With an ROE of 33.43%, TPG Pace Energy Holdings Corp (NYSE:TPGE) outpaced its own industry which delivered a less exciting 12.89% over the past year. Though, the impressiveness of TPGE’s ROE is contingent on whether this industry-beating level can be sustained. A measure of sustainable returns is TPGE’s financial leverage. If TPGE borrows debt to invest in its business, its profits will be higher. But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface. But today let’s take a deeper dive below this surface.