While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

Lincoln National (LNC) is a stock many investors are watching right now. LNC is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 4.03, while its industry has an average P/E of 7.72. Over the last 12 months, LNC's Forward P/E has been as high as 5.23 and as low as 3.84, with a median of 4.48.

LNC is also sporting a PEG ratio of 0.24. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. LNC's industry currently sports an average PEG of 0.69. LNC's PEG has been as high as 0.28 and as low as 0.15, with a median of 0.23, all within the past year.

Another valuation metric that we should highlight is LNC's P/B ratio of 0.65. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.90. Over the past year, LNC's P/B has been as high as 2.13 and as low as 0.65, with a median of 0.77.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. LNC has a P/S ratio of 0.37. This compares to its industry's average P/S of 0.89.

Finally, investors will want to recognize that LNC has a P/CF ratio of 15.09. 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. LNC's current P/CF looks attractive when compared to its industry's average P/CF of 15.15. Over the past 52 weeks, LNC's P/CF has been as high as 18.19 and as low as -6.92, with a median of 3.47.

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

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