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.

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 to watch right now is Amneal Pharmaceuticals (AMRX Quick QuoteAMRX - Free Report) . AMRX is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

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 preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. AMRX has a P/S ratio of 1.32. This compares to its industry's average P/S of 3.48.

Finally, our model also underscores that AMRX has a P/CF ratio of 10.89. 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. This stock's P/CF looks attractive against its industry's average P/CF of 13.71. Over the past year, AMRX's P/CF has been as high as 61.60 and as low as 8.57, with a median of 16.33.

Bioventus (BVS Quick QuoteBVS - Free Report) may be another strong Medical - Drugs stock to add to your shortlist. BVS is a Zacks Rank of #2 (Buy) stock with a Value grade of A.

Additionally, Bioventus has a P/B ratio of 2.85 while its industry's price-to-book ratio sits at 1.53. For BVS, this valuation metric has been as high as 5.96, as low as 2.52, with a median of 4.14 over the past year.

These are only a few of the key metrics included in Amneal Pharmaceuticals and Bioventus strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, AMRX and BVS look like an impressive value stock at the moment.