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The text to code ratio may not has a significant impact on SEO, But there are many factors related to the ratio that indicate best SEO practices. Higher text to code ratio gives better user experience, increases the loading speed of the page and makes it easier for search engines to crawl and index the site faster. Thus a higher code to text ratio increases your chances of getting a better rank in search engine results.
An ideal text to code ratio is anywhere from 25 to 70 percent. If you have a low percentage you should optimize your web page.