Abstract: A hole cutter machine tool combines the characteristics and properties of a low-cost hole saw with the speed and performance of an annular cutter. The hole cutter comprises a cutter ring portion similar to an end portion of existing annular cutters with a carrier portion similar to the cup of a hole saw. In one embodiment the hole cutter has a threaded aperture which enables use with a standard hole saw arbor or with a replaceable arbor having an annular cutter shank. An embodiment of the method of making the hole saw includes a joining process in which the cutter ring is simultaneously attached to the carrier portion and heat treated.