A rotary knife blade for a power operated rotary knife, the rotary knife blade comprising: a) a rotatable annular body disposed about a central axis and bounded by an upper axial end, an axially spaced apart lower axial end, an inner wall, and a radially spaced apart outer wall, the annular body including an annular drive gear section adjacent the upper axial end adapted to be rotatably driven by a pinion gear, an annular blade section adjacent the lower axial end, and an annular middle bearing race section extending axially therebetween; b) the drive gear section comprising a plurality of spaced apart gear teeth extending downwardly from the upper axial end and extending between and through the outer wall and the inner wall, a first portion of the outer wall corresponding to the drive gear section being generally cylindrical; c) the middle section defining a bearing race in a second portion of the outer wall corresponding to the middle section, the outer wall second portion being generally frustoconical, converging in a direction proceeding toward the lower axial end, the bearing race characterized by a notch extending radially inwardly from the outer wall frustoconical second portion defining first and second bearing surfaces (116, 118) and a region of the outer wall frustoconical second portion adjacent and below the notch defining a third bearing surface, the first bearing surface substantially parallel to a plane (UAEP) defined by the upper axial end and orthogonal to the annular body central axis, the second bearing surface substantially orthogonal to the first bearing surface and parallel to the annular body central axis, and the third bearing surface transverse to the first and second bearing surfaces (116, 118) and the annular body central axis; and d) the blade section extending downwardly and radially inwardly from the middle section, a portion of the outer wall corresponding to the blade section being stepped radially inwardly from the portion of the outer wall corresponding to the middle section and being generally frustoconical, converging in a direction proceeding toward the lower axial end, the blade section defining a cutting edge at the lower axial end. a) a rotatable annular body disposed about a central axis and bounded by an upper axial end, an axially spaced apart lower axial end, an inner wall, and a radially spaced apart outer wall, the annular body including an annular drive gear section adjacent the upper axial end adapted to be rotatably driven by a pinion gear, an annular blade section adjacent the lower axial end, and an annular middle bearing race section extending axially therebetween; b) the drive gear section comprising a plurality of spaced apart gear teeth extending downwardly from the upper axial end and extending between and through the outer wall and the inner wall, a first portion of the outer wall corresponding to the drive gear section being generally cylindrical; c) the middle section defining a bearing race in a second portion of the outer wall corresponding to the middle section, the outer wall second portion being generally frustoconical, converging in a direction proceeding toward the lower axial end, the bearing race characterized by a notch extending radially inwardly from the outer wall frustoconical second portion defining first and second bearing surfaces (116, 118) and a region of the outer wall frustoconical second portion adjacent and below the notch defining a third bearing surface, the first bearing surface substantially parallel to a plane (UAEP) defined by the upper axial end and orthogonal to the annular body central axis, the second bearing surface substantially orthogonal to the first bearing surface and parallel to the annular body central axis, and the third bearing surface transverse to the first and second bearing surfaces (116, 118) and the annular body central axis; and d) the blade section extending downwardly and radially inwardly from the middle section, a portion of the outer wall corresponding to the blade section being stepped radially inwardly from the portion of the outer wall corresponding to the middle section and being generally frustoconical, converging in a direction proceeding toward the lower axial end, the blade section defining a cutting edge at the lower axial end.