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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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.

Mitsubishi Heavy Industries (MHVYF) is a stock many investors are watching right now. MHVYF is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 19.21. This compares to its industry's average Forward P/E of 21.93. Over the past year, MHVYF's Forward P/E has been as high as 24.03 and as low as 10.03, with a median of 13.

We should also highlight that MHVYF has a P/B ratio of 2.46. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 5.65. Over the past year, MHVYF's P/B has been as high as 2.70 and as low as 1.10, with a median of 1.62.

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. MHVYF has a P/S ratio of 1.23. This compares to its industry's average P/S of 1.62.

Finally, we should also recognize that MHVYF has a P/CF ratio of 15.34. 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. This stock's P/CF looks attractive against its industry's average P/CF of 22.80. Over the past 52 weeks, MHVYF's P/CF has been as high as 16.81 and as low as 6.76, with a median of 8.71.

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