Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn’t want to find stocks that are either flying under the radar and are compelling buys, or offer up tantalizing discounts when compared to fair value?One way to find these companies is by looking at several key metrics and financial ratios, many of which are crucial in the value stock selection process. Let’s put O'Reilly Automotive ORLY into this equation and find out if it is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks:PE RatioA key metric that value investors always look at is the Price to Earnings Ratio, or PE for short. This shows us how much investors are willing to pay for each dollar of earnings in a given stock, and is easily one of the most popular financial ratios in the world. The best use of the PE ratio is to compare the stock’s current PE ratio with: a) where this ratio has been in the past; b) how it compares to the average for the industry/sector; and c) how it compares to the market as a whole.On this front, O'Reilly Automotive has a trailing twelve months PE ratio of 23.5, as you can see in the chart below:Image Source: Zacks Investment ResearchThis level actually compares pretty favorably with the market at large, as the PE for the S&P 500 stands at about 24.3. If we focus on the long-term PE trend, its current PE level puts it below its midpoint over the past five years.Image Source: Zacks Investment ResearchFurther, the stock’s PE also compares favorably with its sector’s trailing twelve months PE ratio, which stands at 28.6. At the very least, this indicates that the stock is relatively undervalued right now, compared to its peers.Image Source: Zacks Investment ResearchWe should also point out that O'Reilly Automotive has a forward PE ratio (price relative to this year’s earnings) of just 22, so it is fair to say that a slightly more value-oriented path may be ahead for ORLY stock in the near term too.P/S RatioAnother key metric to note is the Price/Sales ratio. This approach compares a given stock’s price to its total sales, where a lower reading is generally considered better. Some people like this metric more than other value-focused ones because it looks at sales, something that is far harder to manipulate with accounting tricks than earnings.Right now, O'Reilly Automotive has a P/S ratio of about 3.7. This is a lower than the S&P 500 average, which comes in at 5 right now. We can see in the chart below, this is above the highs for this stock in particular over the past few years. Image Source: Zacks Investment ResearchIf anything, this suggests some level of undervalued trading—at least compared to historical norms.Broad Value OutlookIn aggregate, O'Reilly Automotive currently has a Value Score of B, putting it into the top 40% of all stocks we cover from this look. This makes ORLY a solid choice for value investors.What About the Stock Overall?Though O'Reilly Automotive might be a good choice for value investors, there are plenty of other factors to consider before investing in this name. In particular, it is worth noting that the company has a Growth Score of A and a Momentum Score of B. This gives ORLY a Zacks VGM score — or its overarching fundamental grade — of A. (You can read more about the Zacks Style Scores here >>)Meanwhile, the company’s recent earnings estimates have been robust at best. The current quarter and the current year have seen one and two estimates go higher and none moved lower, respectively in the past sixty days.This has had a noticeable impact on the consensus estimate though as the current quarter and the current year’s estimates have increased by 2.1% and 0.8%, respectively. You can see the consensus estimate trend and recent price action for the stock in the chart below: O'Reilly Automotive, Inc. Price and Consensus O'Reilly Automotive, Inc. price-consensus-chart | O'Reilly Automotive, Inc. QuoteDespite having a bullish trend, ORLY carries a Zacks Rank #3 (Hold). This indicates that analysts have some apprehensions about the stock in the immediate future. Thus, we are looking for in-line performance from the company in the near term.Bottom LineO'Reilly Automotive is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. Moreover, a strong industry rank (top 9%) further supports the growth potential of the stock. However, with a Zacks Rank #3, it is hard to get too excited about this company overall. Also, over the past year, the broader industry has clearly underperformed the market at large, as you can see below:Image Source: Zacks Investment ResearchSo, despite a Zacks Rank #3, we believe that bullish analyst sentiment and favorable industry factors make this value stock a compelling pick. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>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 O'Reilly Automotive, Inc. (ORLY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research