Techniques are disclosed for enhancing performance of a perpendicular magnetic tunnel junction (MTJ) by implementing an additional ferromagnetic layer therein. The additional ferromagnetic layer can be implemented, for example, in or otherwise proximate either the fixed ferromagnetic layer or the free ferromagnetic layer of the perpendicular MTJ. In some embodiments, the additional ferromagnetic layer is implemented with a non-magnetic spacer, wherein the thickness of the additional ferromagnetic layer and/or spacer can be adjusted to sufficiently balance the energy barrier between parallel and anti-parallel states of the perpendicular MTJ. In some embodiments, the additional ferromagnetic layer is configured such that its magnetization is opposite that of the fixed ferromagnetic layer.