Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore 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.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Funko (FNKO). FNKO is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Another notable valuation metric for FNKO is its P/B ratio of 2.86. 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. This stock's P/B looks solid versus its industry's average P/B of 7.24. Over the past 12 months, FNKO's P/B has been as high as 2.97 and as low as 1.32, with a median of 1.67.

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 0.61. This compares to its industry's average P/S of 0.72.

Finally, our model also underscores that FNKO has a P/CF ratio of 26.17. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 40.71. Within the past 12 months, FNKO's P/CF has been as high as 27.21 and as low as -8.67, with a median of -2.97.

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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