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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 Skechers (SKX) . SKX is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 14.31, which compares to its industry's average of 26.41. Over the past 52 weeks, SKX's Forward P/E has been as high as 17.27 and as low as 12.50, with a median of 14.76.

We also note that SKX holds a PEG ratio of 0.84. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. SKX's industry has an average PEG of 1.62 right now. Over the last 12 months, SKX's PEG has been as high as 1.23 and as low as 0.55, with a median of 0.85.

Finally, our model also underscores that SKX has a P/CF ratio of 12.82. 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. SKX's current P/CF looks attractive when compared to its industry's average P/CF of 16.04. Over the past year, SKX's P/CF has been as high as 14.78 and as low as 10.95, with a median of 12.94.

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

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Skechers U.S.A., Inc. (SKX) : Free Stock Analysis Report

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