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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. 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.

Knight-Swift Transportation Holdings (KNX) is a stock many investors are watching right now. KNX is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock is trading with a P/E ratio of 12.68, which compares to its industry's average of 23.93. Over the past 52 weeks, KNX's Forward P/E has been as high as 23.02 and as low as 11.98, with a median of 17.64.

We also note that KNX holds a PEG ratio of 0.85. 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. KNX's industry has an average PEG of 2.05 right now. KNX's PEG has been as high as 1.53 and as low as 0.80, with a median of 1.18, all within the past year.

Another notable valuation metric for KNX is its P/B ratio of 1.20. 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 company's current P/B looks solid when compared to its industry's average P/B of 3.05. Over the past 12 months, KNX's P/B has been as high as 1.38 and as low as 0.86, with a median of 1.16.

Finally, investors will want to recognize that KNX has a P/CF ratio of 8.58. 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. KNX's P/CF compares to its industry's average P/CF of 14.67. Over the past year, KNX's P/CF has been as high as 11.40 and as low as 6.35, with a median of 8.77.

These are just a handful of the figures considered in Knight-Swift Transportation Holdings's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that KNX is an impressive value stock right now.

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