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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

One company value investors might notice is MKS Instruments (MKSI). MKSI is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 16.38, which compares to its industry's average of 18.74. MKSI's Forward P/E has been as high as 26.54 and as low as 13.33, with a median of 21.29, all within the past year.

MKSI is also sporting a PEG ratio of 0.64. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. MKSI's PEG compares to its industry's average PEG of 0.95. Over the last 12 months, MKSI's PEG has been as high as 3.96 and as low as 0.56, with a median of 3.04.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. MKSI has a P/S ratio of 2.17. This compares to its industry's average P/S of 2.21.

Finally, investors should note that MKSI has a P/CF ratio of 3.38. 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. MKSI's current P/CF looks attractive when compared to its industry's average P/CF of 11.14. Over the past year, MKSI's P/CF has been as high as 20.25 and as low as -5.53, with a median of 15.45.

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

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