Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader 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 company value investors might notice is Arrow Electronics (ARW Quick QuoteARW - Free Report) . ARW is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 9.44. This compares to its industry's average Forward P/E of 13.24. Over the past 52 weeks, ARW's Forward P/E has been as high as 11.05 and as low as 8.04, with a median of 9.71.

Investors will also notice that ARW has a PEG ratio of 0.46. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. ARW's industry currently sports an average PEG of 0.65. Within the past year, ARW's PEG has been as high as 0.55 and as low as 0.40, with a median of 0.49.

We should also highlight that ARW has a P/B ratio of 0.98. 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. ARW's current P/B looks attractive when compared to its industry's average P/B of 1.60. Over the past 12 months, ARW's P/B has been as high as 1.22 and as low as 0.78, with a median of 1.02.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. ARW has a P/S ratio of 0.24. This compares to its industry's average P/S of 0.41.

Finally, we should also recognize that ARW has a P/CF ratio of 9.63. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 15.08. Over the past 52 weeks, ARW's P/CF has been as high as 11.55 and as low as 8.13, with a median of 10.03.

Value investors will likely look at more than just these metrics, but the above data helps show that Arrow Electronics is likely undervalued currently. And when considering the strength of its earnings outlook, ARW sticks out as one of the market's strongest value stocks.