There are many different ways to measure and analyze the fair-market value of a stock. Value investors often look at profit-based ratios first, such as the price-to-earnings ratio (P/E) or the price-to-free-cash-flow ratio. Growth investors tend to focus on the pace of year-over-year growth on the top and bottom lines.

Income investors can base their investments on dividend growth or effective yields. So when you ask for the cheapest stocks in my portfolio, there are lots of ways to answer that question.

Let's keep this exercise simple, leaning on the most popular of all valuation metrics. Coinbase International (COIN -6.56%) and Intel (INTC -5.16%) are the two cheapest names in my portfolio of 40 tickers, in terms of price to earnings. I expect great things from both companies in the long run, and I have no plans to liquidate these investments anytime soon. In fact, I should probably stop writing about them so I can double down on my investments without violating The Motley Fool's ironclad disclosure policy.

That will have to wait, though. Let me tell you why Intel and Coinbase are so cheap right now and why I'm sure  they'll deliver tremendous returns from today's bargain-bin prices.

Coinbase P/E ratio: 4.9

The cryptocurrency trading-platform's stock has plunged from the lofty highs of 2021, losing 85% of its value since mid-November. Investors are currently not comfortable with high-risk investments and nosebleed-inducing valuation ratios, and Coinbase checked all of those boxes last year.

Coinbase shares traded at a hair-raising 101 times earnings roughly one year ago, but that formerly unreasonable ratio is now down to less than 5. That's a bargain in any sector, any industry, or any market environment.

It's true that Coinbase is under serious pressure right now. Fewer people are trading cryptocurrencies since the entire sector has reported sliding prices in the last six months. The idea of relying on Bitcoin (BTC -5.00%) as a hedge against inflation in the U.S. dollar and other fiat currencies isn't working so far, as cryptocurrencies largely followed the market moves of the most volatile growth stocks, instead.

The so-called digital gold still jumps higher and falls lower than the stock market as a whole. In fact, Bitcoin's price drop in 2022 is comparable to the highly leveraged ProShares UltraPro QQQ exchange-traded fund, which aims to match the daily moves of the fairly volatile Nasdaq Composite index -- amplified by a factor of three:

Bitcoin Price Chart

Bitcoin Price data by YCharts.

Coinbase is struggling at the moment. The company has paused its hiring of new employees while taking other cost-cutting measures. However, this isn't Coinbase's first rodeo, and I see no reason why the company shouldn't be able to come back even stronger when the crypto market turns upward again.

That, of course, is the crux. You don't want to own Coinbase shares if you think that cryptocurrencies are about as useful and valuable as a pet rock. If so, you may want to jump ahead to the Intel discussion below.

But I see blockchain networks and cryptocurrencies as important and valuable upgrades to industries, including (but not limited to) banking, payment, and contract management. In my eyes, these are the early days of a financial revolution and Coinbase is an innovator with tremendous long-term business prospects.

I don't mind Coinbase shares hanging out in Wall Street's bargain bin for a while. Since I have no intention of selling my existing position, I'd love to pick up some more stock at a great price, instead.

Intel P/E ratio: 6.2

Semiconductor-giant Intel is a different story. This stock has taken a milder haircut of 35% from the highs of last summer.

On top of the marketwide inflation fears, Intel is wrestling a lengthy global shortage in semiconductor manufacturing capacity and materials, and smaller rivals such as Advanced Micro Devices and Nvidia are nipping at the company's leading market share in key sectors, such as data center products. As a result, you can pick up Intel stock at 6.2 times trailing earnings, down from roughly 13 last summer.

Intel comes with a few advantages that Coinbase can't match. This company has been around since 1968, building a unique legacy and a massive infrastructure over the years. Chipzilla had $38.7 billion in cash and short-term investments at the end of March, not to mention nearly $130 billion worth of properties, machinery, and chipmaking equipment.

We're looking at a fantastic cash machine here, and management isn't shy about putting that cash to work in the form of new or upgraded chip factories. The company generated $9.8 billion of free cash flow over the last four quarters, which is more than Coinbase's total top-line sales over the last three years.

Right now, the company is boosting its manufacturing facilities like never before, pumping a record-high $21.6 billion into new construction in 2021:

INTC Construction in Progress (Annual) Chart

INTC Construction in Progress (Annual) data by YCharts.

Intel has been down many times before, but the company always finds ways to spring back into action. This stock and the company behind it have all the tools to create a tremendous rebound from these historic lows. And Intel's effective dividend yield today stands at a generous 3.9%, so income investors may also want to take a second look at this down-but-not-out semiconductor titan.