Anchor text looks natural when it reads like a varied mix that real people would actually write, not when it hits a target percentage. A healthy backlink profile tends to include branded anchors (your company name), naked URLs (the bare web address), generic phrases (“click here,” “this guide”), and only a modest share of partial or exact-match keywords. The signal that matters is whether the whole spread looks like organic linking, where different sites describe your page in their own words, rather than a coordinated campaign where everyone reaches for the same keyword.
The red flag is not the presence of exact-match anchors, it is their over-representation. When a large slice of your inbound links all point at one page using the same commercial keyword, that uniformity reads as placed rather than earned, because people who link to you naturally would not converge on identical phrasing. Naturalness is the threshold here, and exact-match repetition is what crosses it. The more your anchor distribution resembles what a crowd of unrelated authors would produce, the safer and more credible it looks.
You will see rough working guides floating around, often suggesting that exact-match anchors should sit somewhere in the low single-digit to roughly twenty percent range depending on the niche, but treat any such figure as a loose orientation rather than a rule. The actual mechanism Google evaluates is the pattern, not a number you can dial in, and chasing a precise ratio just creates a different kind of artificial footprint. Two sites can hit the same percentage and look completely different in how organic the spread feels.
Aim for a natural mix instead of a ratio target. Let branded, naked-URL, and generic anchors carry most of the load, allow exact and partial keyword anchors to appear only where a real author would genuinely use them, and check the overall profile by asking whether it reads like links you earned. If the spread looks like something one person engineered, vary it until it looks like something many people wrote.