Home Depot trades at a greater than 20% premium to Lowe's on both a forward free cash flow multiple and forward EV/EBITDA multiple. Home Depot has been showing same store sales 3% better than Lowe's for the past year.
For the coming quarter Home Depot is guiding to same store sales less than 1% better than Lowe's. It seems the companies are beginning to perform more inline. In addition, Home Depot is slowing down its repurchase while Lowe's is accelerating its repurchase. Here is a link to Bill Ackman's slides on Lowe's. (hat tip Barbarian Capital)