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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.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.One stock to keep an eye on is H&E Equipment (HEES). HEES 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 12.31, which compares to its industry's average of 13.48. Over the past year, HEES's Forward P/E has been as high as 14.08 and as low as 8.75, with a median of 11.28.HEES is also sporting a PEG ratio of 1.03. 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. HEES's industry has an average PEG of 1.54 right now. Within the past year, HEES's PEG has been as high as 1.26 and as low as 0.61, with a median of 0.98.Another notable valuation metric for HEES is its P/B ratio of 4.04. 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. HEES's current P/B looks attractive when compared to its industry's average P/B of 4.43. Over the past year, HEES's P/B has been as high as 4.55 and as low as 2.81, with a median of 3.66.Finally, investors should note that HEES has a P/CF ratio of 3.32. 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. HEES's current P/CF looks attractive when compared to its industry's average P/CF of 7.81. HEES's P/CF has been as high as 3.73 and as low as 1.88, with a median of 2.97, all within the past year.Value investors will likely look at more than just these metrics, but the above data helps show that H&E Equipment is likely undervalued currently. And when considering the strength of its earnings outlook, HEES sticks out at as one of the market's strongest value stocks.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report H&E Equipment Services, Inc. (HEES): Free Stock Analysis Report To read this article on Zacks.com click here.