Investors interested in stocks from the Consumer Products - Staples sector have probably already heard of Franchise Group (FRG) and Purple Innovation (PRPL). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.Franchise Group and Purple Innovation are sporting Zacks Ranks of #2 (Buy) and #5 (Strong Sell), respectively, right now. Investors should feel comfortable knowing that FRG likely has seen a stronger improvement to its earnings outlook than PRPL has recently. But this is just one factor that value investors are interested in.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.FRG currently has a forward P/E ratio of 12.43, while PRPL has a forward P/E of 591.47. We also note that FRG has a PEG ratio of 0.83. 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. PRPL currently has a PEG ratio of 66.05.Another notable valuation metric for FRG is its P/B ratio of 2.98. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, PRPL has a P/B of 4.50.These are just a few of the metrics contributing to FRG's Value grade of A and PRPL's Value grade of F.FRG stands above PRPL thanks to its solid earnings outlook, and based on these valuation figures, we also feel that FRG is the superior value option right now. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0% You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franchise Group, Inc. (FRG): Free Stock Analysis Report PURPLE INNOVATION, INC. (PRPL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research