What does P/E ratio even mean?

So a lot of value investors consider a low p/e a good value. But P/E only tells you the relation of stock price and EPS. So if stock price stalls but EPS grows then it will be low p/e. But EPS can grow by company repurchashing shares from growth. EPS can grow while revenue and profit declining.

So eventually P/E is totally useless in itself.

If a company has low p/e while growing revenue and/or profits year by year only then it can be considered undervalued otherwise a low p/e can mean anything without context.