Investors interested in stocks from the Transportation - Equipment and Leasing sector have probably already heard of Fly Leasing and Westinghouse Air Brake Technologies (WAB Quick QuoteWAB - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Right now, Fly Leasing is sporting a Zacks Rank of #2 (Buy), while Westinghouse Air Brake Technologies has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that FLY likely has seen a stronger improvement to its earnings outlook than WAB has recently. But this is just one piece of the puzzle for value investors.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

FLY currently has a forward P/E ratio of 5.88, while WAB has a forward P/E of 24.62. We also note that FLY has a PEG ratio of 0.59. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. WAB currently has a PEG ratio of 2.14.

Another notable valuation metric for FLY is its P/B ratio of 0.66. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, WAB has a P/B of 3.21.

These are just a few of the metrics contributing to FLY's Value grade of A and WAB's Value grade of D.

FLY sticks out from WAB in both our Zacks Rank and Style Scores models, so value investors will likely feel that FLY is the better option right now.