Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Tenet Healthcare (THC). THC is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock holds a P/E ratio of 12.40, while its industry has an average P/E of 12.87. THC's Forward P/E has been as high as 18.48 and as low as 11.12, with a median of 14.98, all within the past year.

Investors will also notice that THC has a PEG ratio of 0.63. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. THC's industry has an average PEG of 0.96 right now. Over the last 12 months, THC's PEG has been as high as 5.07 and as low as 0.63, with a median of 1.40.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. THC has a P/S ratio of 0.66. This compares to its industry's average P/S of 0.88.

Finally, our model also underscores that THC has a P/CF ratio of 3.47. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. THC's P/CF compares to its industry's average P/CF of 6.43. Over the past year, THC's P/CF has been as high as 7.24 and as low as 2.61, with a median of 4.06.

These are just a handful of the figures considered in Tenet Healthcare's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that THC is an impressive value stock right now.

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