Fjordonomics 3: Why Stallion Ownership Is Complicated

An opinion series based on 25 years of personal experience in breeding, buying, and selling Fjord Horses.

No conversation about breeding economics is complete without acknowledging the role of the stallion. On the surface, stallion ownership might appear to be a smart investment: one stallion can service multiple mares each year, providing “free” breedings to the mares in one’s own herd, along with potential revenue from outside mares. And yes, in rare cases—such as elite racehorse stallions—breeding income can reach into the millions.

But those are exceptions. For most stallions—Fjord or otherwise—the reality is far more modest.

The Limitations of a Closed Registry

Fjord breeders operate within a closed registry. To produce a registered Fjord foal, both parents must themselves be registered Fjords. There’s no appendix or part-bred option for foals with mixed or unknown parentage. In fact, the U.S. Fjord registry goes a step further: it will revoke the registration of any mare or stallion used in outcross breeding.

This policy preserves breed purity—but it also narrows the pool of available mares for any given stallion. According to 2024 figures, the U.S. Fjord registry includes 7,160 Fjords: 3,843 mares and 645 stallions. But those numbers require scrutiny. Not all mares are of reproductive age or condition, and many listed stallions are likely gelded, though not reported as such—despite the registry offering to update papers at no charge.

And here's a telling statistic: only 122 Fjord foals were registered in 2024. That suggests a very small number of mares were actually bred—and by extension, an even smaller group of stallions were used.

The Outside Mare Market Is Limited

Fjord mares are wonderful, versatile horses, but most owners prefer to use them for riding, driving, or recreational purposes—not breeding. That’s completely understandable. Breeding requires time, money, space, and a willingness to take on risk. For owners who board their horses, simply finding a barn that accommodates a mare and foal can be difficult.

As a result, the outside mare market—that is, other breeders who might use your stallion—is small. It exists, but it’s neither large nor consistent enough to rely on for steady income. Promoting a stallion takes real money, and advertising costs can easily exceed the revenue from any resulting breedings.

AI Challenges and the Fjord Breed

Artificial insemination (AI) is increasingly popular in many breeds, particularly among warmbloods. However, in my experience—and in that of many equine veterinarians—AI success rates can be less reliable in draft breeds, including Fjords. I’ve bred using both fresh-cooled and frozen semen, working with a top-tier equine reproduction team. Even with expert care, conception can be elusive.

Whether this is due to physiology or anecdotal variation is unclear—but the results speak for themselves. And regardless of outcome, AI is expensive. Collection, shipping, storage, and veterinary costs add up quickly. In many areas of the U.S., finding a qualified equine reproduction vet requires hours of travel.

For now, unless AI becomes more reliable and affordable, it’s unlikely to make stallion ownership more economically viable.

If you’re a breeder, your goal is a healthy foal on the ground. Few things are more frustrating than trying repeatedly with no success. I’ve had that experience with both live cover and AI—and I know the heartbreak.

Stallions Should Serve Your Own Program First

One of the earliest lessons I learned as a breeder is this: if you own multiple mares, stallion ownership can make sense—but primarily for your own program. If you happen to attract a few outside breedings, wonderful. But don’t plan on it.

Your stallion should be part of your long-term breeding vision, not a primary revenue stream.

And if you don’t own Fjord mares? Then enjoy your stallion for what he offers as a riding, driving, or companion horse. While there may be some income from outside mares, it likely won’t cover the costs of stallion ownership.

So Why Own a Stallion? Utility, Again.

As in earlier installments of this series, the answer comes down to utility—the value or satisfaction derived from a good or service.

Breeders don’t keep stallions for the promise of financial gain. They do it for the connection, the joy, and the pride of working with a special horse. Fjord stallions tend to be kind, manageable, and willing. Many excel in riding and driving disciplines, and enjoy showing off in activities like dressage, eventing, trail riding, and parades.

Yes, competing adds to your annual costs—but with a limited number of breedings per year, many owners find plenty of time to show and enjoy their stallions. In my view, a stallion should be more than a semen container—just as a mare should be more than a set of ovaries.

I’ve deliberately avoided discussions of stallion selection or breeding quality here, because this is an economic conversation. But make no mistake—there’s deep satisfaction in offering great bloodlines, or producing foals from a stallion you know and love. The joy of that experience—the “utiles,” if you will—can far outweigh any lack of income.

Coming Next: Marketing Matters

In the next installment of Fjordonomics, I’ll shift focus to marketing—because in a small, specialized breed like ours, finding the right buyer (and crafting the right message) matters just as much as breeding the right horse.

Stay tuned.