If you're hunting hot deals in the market these days, simply looking for stocks at 52-week lows may not be enough given how overpriced stocks were a year ago. Instead, you may want to consider stocks that are trading near multi-year lows.

Two such stocks to consider right now are Medtronic (MDT 0.72%) and Alibaba Group Holdings (BABA -0.21%). These businesses have solid fundamentals, and although they have been struggling of late, investors shouldn't count them out just yet.

1. Medtronic

Medtronic provides investors with a great way to gain exposure to the healthcare industry. Its medical devices have helped millions of patients around the globe, assisting them with over 70 different health conditions. And with a presence in 150-plus countries, the business is well-diversified.

The current bear market has created an attractive opportunity for investors today. Shares of Medtronic haven't been trading this cheaply since the 2020 market crash. The stock's 20% decline in value this year is modest given that the S&P 500 itself has fallen by 23%, but it has created an attractive buying opportunity nonetheless.

Sales have been lackluster of late. In the three-month period ended July 29, revenue declined by 7.7% year over year to $7.4 billion. But the company has obtained hundreds of product approvals within the past year that should help it deliver further growth. Plus, supply chain issues that are weighing down its business today are improving, and that too should help with its near-term prospects.

All this could make the healthcare stock prove to be an underrated buy as Medtronic still possesses solid fundamentals. It has generated free cash flow of $5.7 billion during the trailing 12 months while also accumulating $5.2 billion in profit on revenue of $31.1 billion. 

Investors who buy the stock will also benefit from Medtronic's solid dividend yield of 3.3%.

2. Alibaba Group

Alibaba is a China-based tech giant that operates online marketplaces and provides cloud computing services. It has even invested in a self-driving company (DeepRoute.ai).

Unfortunately, a slowing growth rate has hurt the business. Alibaba's sales of $30.7 billion for the period ended June 30 were flat year over year as its core e-commerce business reported a 1% drop in sales. Although that's concerning, China has been a tough market to invest in this year. The country has imposed COVID lockdowns that have weighed down many businesses, including Alibaba. In the longer term, the economy will recover, and that can help Alibaba's business get back to growing. 

There's some risk with Alibaba, and there are faster-growing businesses out there to invest in to gain exposure to China. But the company remains a big name in the country, and investors may be getting a great deal on the stock -- the last time it traded this low was in 2016. The stock trades at 35 times earnings, but when factoring in analyst projections for the year ahead, that multiple comes down to just over nine on a forward basis (the average tech stock trades at 19 times future earnings).

Alibaba is a contrarian pick, but it's one that could pay off significantly for investors willing to buy and hold.