We develop a geometry-based capacity theory for exact-key retrieval in compressed finite-feature Hebbian associative memory. For random or approximately isotropic values, retrieval interference separates into finite-feature noise, which decreases with feature dimension, and structural interference, which is determined by squared kernel overlap among stored keys and persists in the infinite-feature limit. This yields a fit-free prediction of retrieval quality, reveals a geometry-dependent capacity ceiling, and predicts the feature budget required for a target retrieval quality. When stored values are correlated, we show that retrieval depends jointly on the key kernel and value Gram matrix, and derive finite-feature approximations that account for this interaction. We validate the theory on synthetic, visual, and medical-image representations. Overall, the framework links representation geometry directly to memory capacity and distinguishes when performance can be improved by increasing the feature budget and when the representation itself must be changed. Across these settings, the predicted retrieval curves closely match empirical behavior and correctly identify changes in the preferred memory design.

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