Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn't want to find stocks that are either flying under the radar and are compelling buys, or offer up tantalizing discounts when compared to fair value? One way to find these companies is by looking at several key metrics and financial ratios, many of which are crucial in the value stock selection process. Let's put Express Scripts Holding Company ESRX stock into this equation and find out if it is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks: PE Ratio A key metric that value investors always look at is the Price to Earnings Ratio, or PE for short. This shows us how much investors are willing to pay for each dollar of earnings in a given stock, and is easily one of the most popular financial ratios in the world. The best use of the PE ratio is to compare the stock's current PE ratio with: a) where this ratio has been in the past; b) how it compares to the average for the industry/sector; and c) how it compares to the market as a whole. On this front, Express Scripts has a trailing twelve months PE ratio of 9.85, as you can see in the chart below: <img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/esrx1.jpg" style="width: 620px; height: 247px;" /> This level actually compares pretty favorably with the market at large, as the PE for the S&P 500 stands at about 20.30. If we focus on the long-term PE trend, Express Scripts' current PE level puts it below its midpoint over the past five years, with the number having fallen over the past few months. Moreover, the current level is fairly below the highs for this stock, suggesting it might be a good entry point. <img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/esrx2.jpg" style="width: 620px; height: 261px;" /> Further, the stock's PE also compares favorably with the Zacks classified Medical Services industry's trailing twelve months PE ratio, which stands at 16.90. At the very least, this indicates that the stock is relatively undervalued right now, compared to its peers. <img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/esrx3.jpg" style="width: 620px; height: 257px;" /> We should also point out that Express Scripts has a forward PE ratio (price relative to this year's earnings) of just 9.05, so it is fair to say that a slightly more value-oriented path may be ahead for Express Scripts stock in the near term too. P/S Ratio Another key metric to note is the Price/Sales ratio. This approach compares a given stock's price to its total sales, where a lower reading is generally considered better. Some people like this metric more than other value-focused ones because it looks at sales, something that is far harder to manipulate with accounting tricks than earnings. Right now, Express Scripts has a P/S ratio of about 0.39. This is significantly lower than the S&P 500 average, which comes in at 3.14 right now. Also, as we can see in the chart below, this is below the highs for this stock in particular over the past few years. <img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/esrx4.jpg" style="width: 620px; height: 242px;" /> If anything, ESRX is in the lower end of its range in the time period from a P/S metric, suggesting some level of undervalued trading—at least compared to historical norms. Broad Value Outlook In aggregate, Express Scripts currently has a Zacks Value Style Score of ‘A', putting it into the top 20% of all stocks we cover from this look. This makes Express Scripts a solid choice for value investors, and some of its other key metrics make this pretty clear too. For example, the PEG ratio for Express Scripts is just 0.72, a level that is lower than the industry average of 1.54. The PEG ratio is a modified PE ratio that takes into account the stock's earnings growth rate. Clearly, ESRX is a solid choice on the value front from multiple angles. What About the Stock Overall? Though Express Scripts might be a good choice for value investors, there are plenty of other factors to consider before investing in this name. In particular, it is worth noting that the company has a Growth grade of ‘A' and a Momentum score of ‘D'. This gives ESRX a Zacks VGM score—or its overarching fundamental grade—of ‘A'. (You can read more about the Zacks Style Scores <a href="https://www.zacks.com/style-scores-education/">here >></a>) Meanwhile, the company's recent earnings estimates have been mostly trending higher. The current quarter has seen six estimates go higher in the past sixty days compared to two lower, while the full year estimate has seen seven upward and only two downward revisions in the same time period. Consequently, the current quarter consensus estimate has risen by 1.2% in the past two months, while the full year estimate has inched up by 0.4%. You can see the consensus estimate trend and recent price action for the stock in the chart below:<div class="chart_embed">Express Scripts Holding Company Price and Consensus  <a href="https://www.zacks.com/stock/chart/ESRX/price-consensus-chart"> <img alt="" src="https://staticx-tuner.zacks.com/images/charts/4c/1497955823.png" title="" /> </a><a href="https://www.zacks.com/stock/chart/ESRX/price-consensus-chart">Express Scripts Holding Company Price and Consensus</a> | <a href="https://www.zacks.com/stock/quote/ESRX">Express Scripts Holding Company Quote</a></div>Even though Express Scripts has a slightly better estimates trend, the stock has just a Zacks Rank #3 (Hold). That is why we are looking for in-line performance from the company in the near term.  Bottom Line Express Scripts is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. Furthermore, a robust industry rank (among the Top 42%) should boost investor confidence. However over the past two years, the Zacks Medical Services industry has underperformed the broader market, as you can see below: <img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/esrx6.jpg" style="width: 620px; height: 263px;" /> Despite the poor past performance of the industry, a good industry rank signals that the stock is likely to benefit from favorable broader factors in the immediate future. Add to this the positive estimate revisions and robust value metrics, and we believe that we have a strong value contender in Express Scripts. Looking for Stocks with Skyrocketing Upside? Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. 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Should Value Investors Pick Express Scripts (ESRX) Stock?