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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Vipshop (VIPS Quick QuoteVIPS - Free Report) . VIPS is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors should also note that VIPS holds a PEG ratio of 1.21. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. VIPS's PEG compares to its industry's average PEG of 3.13. Over the last 12 months, VIPS's PEG has been as high as 1.35 and as low as 1.14, with a median of 1.24.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. VIPS has a P/S ratio of 0.45. This compares to its industry's average P/S of 1.05.

Finally, investors should note that VIPS has a P/CF ratio of 5.22. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 16.99. Over the past year, VIPS's P/CF has been as high as 7.94 and as low as 4.62, with a median of 5.67.

Value investors will likely look at more than just these metrics, but the above data helps show that Vipshop is likely undervalued currently. And when considering the strength of its earnings outlook, VIPS sticks out at as one of the market's strongest value stocks.