While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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

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 company value investors might notice is JetBlue Airways (JBLU). JBLU is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 8.39. This compares to its industry's average Forward P/E of 8.87. JBLU's Forward P/E has been as high as 11.94 and as low as 8.39, with a median of 10.16, all within the past year.

Another notable valuation metric for JBLU is its P/B ratio of 1.24. The P/B is a method of comparing a stock's market value to 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 2.62. Over the past year, JBLU's P/B has been as high as 1.50 and as low as 1.05, with a median of 1.29.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. JBLU has a P/S ratio of 0.7. This compares to its industry's average P/S of 0.72.

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

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