The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is Delta Air Lines (DAL). DAL is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 8, while its industry has an average P/E of 15.71. Over the past year, DAL's Forward P/E has been as high as 9.94 and as low as 5.44, with a median of 7.15.

DAL is also sporting a PEG ratio of 0.63. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. DAL's PEG compares to its industry's average PEG of 0.78. DAL's PEG has been as high as 1.15 and as low as 0.62, with a median of 0.78, all within the past year.

Another notable valuation metric for DAL is its P/B ratio of 2.59. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 4.89. Within the past 52 weeks, DAL's P/B has been as high as 3.11 and as low as 1.94, with a median of 2.70.

Finally, investors will want to recognize that DAL has a P/CF ratio of 6.72. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 11.42. Over the past year, DAL's P/CF has been as high as 7.54 and as low as 3.54, with a median of 4.47.

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

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Delta Air Lines, Inc. (DAL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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