The stock is cheaper than the market on earnings, close to double the market on sales, and level with it on cash flow.

Zoom Communications (ZM) stock has returned 47.3% over the trailing twelve months and trades about 5% below its 52-week high. A run like that usually ends the cheap-stock argument. Not here: the shares cost less than the S&P 500 on earnings, almost double the market on sales, and land level with it on cash flow; the distance between those three readings is the buy decision.

Where That Cheap Earnings Multiple Comes From

Zoom carries a price-to-earnings ratio of 15.1 against 23.3 for the market. But the earnings it divides by are not all earnings from running the software business. The…