Value investors are on the lookout for bargains as the S&P 500 continues to trade near record highs, but finding deals in a market with elevated valuations can be challenging. However, there are still opportunities to be found in companies that are trading at unusually low price-to-earnings (P/E) multiples despite showing signs of underlying business strength.

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One such company is Sohu.com Inc. (NASDAQ: SOHU), a Chinese internet and online gaming giant that trades at just 1.6x earnings. This low multiple may deter some investors who assume profits are on the verge of collapse, but recent earnings suggest that the company’s top- and bottom-line performance is trending in the other direction.

Revenue climbed by about 7% year over year (YOY) for Q2 2026, driven by strength in Sohu.com’s online gaming business. This same segment generated $55 million in operating profit for the quarter, a sign of its strong profitability. And speaking of profitability, Sohu.com improved its bottom line materially this quarter, with GAAP net income for the period compared to a sizable loss last year at the same time.

Another company that stands out is Onity Group (NYSE: ONIT), a mortgage loan servicer that has undergone a significant transformation in the last several years, improving its servicing operations and expanding its reach. Despite a higher interest rate environment that could increase the value of mortgage servicing rights, ONIT shares are trading down more than 21% year to date (YTD). One reason for this is that the company’s servicing adjusted pre-tax income has declined significantly, dropping by more than 60% YOY for the latest quarter amid changes to interest rates, geopolitical instability, market volatility, and similar.

However, revenue climbed by almost a quarter YOY and fund originations surged by 64% over the same period to a record of $15.5 billion in Q2 2026. With a P/E ratio of about 2.3, ONIT shares trade at a valuation dramatically lower than the financials sector average of more than 29. This may be why analysts see almost 52% in potential upside for the stock.

Lastly, there’s TriMas Corp. (NASDAQ: TRS), an industrial company making a variety of packaging and other end products for clients across multiple industries. It has flown under the radar even as it delivers steady earnings improvement. In the latest quarter, profitability wins included 1.6% YOY sales improvement, a 29% boost to operating profit, and a 180-basis-point operating margin gain.

On the other hand, revenue struggles combined with margin difficulties in certain portions of TriMas’s business have weighed on TRS shares, prompting a nearly 4% decline over the last month. Investor concerns about manufacturing demand amid wider economic uncertainty have likely not helped, but it could be that those concerns are already priced in, given the company’s low P/E multiple.

TriMas has raised the low end of its full-year adjusted earnings guidance to a range of $1.60 to $1.70 per share, while also keeping expectations of 3% to 6% sales growth and substantial operating margin improvement. If these forecasts prove accurate, the firm may be positioned to turn around its recent share price dip and reenergize a rally.

Across Wall Street, three out of four analysts find shares to be a Buy, suggesting optimism about this potential trajectory going forward.