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.

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.

One company to watch right now is Tenet Healthcare (THC Quick QuoteTHC - Free Report) . THC is currently sporting a Zacks Rank #2 (Buy) and an A for Value.

THC is also sporting a PEG ratio of 0.81. 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. THC's industry has an average PEG of 1.87 right now. Within the past year, THC's PEG has been as high as 1.30 and as low as 0.55, with a median of 0.81.

Finally, investors will want to recognize that THC has a P/CF ratio of 7.51. 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. THC's P/CF compares to its industry's average P/CF of 7.77. Over the past year, THC's P/CF has been as high as 7.76 and as low as 2.83, with a median of 4.42.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Tenet Healthcare is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, THC feels like a great value stock at the moment.