In the classical Hardy space theory of square-summable Taylor series in the complex unit disk there is a circle of ideas connecting Szegö's theorem, factorization of positive semi-definite Toeplitz operators, non-extreme points of the convex set of contractive analytic functions, de Branges-Rovnyak spaces and the Smirnov class of ratios of bounded analytic functions in the disk. We extend these ideas to the multi-variable and non-commutative setting of the full Fock space, identified as the free Hardy space of square-summable power series in several non-commuting variables. As an application, we prove a Fejér-Riesz style theorem for noncommutative rational functions.