It can be as soupy or thick as your want it to be, I would start out with less water and keep adding if it to your (or your dogs) desired consistency. Most often a 1:1 ratio is a good starting point and you can adjust more or less as needed.
I've posted pics before showing 4 different formulas, all of them are the exact same amounts of Honest Kitchen (1/4 cup dry) mixed with the same amounts of water (1/4 cup). As you'll see some of them thickened up more than others so it's really trial and error finding the exact amount that works for you with each formula. After you feed HK for a while you get the hang of it pretty quickly. I don't even measure water anymore, I just add until I get the consistency that I want.
Anyway, I'll copy and paste the pics I've posted before:
"If you're curious how THK looks before, during and after hydration, here are some pics I've taken in the past of a few different formulas...
Keen and Embark, before adding water:
Keen and Embark, immediately after adding water and mixing:
Keen and Embark, ready to serve after waiting 8 minutes to rehydrate:
*Different formulas below*
Thive and Force, before adding water:
Thive and Force, immediately after adding water and mixing:
Thive and Force, ready to serve after waiting 8 minutes to rehydrate:
*For the above photos I did a 1:1 ratio of 1/4 cup HK to 1/4 cup warm water.
I do different formula to water ratios depending on the formula I am feeding. For example, with Keen and Preference I do a 1:1.5 ratio of THK:water. With Verve, Embark, and Thrive I do a 1:1 ratio. With Zeal and Force I do a 1:1.25 ratio."