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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

One stock to keep an eye on is Funko (FNKO). FNKO is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A.

Another notable valuation metric for FNKO is its P/B ratio of 2.68. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 7.54. 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 1.72.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. FNKO has a P/S ratio of 0.58. This compares to its industry's average P/S of 0.72.

Finally, investors should note that FNKO has a P/CF ratio of 24.54. 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. FNKO's current P/CF looks attractive when compared to its industry's average P/CF of 42.20. 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 -2.83.

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

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