There's no question about it. Home Depot (NYSE: HD) and Lowe's (NYSE: LOW) dominate the home improvement retail sector. Together, they have an estimated 45% market share in the industry.

As you can see from the chart below, both stocks have performed well over the last 10 years, though Lowe's has slightly outperformed Home Depot.

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If you're looking to invest in the sector, you're likely choosing between these two stocks. They dominate the space, and they're both pure plays. So which is the better buy today? Let's get into the details to find out.

Business model: Home Depot vs. Lowe's

Home Depot and Lowe's operate in the same industry, but the two companies have slightly different business models. Among the differences is that Home Depot tends to focus more on the pro customer rather than the individual DIY customer, while Lowe's is known more for leaning toward DIY shoppers.

Home Depot also acquired SRS Distribution earlier this year for $18 billion to give it a leg up with pro customers. SRS gives Home Depot hundreds of locations across the country that bring it close to the customer and can easily supply them with building materials.

Lowe's, meanwhile, is known for targeting women customers, responding to data that women initiate most home improvement projects. Lowe's redesigned its stores, focusing on brighter lighting, easier-to-read signage, wider aisles, and lower shelves to make them more attractive to women.

According to its reputation, Home Depot is also seen as having invested more resources in e-commerce and technology, giving customers easy pickup options and devices for employees to help customers.

Despite their differences, Home Depot and Lowe's have a lot in common and the two stocks seem to respond to similar trends in the economy. They're both sensitive to consumer spending and the strength of the housing market.

Financials: Home Depot vs. Lowe's

Both companies have struggled with the sluggish housing market, which has weighed on home improvement spending.

In its second quarter, Home Depot's revenue rose 0.6% to $43.2 billion on a comparable sales decline of 3.3%. The quarter benefited from the acquisition of SRS Distribution, which factored into six weeks of results. Operating income came in at $6.5 billion, down from $6.6 billion in the quarter a year ago, and its adjusted operating margin was down from 15.5% to 15.3%.

At Lowe's, the company reported a second-quarter comparable sales decline of 5.1%, and overall revenue was down 5.6% to $23.6 billion. Lowe's operating income fell 11.3% to $3.45 billion and its operating margin was 14.6%.