A tool formed of a cable stripper and an associated cutting assembly is used for stripping a cable. Differently sized cutting assemblies can be easily and quickly mounted to and disassembled from the cable stripper. The cable stripper includes a depth stop assembly for setting the amount of cable seated within the cable stripper so that the cutting assembly is positioned in the desired position. The cable stripper include a one-way bearing which only allows the user to use the cable stripper in the intended direction.