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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

Funko (FNKO) is a stock many investors are watching right now. FNKO is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Another valuation metric that we should highlight is FNKO's P/B ratio of 3.15. 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. This stock's P/B looks solid versus its industry's average P/B of 6.72. Over the past year, FNKO's P/B has been as high as 3.27 and as low as 1.33, with a median of 2.33.

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. FNKO has a P/S ratio of 0.7. This compares to its industry's average P/S of 0.72.

Finally, investors will want to recognize that FNKO has a P/CF ratio of 17.04. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 46.23. Within the past 12 months, FNKO's P/CF has been as high as 26.26 and as low as -8.67, with a median of 14.16.

These are only a few of the key metrics included in Funko'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, FNKO looks like an impressive value stock at the moment.

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