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 Controladora Vuela Compania de Aviacion, B. de C.V. (VLRS Quick QuoteVLRS - Free Report) . VLRS is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. VLRS has a P/S ratio of 0.2. This compares to its industry's average P/S of 0.43.

Finally, investors will want to recognize that VLRS has a P/CF ratio of 2.89. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. VLRS's current P/CF looks attractive when compared to its industry's average P/CF of 6.10. Within the past 12 months, VLRS's P/CF has been as high as 5.53 and as low as 2.13, with a median of 3.56.

These are only a few of the key metrics included in Controladora Vuela Compania de Aviacion, B. de C.V.'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, VLRS looks like an impressive value stock at the moment.