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

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.

Parsons (PSN Quick QuotePSN - Free Report) is a stock many investors are watching right now. PSN is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A.

We should also highlight that PSN has a P/B ratio of 3.34. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 3.58. PSN's P/B has been as high as 4.98 and as low as 2.32, with a median of 3.12, over the past year.

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. PSN has a P/S ratio of 0.86. This compares to its industry's average P/S of 1.78.

Finally, investors will want to recognize that PSN has a P/CF ratio of 25.12. 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 stock's P/CF looks attractive against its industry's average P/CF of 31.79. Within the past 12 months, PSN's P/CF has been as high as 37.09 and as low as 17.74, with a median of 23.81.

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