I've noticed that our site has what appears to be a poor ratio of external-to-internal links. I know there are no hard and fast rules in SEO but generally I've come to understand that this ratio should be relatively balanced, and in some cases I've seen some correlation of high-performing/ranking sites closer to 70-30 (external-internal). I'm not going to get into specifics, but our ratio is well-below 50-50 (heavy on internal links compared to the volume of inbound external links).
My hypothesis is that this is diluting the link equity/authority for the domain. Moz's tools don't really provide any data beyond the initial data point of the volume of internal links compared to external. Being that I've never really gone down this rabbit hole before, I'm wondering if anyone else has ever experienced anything similar and could point me in the right direction.
Thanks in advance for any assistance or guidance!