Investors with an interest in Retail - Miscellaneous stocks have likely encountered both Dick's Sporting Goods (DKS) and Ulta Beauty (ULTA). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. 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.Dick's Sporting Goods has a Zacks Rank of #1 (Strong Buy), while Ulta Beauty has a Zacks Rank of #3 (Hold) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that DKS has an improving earnings outlook. However, value investors will care about much more than just this.Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.DKS currently has a forward P/E ratio of 14.79, while ULTA has a forward P/E of 72.84. We also note that DKS has a PEG ratio of 3.08. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. ULTA currently has a PEG ratio of 5.75.Another notable valuation metric for DKS is its P/B ratio of 2.60. 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, ULTA has a P/B of 7.28.Based on these metrics and many more, DKS holds a Value grade of A, while ULTA has a Value grade of C.DKS sticks out from ULTA in both our Zacks Rank and Style Scores models, so value investors will likely feel that DKS is the better option right 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 DICKS Sporting Goods, Inc. (DKS): Free Stock Analysis Report Ulta Beauty Inc. (ULTA): Free Stock Analysis Report To read this article on Zacks.com click here.