Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Flex (FLEX). FLEX is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 16.77, while its industry has an average P/E of 21.01. FLEX's Forward P/E has been as high as 16.77 and as low as 9.39, with a median of 13.23, all within the past year.

We also note that FLEX holds a PEG ratio of 1.61. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. FLEX's industry currently sports an average PEG of 1.92. FLEX's PEG has been as high as 2.24 and as low as 1.28, with a median of 1.66, all within the past year.

Another valuation metric that we should highlight is FLEX's P/B ratio of 3.84. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 10.98. Within the past 52 weeks, FLEX's P/B has been as high as 3.84 and as low as 2.04, with a median of 2.76.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. FLEX has a P/S ratio of 0.72. This compares to its industry's average P/S of 1.53.

These are only a few of the key metrics included in Flex's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, FLEX looks like an impressive value stock at the moment.

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This article originally published on Zacks Investment Research (zacks.com).

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