Shares of Whole Foods (NASDAQ:WFM) have not fared well so far this year. A string of disappointing earnings has sent the stock tumbling to a level not seen in years, and it seems investors are no longer in love with Whole Foods' growth story.

Despite the poor performance of the stock, Whole Foods valuation has fallen to a level that should get the attention of value investors. Click through the slideshow below to see why Whole Foods stock is cheaper than it appears.

John Mackey, co-CEO of Whole Foods Market, is a member of The Motley Fool's board of directors. Timothy Green has no position in any stocks mentioned. The Motley Fool owns and recommends Whole Foods Market. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.