Investors interested in Cosmetics stocks are likely familiar with European Wax Center, Inc. (EWCZ) and e.l.f. Beauty (ELF). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to 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 Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

European Wax Center, Inc. and e.l.f. Beauty are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that EWCZ is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.

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.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

EWCZ currently has a forward P/E ratio of 17.38, while ELF has a forward P/E of 30.65. We also note that EWCZ has a PEG ratio of 1.26. 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. ELF currently has a PEG ratio of 1.49.

Another notable valuation metric for EWCZ is its P/B ratio of 3.90. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, ELF has a P/B of 8.57.

These are just a few of the metrics contributing to EWCZ's Value grade of B and ELF's Value grade of F.

EWCZ is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that EWCZ is likely the superior value option right now.

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