As everybody and his uncle raves about growth stocks and the "Magnificent Seven," value investors needn't lose confidence as it's perfectly normal for the market to rotate between highfliers and bargains. So, if you're willing to wait for value to come back in vogue, take a look at Lockheed Martin (NYSE: LMT) stock and consider its comeback potential.

Lockheed Martin's value doesn't necessary derive from traditional valuation metrics. Rather, it's all about knowing what's holding the company back in 2023 -- and what's possible if Lockheed Martin can overcome this challenge. Contrarians and value-focused investors should seek out opportunities like this one. Let's explore.

When picking out a top value stock, it's worthwhile to look at a company's P/E ratio, but that's not the be-all and end-all. Lockheed Martin's non-GAAP trailing P/E ratio of 16.4 is slightly below the sector median, and the company's GAAP trailing P/E ratio of 20.9 is roughly in line with the sector, but that doesn't tell the whole story.

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Source Fool.com