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.

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 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 Teva Pharmaceutical Industries (TEVA). TEVA is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 6.43. This compares to its industry's average Forward P/E of 8.72. TEVA's Forward P/E has been as high as 7.17 and as low as 3.61, with a median of 5.94, all within the past year.

Another valuation metric that we should highlight is TEVA's P/B ratio of 3.01. 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 company's current P/B looks solid when compared to its industry's average P/B of 3.09. Within the past 52 weeks, TEVA's P/B has been as high as 3.27 and as low as 1.30, with a median of 2.14.

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. TEVA has a P/S ratio of 1.18. This compares to its industry's average P/S of 2.85.

These are just a handful of the figures considered in Teva Pharmaceutical Industries'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 TEVA is an impressive value stock right now.

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