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).

Kia Corporation enters the next three years with improving top-line momentum, solid liquidity, and a share price that has recovered from April’s trough. Over the last six months, the stock rebounded from lows near ₩82,000 to about ₩103,000, while the 52‑week range sits at ₩81,300–₩113,200. Trailing‑12‑month revenue is ₩111.04T with a 7.81% profit margin and 9.42% operating margin, supported by ₩23.75T in gross profit and ₩13.96T in EBITDA. The balance sheet shows ₩20.2T in cash versus ₩2.62T in debt (current ratio 1.50), underpinning a forward annual dividend of ₩6,500 per share (6.32% yield; 29.40% payout). Recent headlines point to robust August auto sales but a murky outlook for fall, putting emphasis on Kia’s EV/hybrid mix, pricing discipline, and currency management. With beta at 0.76, volatility remains comparatively contained.

NIO Inc. enters late 2025 with improving demand signals but a still‑stressed balance sheet. Trailing‑12‑month revenue stands at 69.42B, yet profitability remains elusive (profit margin -35.01%; operating margin -25.82%), and operating cash flow is negative. Liquidity is tight (current ratio 0.84) with 18.05B in cash against 30.96B in debt, prompting a new $1 billion equity raise that pressured the stock in recent weeks. Even so, shares have rebounded, closing near 7.145, within sight of the 52‑week high of 7.71 and above the 50‑day and 200‑day moving averages. Analysts have turned more constructive, with JPMorgan moving to Overweight and an $8 target, while UBS cites new models and a stronger balance sheet. This three‑year outlook examines how product ramp, funding choices and competition could shape NIO’s risk‑reward from here.