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.

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.

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.

Controladora Vuela Compania de Aviacion, B. de C.V. (VLRS) is a stock many investors are watching right now. VLRS is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 10.17, while its industry has an average P/E of 18.13. VLRS's Forward P/E has been as high as 6,243.17 and as low as -73,021.84, with a median of 10.30, all within the past year.

Another notable valuation metric for VLRS is its P/B ratio of 3.14. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. VLRS's current P/B looks attractive when compared to its industry's average P/B of 5.04. VLRS's P/B has been as high as 6.43 and as low as 2.19, with a median of 3.30, over the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. 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 0.28. This compares to its industry's average P/S of 0.42.

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.

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Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) : Free Stock Analysis Report

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