The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find 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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is Petco Health and Wellness Co. (WOOF Quick QuoteWOOF - Free Report) . WOOF is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. WOOF has a P/S ratio of 0.28. This compares to its industry's average P/S of 0.7.

Finally, we should also recognize that WOOF has a P/CF ratio of 14.49. 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. WOOF's P/CF compares to its industry's average P/CF of 19.65. Over the past 52 weeks, WOOF's P/CF has been as high as 14.49 and as low as 2.74, with a median of 4.72.

These are only a few of the key metrics included in Petco Health and Wellness Co.'s strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, WOOF looks like an impressive value stock at the moment.