The market's decline over the past six months has hit growth stocks harder than the broader market, but that's also left some values for investors. As in any broad decline, some companies with strong businesses and great cash flows have been thrown out with the bathwater. 

I think there are some screaming buys in growth stocks that haven't been this cheap in years. Moderna (MRNA -6.86%), Alphabet (GOOG -1.33%) (GOOGL -1.33%), and Adobe (ADBE -1.25%) are three stocks at the top of my list of long-term winners. 

Plant growing from money jar.

Image source: Getty Images.

1. Moderna

The explosion in Moderna's stock was driven by its successful COVID-19 vaccine, and that will remain a strong product for the company. But you can see below that the company is more than a start-up -- it now has $18 billion in sales and a price-to-sales ratio of just 3.3. 

MRNA Market Cap Chart

MRNA Market Cap data by YCharts

While the COVID-19 vaccine revenue Moderna is currently generating may not last forever, the company has proven that its technology works. It's testing an HIV vaccine, as well as vaccines against influenza and RSV, among others.

I think that mRNA will fundamentally change how we treat health conditions in the future, and Moderna is a clear leader, which is why this is a great growth stock today. 

2. Alphabet

Big tech companies have some big advantages in an environment where capital is becoming more scarce and companies that are losing money are facing major challenges. A company like Alphabet is flush with cash and continues to grow at a double-digit rate by building faster than competitors and acquiring small bolt-on companies. 

GOOG Market Cap Chart

GOOG Market Cap data by YCharts

What stands out at Alphabet is the fact that revenue is up 82% in the last three years and free cash flow has jumped 149%. That's an incredible performance at a time when advertising spending has been under pressure for many tech companies. 

Alphabet has some of the best tech products in the world, with search, Gmail, and Android, among others. This is a company that will continue to grow and make lots of money for the foreseeable future, and with shares trading at 21 times earnings this is a great buy today. 

3. Adobe

Another underappreciated growth stock is Adobe. The company makes a suite of creative tools that are popular around the world, but it's also the creator of the immensely popular PDF file type. 

You can see below that Adobe's revenue is up 147% in the last five years, yet the stock trades for a lower P/E ratio than at any time but the 2020 crash. A price-to-earnings ratio of nearly 39 isn't cheap, but this is a subscription business that's very sticky for users and commands a high premium in the market. 

ADBE Revenue (TTM) Chart

ADBE Revenue (TTM) data by YCharts

In the first quarter of 2022, Adobe said that adjusted revenue jumped 17%, cash from operations was $1.77 billion, and annualized recurring revenue was a whopping $12.57 billion. That's strong performance in an environment where GDP was negative. This is a great business, and right now it looks like a great buy for long-term investors

Great buys are out there

The market may be down, but there are companies that are performing extremely well that will add value for shareholders long-term. I think Moderna, Alphabet, and Adobe are among the best buys today, and a decade from now we'll see this as a great entry point.