A very large dynamic optical reflection modulation from a simple unpatterned layered stack of phase‐change material ultra‐thin films is experimentally demonstrated. Specifically, this work demonstrates that properly designed systems comprising deeply subwavelength GeSbTe (GST) films, a dielectric spacer, and a metallic mirror produce a dynamic modulation of light in the near‐infrared from very strong reflection (up to ) to perfect absorption () by simply controlling the crystalline state of the phase‐change material. While the amplitude of modulation experimentally reaches an optical contrast higher than 104, intermediate levels of reflection in between extreme values can also be actively encoded, corresponding to partial crystallization of the GST layer. Several layered system designs are further explored and guidelines are provided to tailor the efficient wavelength range, the angle of operation, and the degree of crystallization leading to perfect absorption.