Ford Motor Company shares have outperformed the S&P 500 in 2021, generating a year-to-date total return of 97.8 percent. But after nearly doubling in share price this year, investors may be wondering if there’s any value left in Ford stock. Earnings: A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is at about 29, nearly double its long-term average of 15.9. Ford’s PE is 20.1, significantly lower than the S&P 500 average as a whole. Ford’s PE ratio is also up 213.8 percent over the past five years, suggesting the stock is priced at the high end of its historical valuation range. Growth: Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks much more reasonable at just 20.6. Ford’s forward earnings multiple of 8.9 …