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

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 Yelp (YELP). YELP is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 17.40 right now. For comparison, its industry sports an average P/E of 21.73. Over the past year, YELP's Forward P/E has been as high as 35.07 and as low as 16.07, with a median of 22.23.

Investors will also notice that YELP has a PEG ratio of 0.56. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. YELP's PEG compares to its industry's average PEG of 1.44. Within the past year, YELP's PEG has been as high as 0.70 and as low as 0.52, with a median of 0.64.

Finally, our model also underscores that YELP has a P/CF ratio of 13.86. 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. YELP's current P/CF looks attractive when compared to its industry's average P/CF of 37.40. YELP's P/CF has been as high as 19.74 and as low as 10.44, with a median of 13.07, all within the past year.

Value investors will likely look at more than just these metrics, but the above data helps show that Yelp is likely undervalued currently. And when considering the strength of its earnings outlook, YELP sticks out at as one of the market's strongest value stocks.

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