The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Performance Food Group (PFGC). PFGC is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 17.11. This compares to its industry's average Forward P/E of 21.80. PFGC's Forward P/E has been as high as 17.77 and as low as 12.41, with a median of 15.25, all within the past year.

We also note that PFGC holds a PEG ratio of 0.87. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. PFGC's industry has an average PEG of 1.20 right now. Over the last 12 months, PFGC's PEG has been as high as 0.98 and as low as 0.76, with a median of 0.85.

Another notable valuation metric for PFGC is its P/B ratio of 3.30. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 3.87. PFGC's P/B has been as high as 3.35 and as low as 2.32, with a median of 2.90, over the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. PFGC has a P/S ratio of 0.24. This compares to its industry's average P/S of 0.51.

Finally, our model also underscores that PFGC has a P/CF ratio of 13.72. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. PFGC's P/CF compares to its industry's average P/CF of 14.13. Within the past 12 months, PFGC's P/CF has been as high as 13.95 and as low as 9.58, with a median of 11.82.

These are only a few of the key metrics included in Performance Food Group's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, PFGC looks like an impressive value stock at the moment.

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