The recent stock market sell-off left nearly all stocks down from their all-time highs. However, some stocks were beaten down before the broader sell-off began, so they look unbelievably cheap now.

This opens up a massive buying opportunity for long-term investors, as it's not often that you can scoop up shares this cheap. Three stocks that look like absolute bargains right now are Alphabet (GOOG -1.44%) (GOOGL -1.44%), Taiwan Semiconductor (TSM 0.13%), and Adobe (ADBE 1.26%). All three of these companies are well off their highs, yet they don't have a good reason to be trading this cheaply.

The S&P 500 is the baseline for comparison

For my baseline of what I describe as "cheap," I'm using each stock's forward price-to-earnings (P/E) ratio. This metric uses analysts' projections to determine the denominator. Those projections aren't perfect, but I think it's superior to the trailing P/E ratio because it looks at where the stock is going, rather than where it was. The market is a forward-looking entity, so the valuation metrics that we choose should follow that approach.

I'll use the S&P 500's forward P/E ratio of 20.2 as a baseline. If a stock is cheaper than this mark, then it can likely be considered somewhat of a bargain, as it's trading below the most common and broad index. This is already a conservative measure, as all three of these companies are tech giants that are likely better compared to the Nasdaq-100 index, which has a forward P/E of 24. However, by using a more conservative index (the S&P 500), investors can have even more confidence that these stocks are on sale right now.

Alphabet

Alphabet trades at 17.5 times forward earnings.

GOOGL PE Ratio (Forward) data by YCharts.

Alphabet has long traded at a discount to its peers, mainly due to its dependence on advertising revenue. Ad revenue is cyclical and often falls in preparation for a recession or an economic downturn. Ad revenue is an easy place for companies to save money, and it's often the first casualty during budget cuts, which would clearly hurt Alphabet.

That's part of the reason Alphabet is so cheap right now. But even using the trailing P/E ratio, the price you're paying today is clearly historically low.

GOOGL PE Ratio data by YCharts.

We're approaching the lowest valuation point in the past decade, which occurred in early 2023 when the market was convinced that the U.S. was headed for a recession. Investors are in a similar mindset right now as they digest how tariffs will affect the economy.

Another factor investors must weigh is two court rulings that went against Alphabet. A U.S. district judge recently declared Google's digital ad network an illegal monopoly, adding to an earlier ruling that its search engine was also an illegal monopoly. This is far from the end of this saga, as Alphabet will appeal these rulings, and the Justice Department would need to devise remedies for Alphabet so that it isn't deemed an illegal monopoly. We're still years away from any resolution on this, but there's still a solid business to invest in here.

While I'm not sure how the rest of 2025 (or beyond) will shake out for Alphabet, it holds a dominant position in the advertising space (which got it into trouble with the U.S. government) with its Google family of products,. Even if the company is split up, the pieces that come from this breakup will be incredibly valuable and will likely create extra shareholder value. As a result, I think Alphabet can still be purchased right now.

Adobe

Adobe used to be one of the most premium-valued big tech companies, but it no longer holds that spot. Investors are worried that various generative AI platforms will eat into Adobe's market share. We haven't seen this happen yet, and Adobe has hit back with its own generative AI models. Its growth has also remained fairly steady at around 10%, which leads me to believe it's still doing OK.

However, Adobe has lost the premium valuation that it traded at for a decade.

ADBE PE Ratio data by YCharts.

Adobe's trailing P/E ratio has never been this low in the past decade, and the forward P/E is also well below the market's price. This looks like a rotation from Adobe being a growth company to being a value company, and scooping up shares during this transition is a smart long-term move for investors.

Taiwan Semiconductor

Last is Taiwan Semi, a chip fabricator for many leading tech companies. Investors are worried about how its business will hold up with tariffs, but there are currently no tariffs on semiconductors, although there may be some in the coming months. Regardless, TSMC is already investing $100 billion to expand its U.S. manufacturing footprint, which will help keep the company in President Donald Trump's graces.

Even with that great news, Taiwan Semiconductor's stock trades at a significant discount to the market.

TSM PE Ratio data by YCharts.

We've seen Taiwan Semi's stock cheaper than this, but 17 times forward earnings is still a bargain for one of the world's most important companies. Taiwan Semiconductor's long-term growth trajectory is still fantastic, and I think the cheap stock price warrants investors scooping up the stock today.