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.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is Elekta (EKTAY). EKTAY is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 15.59, while its industry has an average P/E of 33.28. Over the last 12 months, EKTAY's Forward P/E has been as high as 25.06 and as low as 13.99, with a median of 16.30.

Another valuation metric that we should highlight is EKTAY's P/B ratio of 2.48. 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. This stock's P/B looks solid versus its industry's average P/B of 4.42. Over the past year, EKTAY's P/B has been as high as 3.47 and as low as 2.21, with a median of 2.80.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. EKTAY has a P/S ratio of 1.45. This compares to its industry's average P/S of 2.97.

Finally, we should also recognize that EKTAY has a P/CF ratio of 11.73. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. EKTAY's current P/CF looks attractive when compared to its industry's average P/CF of 26.55. Over the past 52 weeks, EKTAY's P/CF has been as high as 14.21 and as low as 10.12, with a median of 11.98.

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