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 use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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.

Dropbox (DBX Quick QuoteDBX - Free Report) is a stock many investors are watching right now. DBX 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 10.6. This compares to its industry's average Forward P/E of 26.23. Over the past 52 weeks, DBX's Forward P/E has been as high as 12.55 and as low as 9.40, with a median of 10.66.

Finally, investors should note that DBX has a P/CF ratio of 12.59. 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 20.14. Over the past year, DBX's P/CF has been as high as 16.34 and as low as 10.29, with a median of 12.49.

These are just a handful of the figures considered in Dropbox'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 DBX is an impressive value stock right now.