The Smirnov class for spaces with the complete Pick property

We show that every function in a reproducing kernel Hilbert space with a normalized complete Pick kernel is the quotient of a multiplier and a cyclic multiplier. This extends a theorem of Alpay, Bolotnikov and Kaptanoglu. We explore various consequences of this result regarding zero sets, spaces on compact sets and Gleason parts. In particular, using a construction of Salas, we exhibit a rotationally invariant complete Pick space of analytic functions on the unit disc for which the corona theorem fails.