Many companies have seen the price of their stock plummet in the last 12 months. However, for some companies, this wasn't entirely due to the current bear market. Instead, it's partially the result of a stock split.

Several high-profile -- and formerly high-priced stocks -- are now trading at much lower prices. This scenario presents an opportunity to accumulate shares of these formerly high-priced highfliers at bargain-basement prices.

Let's have a look at three stock-split stocks that, in our opinion, remain screaming buys: Alphabet (GOOG 0.72%) (GOOGL 0.83%)Palo Alto Networks (PANW 3.26%), and Tesla (TSLA 3.17%).

Person thinking while looking at a laptop.

Image source: Getty Images.

The search giant that could put investor gains on page one

Will Healy (Alphabet): The Google parent is one of the largest in tech. As the owner of the Google search engine, YouTube video site, and Android operating system, it continues to wield considerable influence over the tech world.

Moreover, these assets made Alphabet a leader in the online advertising market. It experienced massive growth over the last few years, and it took the stock so high that it executed a 20-for-1 stock split in July. However, the stock split came at a time when concerns about the economy weighed on Alphabet's critical advertising business.

In the second quarter of 2022, the Google Advertising segment reported more than $56 billion in revenue. That was a 12% increase year over year, but it paled in comparison to the same quarter in 2021, when advertising revenue growth came in at 69%. Those worries and a bear market led to its stock falling by about one-third from its 52-week high.

But despite these concerns, Alphabet continues to gain traction outside of advertising with Google Cloud. Its revenue grew 36% in Q2, and Google Cloud is now the third-largest cloud platform behind Amazon and Microsoft.

Chart showing AMZN with 33% of cloud market, MSFT with 21%, and GOOG with 10%

Data source: Synergy Research Group.

Also, from a cash perspective, few companies outperform the Google parent. Alphabet generated almost $28 billion in free cash flow in the first half of 2022 alone, and with a staggering $140 billion in liquidity, the cash cow stock remains in control of its destiny.

Moreover, Alphabet sells at an attractive valuation. It now trades at just 19 times earnings, lower than its principal cloud competitors. With that discounted valuation, its cash position, and the interest driven by the stock split, the search giant has likely positioned itself to deliver long-term gains for large and small investors alike.

Exploding demand for cybersecurity will benefit Palo Alto Networks in the long run

Jake Lerch (Palo Alto Networks): For me, a stock needs to be more than just a great company to be a screaming buy. It needs to have a secular tailwind at its back -- a larger economic or cultural trend propelling its business to the next level.

When I look at Palo Alto Networks, it's easy to identify such a trend: the skyrocketing growth of the cybersecurity industry.

Simply put, every company is now a technology company. The nature of today's economy means that companies must navigate cloud computing, data integrity, and remote work -- all while maintaining airtight security.

Gone are the days when a company could install a firewall and rest assured that its assets were secure. Cybercriminals have grown far more sophisticated, and attacks have become far more costly. And this underlying reality pushed Palo Alto Networks' stock to an all-time high earlier this year. 

The company evolved in recent years, shifting its focus from firewall technology to more automated, cloud-based security solutions. In turn, revenue growth nearly doubled from 15% in January 2020 to 27% today, as the chart shows.

PANW Revenue (Quarterly YoY Growth) Chart

PANW Revenue (Quarterly YoY Growth) data by YCharts

What's more, Palo Alto's free cash flow per share increased from $2.40/share in 2020 to more than $6.06/share today. Yet despite Palo Alto's success, its stock has been stuck in neutral. Shares are down 13.6% year to date. Many investors hoped that a mid-September stock split would reinvigorate shares, but it was not to be. 

However, Palo Alto's recent dip looks like a buying opportunity to me. The company's new model is clearly working, even if the current stock market environment makes it hard to see. Long-term investors would be smart to focus on the trend: Demand for cybersecurity will continue to expand. And that's excellent news for Palo Alto Networks.

Arguably the safest automotive stock in this market

Justin Pope (Tesla): Investors are having a hard time figuring out electric vehicle stocks; new and old vehicle companies are chasing market share in the increasingly electric automotive industry. But new companies like Rivian are struggling through growing pains and burning cash, while incumbent competition like Ford is straddling its gas-powered history while embracing the electric future. In this light, Tesla is the obvious choice for opportunity-seeking long-term investors.

The word recession has become breakroom banter everywhere; it seems inevitable that the economy is slowing down. Inflation is hiking the cost of living for most people, and tightening wallets could pressure an industry that relies on big-ticket purchases.

However, Tesla's built a strong business foundation that positions it to handle adversity. First, demand remains high for Tesla's products. The company delivered 343,830 vehicles in the third quarter, a 42% increase yearly. Look for signs of waning demand over the coming quarters, but momentum remains strong so far.

So what happens if the business does slow? Fortunately, Tesla is flush with cash to compensate for any short-term pain. The company was sitting on more than $15 billion in net cash and produced under $7 billion in free cash flow over the past year. The company doesn't spend on marketing and doesn't have a significant financing arm like Ford and General Motors, so it has a firm grip on its expenses and credit exposure.

TSLA Free Cash Flow Chart

TSLA Free Cash Flow data by YCharts

The widespread market panic hasn't saved the stock from falling; shares are down 46% from their high and traded at a forward price-to-earnings ratio (P/E) of 52, one of its lowest valuations on record. The company's 3-for-1 stock split in August makes shares even more affordable for investors.

Meanwhile, there's still a lineup of eventual products like the Tesla Semi and Cybertruck and even a potential human-robot (Optimus) that could add long-term growth to the business. Add it up, and it looks like Tesla has the short-term safety of a blue-chip stock without sacrificing long-term upside. That seems like the type of stock you want to find in a bear market.