Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.One company value investors might notice is FedEx (FDX). FDX is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 13.76. This compares to its industry's average Forward P/E of 17.03. Over the last 12 months, FDX's Forward P/E has been as high as 22.51 and as low as 12.86, with a median of 15.59.Investors will also notice that FDX has a PEG ratio of 1.15. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FDX's PEG compares to its industry's average PEG of 1.42. Over the past 52 weeks, FDX's PEG has been as high as 1.88 and as low as 1.07, with a median of 1.30.Finally, investors will want to recognize that FDX has a P/CF ratio of 8.81. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 21.23. FDX's P/CF has been as high as 13.04 and as low as 7.62, with a median of 10.55, all within the past year.These figures are just a handful of the metrics value investors tend to look at, but they help show that FedEx is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, FDX feels like a great value stock at the moment. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>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 FedEx Corporation (FDX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research