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.

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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Air Lease (AL Quick QuoteAL - Free Report) is a stock many investors are watching right now. AL is currently holding a Zacks Rank #1 (Strong Buy) and a Value grade of A. The stock holds a P/E ratio of 8.85, while its industry has an average P/E of 14.51. AL's Forward P/E has been as high as 9.73 and as low as 5.87, with a median of 7.59, all within the past year.

We also note that AL holds a PEG ratio of 0.51. 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. AL's industry currently sports an average PEG of 1.37. Within the past year, AL's PEG has been as high as 1.40 and as low as 0.39, with a median of 0.53.

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