Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Jack In The Box (JACK Quick QuoteJACK - Free Report) . JACK is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 18.22. This compares to its industry's average Forward P/E of 30.67. Over the past 52 weeks, JACK's Forward P/E has been as high as 21.22 and as low as 3.96, with a median of 17.38.

JACK is also sporting a PEG ratio of 1.99. 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. JACK's industry currently sports an average PEG of 2.78. Over the last 12 months, JACK's PEG has been as high as 2 and as low as 0.34, with a median of 1.42.

Finally, investors should note that JACK has a P/CF ratio of 15.23. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. JACK's current P/CF looks attractive when compared to its industry's average P/CF of 18.71. JACK's P/CF has been as high as 16.53 and as low as 3.43, with a median of 14.05, all within the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Jack In The Box is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, JACK feels like a great value stock at the moment.