansion (ttm revenue roughly ¥4,810B) even as quarterly earnings growth dipped year over year. Liquidity and leverage metrics are conservative (¥1.92T cash vs ¥391B debt; current ratio 2.52), enabling sustained dividends and investment in product and ADAS features. With a forward dividend of ¥115 (3.71% yield) and beta of 0.12, Subaru offers defensive traits in a cyclical industry. The three‑year outlook hinges on U.S. demand, currency, execution on hybrids/EVs and software features, and maintaining discipline on costs and pricing.

Volvo Car AB (VOLCAR-B.ST) enters the next three years balancing cyclical headwinds with strategic pivots. Shares trade around 19.31 as of September 24, 2025, down 26.68% over 12 months, with the 50-day/200-day averages at 19.25 and 20.09, respectively. Revenue over the last 12 months totaled 381.34B, yet profitability remains thin: profit margin 0.11% and operating margin -10.90%. Cash of 56.24B sits against 40.5B of debt, a current ratio of 1.02, and strong operating cash flow of 51.51B offset by -14.37B in levered free cash flow. The most consequential development is a move to expand U.S. production and launch a new hybrid model aimed at countering tariffs—a step that could stabilize demand and reduce policy risk while management navigates slower quarterly revenue growth (-7.80% YoY).